LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global organic dried fruit market to grow at a CAGR of 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global organic dried fruit market for 2017-2021. The report also lists grapes, dates, apples, prunes, and apricots as the five major product segments, of which the grapes segment accounted for more than 55% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global organic dried fruit market:
- Nutritional benefits associated with organic dried fruits
- Greater penetration of private label products
- Financial support for farmers
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Nutritional benefits associated with organic dried fruits
Organic dried fruits have found growing acceptance among consumers worldwide due to their health benefits. Organic dried fruits are dried at a high temperature, and due to this, they have low moisture content. They also have antimicrobial components. Organic dried fruits are healthy superfoods that contain vitamins, minerals, boron, iron, potassium, calcium, and fiber and have antioxidant properties. They are free from chemicals, pesticides, and preservatives. Organic dried fruits have less cholesterol and provide anti-aging benefits. Dried fruits and nuts are also rich in proteins, which helps in healing.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “The blend of nutrition and pleasant taste has increased the popularity of organic dried fruits among millennials. Also, growing awareness of the many health benefits of organic dried fruits has led to an increase in demand. Manufacturers are catering to this increase in demand by coming up with different product offerings.”
Greater penetration of private label products
The growth of organized retail globally has led to an increase in private label products. Private labels are well-managed and marketed to improve the retailer's competitive edge. The demand for private labels in the fast-moving consumer goods (FMCG) industry is increasing rapidly due to the expansion of large retailers. Moreover, they provide quality products at affordable prices. Major retailers such as Walmart, Kroger, Safeway, Woodstock Farms, and Sainsbury's have introduced in-house brands, which are cheaper than their branded counterparts and at par with the quality offered by the branded products.
Similar offerings from local private label players in other parts of the world have intensified the competition. Tesco in the UK and Auchan, Reliance, and HyperCITY in India are other examples of private labels that offer organic dried fruits. Organic dried fruits are preferred more for their nutritional benefits as consumers do not consider the brand while opting for healthy products.
Financial support for farmers
Another driver influencing the growth of the organic dried fruit market is the proliferation of organic farming. Fertile land is a significant factor in organic farming. United States Department of Agriculture (USDA) has set certain national standards for organic food products. Several organizations grant financial support to farmers. For example, Farm Service Agency (FSA) can help farmers with the cost of adopting organic farming, while Environmental Quality Incentives Program (EQIP) provides financial and technical help to agricultural producers.
“Various organizations are helping producers to plan conservation practices that can improve plant, soil, water, and other natural resources. Organic Farming Research Foundation is a non-profit foundation that helps farmers in research related to organic farming. The governments of various countries are also funding farmers and motivating them to engage in organic farming,” says Manjunath.
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