Dried Fruit Market Analysis

In-depth Analysis of Dried Fruit Market Industry Landscape

The significance of the Asia-Pacific region in the global raisins market cannot be overstated, as it stands out as a key player with excellent growth prospects. Several factors contribute to the region's prominence, making it a focal point for raisin producers and retailers alike.

Economic growth is a driving force behind the flourishing raisin market in the Asia-Pacific region. The region has witnessed remarkable economic expansion, creating a ripple effect that extends to various industries, including food and agriculture. This economic prosperity has led to an increase in disposable income among consumers, fostering a growing middle class with an evolving palate and a penchant for diverse and premium food products.

Moreover, the ongoing trend of rural-to-urban migration has significantly altered consumption patterns. Urbanization brings with it a shift in lifestyle and preferences, with consumers in urban areas showing an inclination towards convenient and packaged food options. This change has attracted international retailers to tap into the emerging economies of the Asia-Pacific region, further boosting the raisins market.

Countries such as India, China, Malaysia, and South Africa have experienced the influx of international retailers, fostering the expansion of retail outlets. In major cities like Hong Kong, Beijing, and Shanghai, economic growth in China has paved the way for a surge in new market entrants. This influx has not only expanded the retail landscape but has also contributed to the diversification of food choices, with plant-based options gaining traction.

The retail landscape in India, in particular, has undergone a remarkable transformation. The concept of one-stop shops and modern retailing has gained rapid popularity, leading to significant growth in the retail space. According to data from the India Brand Equity Foundation (IBEF), the retail space in India witnessed an 81% increase in terms of carpet area from 2017 to the end of 2018, reaching 7.8 million sq. ft. This trend is indicative of a dynamic retail sector that continues to evolve, driven by factors such as rising per capita incomes, increased digital connectivity, and changing lifestyles among the middle-income population.

The retail market in India is projected to experience a substantial growth of 60%, reaching USD 1.1 trillion by the end of 2020. Private equity funds have also recognized the potential of India's retail sector, with investments amounting to USD 970 million in 2019 alone. This influx of funds indicates a high level of confidence in the growth prospects of the retail market, creating a conducive environment for the expansion of products like raisins.

China, a powerhouse in the Asia-Pacific region, has witnessed a surge in online retailing. In December 2018, China's online retail turnover reached a staggering CNY 9,006.497 billion (approximately USD 1,360.51 billion), marking a significant increase from the previous year. This shift towards online retail platforms reflects changing consumer behaviors, with an increasing preference for the convenience of online shopping. Online retailers, with their instant access to catalogs and price lists, have become a preferred choice for consumers seeking a streamlined purchasing experience. This trend has not only affected traditional brick-and-mortar retailers but has also captured a substantial market share, highlighting the changing retail landscape in the region.