Fresh Cherries Market - Forecast(2023 - 2028)

Fresh Cherries Market Overview

Fresh Cherries Market Size is estimated to reach $84.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 7.5% over the forecast period of 2022-2027. Fresh cherries are small, spherical, and usually red or black in color, with a sweet or tart flavor (sour). Black stone cherry, Spanish cherry, and morello are examples of cherry varieties. Cherries are known for their antioxidant effects due to their high content of vitamins, minerals, fiber, potassium, calcium, and folic acid. Sweet cherries also have more vitamin C, fiber, carotenoids, and anthocyanins, which may aid to cut cancer risk, blood sugar control, weight loss, and cholesterol levels, as well as the cardiovascular system. The big shift in demand for fresh sweet cherries from soft cherries, frozen cherries, and sour kinds, which are susceptible to weather swings and storage conditions, might be ascribed to an increase in demand for imported cherries in active packaging that are larger and sweeter in taste, such as "cheery grand" and "cheery treat." The eating of sour cherries on a regular basis may assist to boost melatonin levels and promote sleep. Cherries include anthocyanin, a form of cell reinforcement that helps the body stay healthy. It is useful in flammable situations, such as joint pain. Fresh cherry is increasingly being used in ice creams, jellies, salads, dairy beverages, and alcoholic beverages around the world. Hazel Technologies is developing a method that will enhance the shelf life of freshly grown cherries. Cherry Package is working to advance the technology of quarter-size, food-safe packaging inserts that are also biodegradable. While the packaging process is in progress, this is inserted into the packet. This will protect them from losing their quality while also reducing the risk of degradation. Such innovation by key market players is helping to boost the fresh cherry market over the projected period 2022-2027.

Fresh Cherries Market Report Coverage

The report: “Fresh Cherries Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Fresh Cherries Market.

Key Takeaways

• Geographically, Asia-Pacific held a dominant market share in the year 2021 owing to the trend of healthy food.
• The increased adoption of a healthy lifestyle by individuals all over the world is driving revenue growth in the worldwide fresh cherries market, people are switching to fresh fruits for the same reason. The market is expanding as customers become more conscious of their health which will help the market's growth during the forecast period of 2022-2027. However, sudden climatic changes may affect the yield of products which is a factor expected to hinder the growth of the target market to a certain extent.
• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Fresh Cherries Market Report.

Fresh Cherries Market Segmentation Analysis- By Taste

Fresh Cherries Market based on taste can be further segmented into Sweet, Sour, and Others. The Sweet taste cherry segment held a dominant market share in the year 2021. Since expanding consumer health awareness, there is a growing demand for fresh cherries owing to their sweet flavor and health benefits. It's also utilized in the food sector for ice creams, jellies, alcoholic and non-alcoholic beverages, and dairy goods, among other things. The use of sweet cherries in food and beverages propels Fresh Cherries Market.

However, the Sour cheery segment is estimated to grow with the fastest CAGR rate of 8.5% over the forecast period 2022-2027. Sour cherries are used to treat osteoarthritis, muscle pain, exercise-induced muscle damage, gout, sleeplessness, enhance urine production, and aid digestion. Sour cherries are used as a food or flavoring in meals. According to Mintel's Global New Products Database, tart cherry-related product innovations have increased by 113 % in the last five years. Montmorency tart cherries can be found in a variety of foods and beverages, including snacks and baked items. The sour cherry is used in the production of cherry syrup for medications having a disagreeable flavor. Sour cherry fruit contains ingredients to reduce inflammation. It also contains melatonin which helps to regulate sleep patterns. With such attribute of sour cherries market will grow in the forecast period.

Fresh Cherries Market Segmentation Analysis- By Application

Fresh Cherries Market based on the application can be further segmented into Food & Beverages, Pharmaceuticals, Cosmetics, and Others. The Food & Beverages segment held a dominant market share in the year 2021. Fresh cherries are commonly used in food and beverage products, bakeries, and confectionery, and can also be used to reduce calories and carbohydrates in nutritional supplements by substituting sugar. The fresh cherries market is predicted to have attractive growth prospects across the globe, thanks to the brewing sector and the fast-expanding trend of "Fruit-in-Beer." Beer, Breezer, and other alcoholic beverages, particularly those with flavors like cranberry, blueberry, and cherry, are in high demand. This is driving the market for fresh cherries. During the forecast period, an increase in demand for low-calorie sweeteners in the food and beverage industry is likely to drive market expansion globally.

However, cosmetic is estimated to grow with the fastest CAGR rate of 8.3% over the forecast period 2022-2027. The growth can be attributed to skin and health benefits, including the production of new fresh cells, the removal of damaged cells, and the rejuvenation of the skin with antioxidants and vitamin C. Antioxidants, which eliminate free radicals, offer anti-aging properties. Vitamin A keeps the scalp moist, which helps to regulate the formation of retinoic acid, an essential fatty acid. Vitamin E improves blood circulation and protects hair from damage and loss. Manufacturers use cherry in their products in the cosmetics industry; for example, KKW Beauty Classic Bottom Collection introduced several cherry products in the market, such as Tom Ford Lost Cherry for $320 in a 50ml bottle, which will help to boost the cherry market over the forecast period.

Fresh Cherries Market Segmentation Analysis- By Geography

The Fresh Cherries Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held a dominant market share of 34% in the year 2021, as a result of rapid urbanization and rising demand for fresh cherries in bakery items in emerging countries like China and India. Owing to technological breakthroughs in agriculture and the rising consumption of healthy beverage goods in the region, China is the largest producer of fruit products. Furthermore, the Asia Pacific market is predicted to develop owing to rising urbanization and changing consumer preferences in food and beverages.

Furthermore, North America is estimated to grow with the fastest CAGR rate over the forecast period 2022-2027. Owing to health-conscious customers prefer organic fresh food to chemically preserved food, organic fresh food is preferred for consumption. In April 2019, Cherry exports to mainland China accounted for more than half of the US$226 million in fresh fruit exports last year, up more than fourfold since 2013. Growers and exporters are concerned about an additional 15% tax on top of existing import levies and VAT, as reported by Fresh Fruit Portal. According to studies, the U.S produced 265,820 tonnes of fresh sweet cherries worth $522 million in 2020. Washington produced the most-sweet cherries (163,600 tonnes), followed by California (59,360 tonnes) and Oregon (59,360 tonnes) (42,860 tonnes). Increasing production and consumption of cherries in North America is fuel Fresh Cherries Market.

Fresh Cherries Market Drivers

Rise in Health-Conscious Consumer is Key Factor in Market Growth.

Users all across the world prefer veggies and fresh fruits as their awareness of the harmful effects of preservatives grows. This is also a strong reflection of the demand for fresh cherries. Fresh cherry consumption is increasing in emerging economies, owing to increased consumer purchasing power. According to a survey by the United States Department of Agriculture (USDA), demand for regional cultivars with a premium-quality image has increased in Hong Kong. For example, despite the sky-high pricing, Tasmanian cherries, which cost between $50 and $100 during the New Year, remain in strong demand. This is predicted to have a significant impact on the growth of the fresh cherry market in the near future.

Application of Fresh Cherry in Various Industries is Propelling the Market Growth.

Cherries are becoming increasingly popular in a variety of food industries. Ice creams, salads, drinks, and dairy beverages are among them. The use of cherries in several culinary categories shows promise for future growth. When it comes to using, bakeries have shown a strong interest in the fresh cherry industry. Jams and jellies have also aided in the tremendous expansion of the cherry sector. Fruit beer may also be preferred by users to avoid headaches and drowsiness. According to Agricultural Marketing Resource Center, California and Oregon are the primary sweet cherry-producing states, accounting for almost 90% of the quantity produced nationwide. The primary tart cherry-producing state is Michigan, accounting for nearly 74% of tart cherry production. Furthermore, one of the major drivers driving the fresh cherry market is the constantly expanding demand for fruit beer among millennials as a result of stricter alcohol legislation.

Fresh Cherries Market Challenges

Risk of Routing, Climatic Changes & Transportation Damage Has Impeded the Overall Market Growth. 

The risk of rotting and pitting, which reduces the quality of cherries, has stifled the global market for fresh cherries. Every year, 30% of all food in the United States is thrown away, costing US$48.3 billion. Changes in weather conditions may also obstruct cherry production, causing the availability process to be halted. Furthermore, problems with transportation can cause a delay in providing cherries, limiting market expansion.

Fresh Cherries Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Fresh Cherries Market. The top 10- Fresh Cherries Market companies are-

1. Diva Agro Ltd
2. SICA SAS SICODIS
3. Cherry Hill Orchards
4. Alara Agri
5. Perfecta Produce
6. Leelanau Fruit Co.
7. Northstar Organics
8. Vitin Fruits
9. Hood River Cherry Co.
10. Smelterz Orchard Co.

Recent Developments

• In May 2021, Hood River Cherry Co. announced to deliver premium late season cherries which is produced at 6 ton per acre, with high-quality fruit. The season is expected from July to late August. The company operates a large cold storage facility and processing plant to treat harvested cherries to maintain high-quality standards from tree to box.
• In December 2020, Cherry Hill Orchards- a premium cherry producer announced to use Laava Smart Fingerprints in its cherry packaging to protect its brand and connect with consumers in Australia and the export market. This step is taken to protect the cherry-hill brand from other fake labeled Cherry Hills.

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