The asparagus market size is projected to be worth USD 23,992.8 million in 2023. The market is likely to reach USD 30,884.4 million by 2033. The market is further expected to surge at a CAGR of 5% during the forecast period 2023 to 2033.
| Attributes | Key Insights |
|---|---|
| Asparagus Market Estimated Size in 2023 | USD 23,992.8 million |
| Projected Market Value in 2033 | USD 30,884.4 million |
| Value-based CAGR from 2023 to 2033 | 5% |
The scope for asparagus rose at a 1.6% CAGR between 2018 and 2022. The global market for asparagus is anticipated to grow at a moderate CAGR of 5% over the forecast period 2023 to 2033.
| Report Attribute | Details |
|---|---|
| Market Value in 2018 | USD 21,612.7 million |
| Market Value in 2022 | USD 23,070.0 million |
| CAGR from 2018 to 2022 | 1.6% |
The asparagus market witnessed steady growth propelled by increasing health awareness and culinary innovation from 2018 to 2022. Global production hubs like China, Peru, and Mexico continued to dominate, meeting the rising demand in major importing countries.
The trend toward organic and sustainable farming also gained momentum during this period, with consumers willing to pay premium prices for eco-friendly practices. As culinary creativity flourished, asparagus found its way into diverse dishes, sustaining its popularity over the historical period.
Market projections indicate further expansion over the forecast period. Health consciousness is anticipated to remain a significant driver, with consumers increasingly valuing nutrient-dense, low-calorie foods.
The asparagus market is likely to witness an even stronger emphasis on sustainable practices, reflecting a broader global trend toward eco-friendly agriculture. Technological advancements might improve farming efficiency and yield, ensuring a stable supply chain.
Innovative culinary uses and the exploration of new markets are expected to fuel demand, further diversifying the asparagus industry. While traditional consumers will sustain the market, emerging economies might contribute significantly to the growth, leading to a robust and varied asparagus market landscape by 2033.
The below table showcases revenues in terms of the top 5 leading countries, spearheaded by the United States and China. These two countries are expected to lead the market through 2033, with a CAGR of 6.1% and 6%.
Forecast CAGRs from 2023 to 2033
| The United States | 6.1% |
|---|---|
| China | 6% |
| The United Kingdom | 2.9% |
| Japan | 5% |
| South Korea | 4.8% |
The United States is expected to expand at a CAGR of 6.1% until 2033. The asparagus market in the United States continues to be influenced by various factors shaping its outlook. Health-conscious consumer preferences are driving demand, as asparagus is considered a nutritious vegetable rich in vitamins and minerals.
The growing focus on healthy eating habits is expected to sustain demand, especially if coupled with marketing emphasizing the health benefits of asparagus consumption. Sustainable agriculture practices are gaining importance, impacting both production methods and consumer choices. Farmers adopting eco-friendly farming techniques could enhance the market by appealing to environmentally conscious consumers.
According to the USDA ERS research, agriculture, food, and allied businesses contributed approximately $1.264 trillion to US GDP in 2021, accounting for 5.4 percent of total GDP. Technological advancements, including precision agriculture and efficient supply chain management, are enhancing production efficiency and reducing wastage, positively impacting the market.
Government policies, international trade agreements, and weather patterns remain significant variables influencing market dynamics. Adverse weather conditions can impact harvests, affecting both supply and prices. Trade policies and tariffs influence the competitiveness of domestic asparagus against imports in this country.
The asparagus market in the United Kingdom is poised to expand at a 2.9% CAGR from 2023 to 2033. Consumer demand for fresh, locally sourced produce, coupled with a growing interest in healthy eating, continues to drive the market in the United Kingdom.
Climate change and advancements in greenhouse technologies have enabled year-round cultivation in the United Kingdom, reducing reliance on imports during off-seasons.
Sustainable farming practices, including organic and eco-friendly cultivation methods, are gaining importance, appealing to environmentally conscious consumers and positively impacting the market. Evolving culinary trends and the rise of plant-based diets contribute to asparagus's popularity, encouraging its use in diverse recipes and increasing market demand.
The United Kingdom asparagus market outlook depends on factors such as weather conditions, sustainable farming practices, trade policies, consumer preferences, and culinary trends. Adaptable farmers and stakeholders who navigate these variables effectively can capitalize on the market's potential.
The market in China is poised to expand at a CAGR of 6% through 2033. The asparagus market in China is witnessing significant growth driven by changing consumer preferences and a shift towards healthier dietary choices. Rising awareness about the health benefits of asparagus, coupled with increasing disposable income among the middle class, is fueling demand.
Domestic production has surged, making China one of the leading asparagus producers globally. The Chinese government's initiatives to promote sustainable agriculture and support farmers through subsidies and technological advancements are further boosting the asparagus industry.
Investments in modern farming techniques, including precision agriculture and controlled-environment agriculture, enhance yield and quality, ensuring a steady supply of asparagus to meet the growing demand.
The export market is expanding, with Chinese asparagus finding its way to international shelves, further driving revenue for local farmers and the economy. The vast agricultural landscape and favorable climate of China in several regions facilitate year-round cultivation, enabling consistent supply and export opportunities.
The asparagus market in Japan is likely to register a 5% CAGR. The asparagus market in Japan is witnessing growth due to shifting consumer preferences towards healthier diets. Japan's aging population also contributes to this trend, as older individuals often seek nutrient-rich foods.
Domestic production is increasing, supported by advanced agricultural techniques and controlled-environment farming methods, ensuring a stable supply of high-quality asparagus.
Japanese farmers are focusing on organic and sustainable cultivation practices to meet the rising demand for healthier and environmentally friendly produce.
The Japanese culinary culture, which emphasizes fresh and seasonal ingredients, boosts the demand for locally grown asparagus during its peak harvest season. The growing interest in international cuisines has expanded the use of asparagus in various dishes, further driving market growth.
Continuous efforts to enhance quality, embrace sustainable practices, and cater to evolving culinary preferences are essential for stakeholders to capitalize on the market's potential in Japan.
The asparagus market in South Korea is anticipated to rise at a 4.8% CAGR from 2023 to 2033. The asparagus market in South Korea has been steadily growing, propelled by changing consumer lifestyles and dietary preferences.
Health-conscious consumers are increasingly opting for nutrient-rich foods, making asparagus, known for its numerous health benefits, a popular choice. The country has witnessed a surge in domestic production, supported by advanced agricultural techniques and government initiatives promoting sustainable farming practices.
South Korea also imports asparagus, especially during off-seasons, to meet the year-round demand. The market is further bolstered by the rise of culinary awareness and international cuisines, incorporating asparagus into various dishes, both traditional and modern.
The below table highlights how fresh segment is projected to lead the market in terms of types, growing at 3.2% CAGR through 2033. It had registered a CAGR of 3% from 2018 to 2022. The green segment is likely to spearhead sales based on colour, and is anticipated to witness a CAGR of 3.0% through 2033.
| Category | CAGR from 2023 to 2033 |
|---|---|
| Fresh | 3.2% |
| Green | 4.5% |
Based on types, the fresh segment is expected to expand at a CAGR of 3.2% from 2023 to 2033.
In the global asparagus market, fresh asparagus segment dominates over canned and frozen alternatives. According to Future Market Insights, the fresh sector of the worldwide asparagus market will make up almost 74% of its revenue by the end of 2023, and this segment is expected to be the dominating segment by type in the worldwide asparagus market.
Fresh asparagus's longevity can be lengthened by pickling it, applying additives, or even storing it in brine. Asparagus items in any of these ways are very easy to keep and can even be consumed throughout the year.
By colour, the green segment is expected to emerge as a prominent segment. A CAGR of 4.5% is projected from 2023 to 2033. The green segment is predicted to account for a sizable portion of the worldwide market. Green asparagus is becoming more popular in the United States. Green asparagus is rich in antioxidants yet minimal in calories.
Producers have implemented investment plans to provide high-quality items owing to the growing demand for green asparagus while maintaining a global presence in the asparagus industry.
The global market is an advanced business that is expanding. The market is uneven and characterized by the presence of both large and small-scale companies.
Large firms' major growth techniques include many growth methods such as advancement of technology, development, and mergers and acquisitions to increase market share, accessibility, and revenue.
| Attribute | Details |
|---|---|
| Estimated Market Size in 2023 | USD 23,992.8 million |
| Projected Market Valuation in 2033 | USD 30,884.4 million |
| Value-based CAGR 2023 to 2033 | 5% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | north america; latin america; western europe; eastern europe; south asia and pacific; east asia; the middle east & africa |
| Key Market Segments Covered | type, colour, region |
| Key Countries Profiled | the united states, canada, brazil, mexico, germany, the united kingdom, france, spain, italy, russia, poland, czech republic, romania, india, bangladesh, australia, new zealand, china, japan, south korea, gcc countries, south africa, israel |
| Key Companies Profiled | altar produce llc; sociedad agrícola virú; danper trujillo s.a.c; limgroup b.v.; teboza bv; thiermann spagel farm; ilios - the greek company; bejo seeds ltd; spargelhof elsholz gbr; cutter seed |
The asparagus market is expected to reach USD 23,992.8 million in 2023.
The market for asparagus is set to expand by a CAGR of 5% by 2033.
The asparagus industry is forecast to reach USD 30,884.4 million by 2033.
United States is likely to be the top performing market, growing at a CAGR of 6.1% until 2033.
Green asparagus is leading type in the market, expected to rise at a 3.2% CAGR through 2033.
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