Asparagus is an herbaceous perennial plant that belongs to the family of lily and is grown throughout the world. Asparagus can be prepared in many ways such as roasted, steamed, grilled, pan-roasted, boiled, and fried. It has an earthy flavor, similar to broccoli and can be added to pasta, soups, salads, and stir-fries. It is an excellent source of fiber, low in colonies, and is cholesterol and fat free in nature. Moreover, it is rich in micronutrients such as vitamin K, vitamin B9, vitamins A, C, and E, as well as phosphorus, and potassium.
The global asparagus market was valued at US$ 28,000 Mn in terms of revenue and was pegged at 8,400 KT in terms of volume in 2018.
Increasing usage of asparagus in instant and processed soup and meal are expected to fuel the market growth. Traditionally, it was consumed with boiled vegetables, salad, and freshly prepared but now it is also used in the processed meal. Thus, this is expected to fuel the market growth. Moreover, asparagus enhance the taste of the fortified foods with nutrition, and also provide various other health benefits. Due to its numerous health benefits, food manufacturers are increasingly using asparagus in various food products. Hence, this factor is projected to propel the market growth over the forecast.
Increasing launch of variety in the asparagus product by the major player is expected to fuel the market growth over the forecast period. For instance, in January 2019, Mexican asparagus producer Desert Farms has introduced a new line of purple asparagus following successful trials. The step reflects the Sonora-based company’s ongoing diversification strategy.Purple asparagus is a sweet taste due to its high sugar content and they turn slightly green when cooking.
High capital investment for processing and storage of asparagus is expected to hamper the market growth. Processing of asparagus include high costs as it require equipment for packaging and cooling for stocking and transportation to retailers' purposes. This factor is expected to curb the market growth of the asparagus. Moreover, packaging and transportation costs is relatively high, which reduces the price per pound and reduction in price per pound results in losses to manufacturers, which is expected to hamper the overall demand for asparagus. Hence, the high processing cost of asparagus is expected to hinder the market growth.
Rising demand for asparagus as a grated vegetable mix for food products is expected to boost market growth. Asparagus is a popular vegetable used to produce ready to eat food products and this is expected to raise their demand over the forecast period. For instance, in October 2016, Maggie launched asparagus gratin and asparagus chicken mix food product, which is gaining rapid popularity among consumers globally. Also, in the same year in October, Morning Star Farms launched Morning Star Farms Mushroom and Asparagus Orzo Veggie Bowl. This product is are gaining popularity among consumers owing to the exotic taste of asparagus and mushroom, as well as good quality and quantity of the product.
Players active in the market are Altar Produce LLC, Sociedad Agrícola Virú, DanPer Trujillo S.A.C., Limgroup B.V., TEBOZA BV 12.2.6., ILIOS - The Greek Asparagus Company, BEJO SEEDS LTD., Spargelhof Elsholz Gbr, Cutter Asparagus Seed, JERSEY ASPARAGUS FARMS, INC., Consorzio Associazione Produttori Ortofrutticoli Foggia, Mazzoni Vivai, and California Asparagus Seed and Transplants, Inc.
Few Recent Developments
Bejo Seeds Inc.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.