LONDON--(BUSINESS WIRE)--The areca nuts market in APAC is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growing production area and volume of areca nut in APAC. The increase in production levels of areca nuts have further translated into their increasing consumption in India, Bangladesh, China, and Sri Lanka. The production levels of areca nuts in Sri Lanka increased by 17.33% between 2012 and 2016, while in India, it grew by around 3.5% between 2015 and 2017. Therefore, such growing production is expected to boost the growth of the areca nuts market in APAC.
As per Technavio, the technological advances in areca nuts production will have a positive impact on the market and contribute to its growth significantly over the forecast period. This areca nuts market in APAC research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Areca nuts market in APAC: Technological advances in areca nuts production
Many vendors have incorporated new technologies to give their products a cutting edge. Moreover, the demand and sales of high-quality processed areca nuts has grown exponentially over the last decade. One of the major precautions that the farmers take before monsoon is to spray copper sulphate solution over the crops to prevent them from fruit rot disease. However, due to the shortage of labor and the height of the tree, the process of spraying the copper sulphate solution over the crops often becomes a tedious task. To address these problems, the Central Plantation Crops Research Institute, India (CPCRI) launched two innovative prototypes in March 2018, a tractor with a mounted sprayer and a drone. The tractor-mounted sprayer has the ability to spray copper sulphate solution up to a height of 100 feet. The drone, which was designed by CPCRI in collaboration with Bangalore-based General Aeronautics, has a 15-liter tank capacity that can cover strips of the ground stretching up to 3.5 meters. These technological innovations have widened the growth prospects of the market by improving the quality and production level of areca nuts.
“Apart from the technological advances, some other factors boosting the growth of the areca nuts market in APAC are the increasing alternative uses of the areca nut, awareness of the medicinal values of areca nut, the prevalence of clean labeling and fair-trade practices, and the growing prominence of the online platform,” says a senior analyst at Technavio.
Areca nuts market in APAC: Segmentation analysis
This market research report segments the areca nuts market in APAC by product (red areca nuts and white areca nuts) and geographical regions (India, China, Taiwan, Bangladesh, and the Rest of APAC).
Geographically, India led the market in 2018 with a market share of over 58%, followed by China, Taiwan, and Bangladesh respectively. However, during the forecast period, China is expected to register the highest incremental growth.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
