PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1604466
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1604466
Global stone fruits market is projected to witness a CAGR of 4.65% during the forecast period 2024-2031, growing from USD 11.62 billion in 2023 to USD 16.72 billion in 2031. The market is observed to be growing at a steady pace owing to the increasing consumer inclination towards fresh and healthy nutrient-dense fruits. Consumers tend to enjoy sweet, farm-fresh, and nutritious fruits such as stone fruits, which are defined as peaches, cherries, plums, apricots, and others. The increased acceptability of these fruits, which are rich in vitamins, antioxidants, and fiber, has enhanced their attractiveness in fresh and processed forms. The growth of this market has been particularly noticed in regions where consumers go for fresh and organic fruits grown sustainably.
As the market grows, its services are supported by technological innovations in agriculture, such as AI integration, better irrigation systems, and cold chain logistics, which ensure that the products do not degrade from the farm until they reach the consumer. In March 2024, TOMRA Systems ASA introduced its latest AI-powered sorting and grading solution, TOMRA LUCAi, for its cherry grading platform, InVision2. The deep learning system from TOMRA reduces fruit loss and optimizes pack-out outcomes. Edge cracks, pacman cherries (half cherries), open sutures, cosmetic flaws, stem pulls, and cracks and faults surrounding the stem are all detected with remarkable accuracy. Benefits in the form of premium yields, less waste, and improved pack quality and uniformity are provided to the customers. Controlled environment agriculture (CEA) has increased, enabling production when the weather is unfavorable, particularly for high-value crops such as cherries. Furthermore, the rise of the e-commerce sector has enabled urban dwellers access to fresh fruits without any intermediaries, thereby broadening the market.
Imminent issues such as water shortages and changing weather patterns have made most producers opt for sustainable farming practices such as water-saving technologies and organic farming. Another important trend apparent in the industry is the introduction of new cultivars which have an improved taste, better shelf life and resistance to environmental stresses. As a result, the stone fruits market has excellent investment opportunities in the future, mainly due to the growing health consciousness of modern consumers, along with an increased disposable income in developing countries. Sustainability and other technological innovations, however, are believed to be the most important factors that will determine the future of the industry.
Demand for Sustainable and Locally Sourced Products Drive Market Growth
The demand for stone fruits that are guaranteed safe for the environment and produced locally is increasing. This is because buyers are becoming more aware of the issue of community support. They are becoming more inclined to consider the product's carbon footprint as a result of its long-distance transport, which local sourcing eliminates. In response to these trends, many manufacturers involved in stone fruit production are adopting practices such as water-friendly farming, organic agriculture, and sustainable packaging to meet the needs of the market. In the North American and European nations where environmental issues are taken seriously, purchasing stone fruits with different sustainability certifications is a priority for consumers. This way, such consumable sanity supports the local economy and helps the countries to go green.
Sustainability is the major motivational factor for consumers, and it can be predicted that emphasis on local and eco-friendly foods will be more pronounced in the stone fruits market. In June 2024, an organic stone fruit program that includes nectarines, peaches, and plums was established by Scattaglia Growers and Shippers (SGS). The new approach is based on SGS's fundamental values of providing safe and nutritious produce and conserving the environment. Clean Works, a waterless technology that sanitizes fruits and protects against germs, is being utilized to improve consumer safety by lowering disease risk and prolonging fruit's shelf life.
Rising Popularity in Culinary Applications to Influence Market Demand
Stone fruits are becoming more widely used in many aspects of cooking beyond freshness and have made their way into gourmet and casual dishes. Fruits such as peaches, cherries, plums, and apricots, with their rich, sweet-tart flavors and distinct textures, have made their way across various cuisines. They are most commonly found in sweet dishes such as cakes and pastries, and in savory dishes for the intricate flavors and natural sugar they provide. Stone fruits are preferred in salads, sauces, and glazes, along with meat, cheese, and salad greens.
In the beverage industry, their flavors find their way into delicacies such as smoothies, cocktails, and other craft drinks where the target customers enjoy exquisite natural tastes. The shift towards exploring more food varieties and innovative cooking techniques over the years has increased the craving for stone fruits as they have always been regarded as versatile and seasonal fruits, which are useful in enhancing the taste of culinary arts all over the globe. In April 2024, the newest product in Waterloo Sparkling Water Corporation's collection, Raspberry Nectarine, was revealed, coinciding with the re-launch of its Tropical Fruit collection. Further, in September 2024, Yakult Honsha Co., Ltd. launched Yakult Plus Peach, its latest flavor in fermented milk drinks. It includes dietary fiber that nourishes the beneficial bacteria in the gut and is high in vitamin C to boost the immune system.
Plums to Hold a Significant Market Share
Plums have a huge share of the global stone fruits market due to their multifaceted uses and appeal. The appealing sweet and tart flavor and high nutrition value of plums make them a favorite fruit in fresh and processed forms. These fruits have a larger market base as they are commonly used in jams, sauces, baked products, and jellies, enhancing their demand in different food sectors. The growing popularity of dried plums, also known as prunes, further increases market share due to the health benefits they offer in enhancing bowel movements. Additionally, plums being frequently used in some beverages, such as juices and wines, helps to attract a wide range of customers.
Trying to capitalize on plum production, many companies are innovating with different plum varieties. For instance, in August 2024, TopFruit (Pty) Limited launched three black-skinned plums with early harvest windows and exceptional eating quality. They have been deliberately chosen and reproduced to flourish in the climate of Southern Africa and are distinguished by their red flesh and black skin. The three cultivars are Blackred I, Blackred IV, and the recently released Blackred XVI, being planted in South Africa's test locations in the winter of 2024.
Asia-Pacific to Dominate Market Share
The global market for stone fruits is largely influenced by Asia-Pacific, where production levels and consumption rates are high, in countries such as China, India, and Japan. These countries enjoy favorable weather patterns alongside age-old farming methods. Thus, they can produce a variety of stone fruits, including peaches, plums, cherries, and others. The changing scenery in the region, where there is a growing middle class and rapid urbanization, has seen a connection in the desire for fresh and clean high-quality stone fruits as consumers are going for healthier and diverse diets. Furthermore, there is a growing demand for processed stone fruit products such as jams, juices, or dried fruits.
Furthermore, more countries are striving to take advantage of the attractive market by establishing production, distribution, and farming activities in the region. In addition to the investment in cold chain logistics, these countries seek to take advantage of the demand in the region and increase their exports on the global stage, increasing the competition within the stone fruits market in Asia-Pacific. In July 2024, the U.S. Department of Agriculture declared that California peaches and nectarines would have instant market access in Vietnam. It took several rounds of technical negotiations over a number of years to remove the phytosanitary restrictions preventing California peaches and nectarines from entering the Vietnamese market.
Future Market Scenario (2024 - 2031F)
The growing focus on health benefits associated with the consumption of stone fruits such as peaches, plums, and cherries is likely to create a surge in demand for the highly nutritious varieties.
Advancements in technologies for controlled environment agriculture and precision farming will facilitate the production of crops in all seasons which will help control supply and prices of the crops.
As more people lead busy lives, the demand for already sliced and packed stone fruits is expected to increase.
Key Players Landscape and Outlook
The global stone fruits market has a wide range of participants involved in cultivation, distribution, and processing of these fruits. Major corporations are being driven to diversify their product lines and improve supply chain processes while engaging in environmentally friendly agriculture due to the rise in the demand for fresh, organic, and ethically sourced food. These organizations have allocated funds towards modern farm practices, in a bid to ensure consistency and improved quality of yields in areas with erratic weather patterns.
In addition, market players are taking advantage of the rising appetite for ready to eat stone fruit products such as jams, juices, dried fruits, and smoothies that offer convenience and longer retention to consumers. The development of e-commerce platforms has created new channels of trade, making it easier for producers to penetrate urban and international markets.
In the future, it seems that the emphasis will possibly transition to sustainability with more companies focusing on less harmful agricultural practices, water conservation, and green packaging. The emerging economies and the growing functional food trends will continue to fuel market growth, while the product development and distribution channel innovations will continue to be at the forefront of competition.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.