LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global raisins market to grow at a CAGR of over 5% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the increasing popularity of vegan diet as one of the key emerging trends in the global raisins market. The popularity of vegan diet is another trend that will influence the growth of the global raisins market. The number of consumers adopting vegan diet is increasing globally, thereby increasing the demand for raisins during the forecast period. Veganism is termed as the practice of refraining from the use of animal products, particularly from the diet. The number of people following veganism are known as vegans, which is gradually increasing around the globe. People are opting vegan diets primarily for the health benefits associated with it. Food service outlets are also encouraging the growth of veganism and adding vegan options to their menus to attract vegan consumers.
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In this report, Technavio analysts highlight the increasing raisin production as a key factor contributing to the growth of the global raisins market:
Increasing raisin production
The increasing production of raisins on a global level is one of the major factors driving the global raisins market. Countries such as Turkey, the US, Iran, Greece, and Chile are some of the key raisin-producing countries. In 2017, the production of raisins increased by nearly 4% as compared with 2016. This is expected to further increase during the forecast period.
According to a senior analyst at Technavio for food, “The demand for raisins is increasing globally owing to their varied applications and different health benefits. The export of raisins is also increasing due to their high demand. Countries such as the UK and Japan are the key importers for raisins produced in the US. In countries such as China, raisin production is expected to increase during the forecast period. In China, Turpan is the largest raisin-producing region. Such factors are expected to drive the global raisins market during the forecast period.”
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Global raisins market segmentation
This market research report segments the global raisins market into the following products (conventional raisins and organic raisins) and key regions (the Americas, APAC, and EMEA).
Of the two major products, the conventional raisins segment held the largest market share in 2017, accounting for nearly 57% of the market. The market share for this product is expected to decrease by 2022. The fastest growing product is organic raisins, which will account for nearly 44% of the total market share by 2022.
EMEA was the leading region for the global raisins market in 2017, accounting for a market share of nearly 44%. By 2022, APAC and the Americas is expected to register positive growth in the market.
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