Global Cherry Market Size, Share, Growth Analysis, By Type(Sweet and Sour), By Colour(Red and Black) - Industry Forecast 2023-2030

Global Cherry Market size was valued at USD 55.45 billion in 2021 and is poised to grow from USD 59.61 billion in 2022 to USD 98.89 billion by 2030, at a CAGR of 7.5% during the forecast period (2023-2030).

The shift in consumer preference towards fresh sweet cherries, as opposed to softer and sour varieties susceptible to weather and storage conditions, is attributed to a growing demand for larger, sweeter, and imported cherries such as "cherry grand" and "cheery treat." The top five global producers of fresh cherries, according to the Food and Agriculture Organisation (FAO) - Turkey, the United States, Chile, Uzbekistan, and Iran - contribute 689,834 metric tonnes each. In the coming years, these countries are expected to contribute 343,190, 325,048.6, 21,600, and 156,134.13 metric tonnes, facing vulnerability to weather and storage conditions. The surge in demand for fresh cherries is fueled by increasing health consciousness and the popularity of fresh beverages like smoothies. The rise in the average price of cherries in Marseille and Paris to USD 3607.94 is attributed to the cultivation of premium-quality sweet cherries and new varieties. Despite a traditional annual increase in the Chilean cherry planting area, the USDA projects a new record of 44,000 hectares in 2021-2022, with a forecasted production of 395,000 metric tonnes, albeit with challenges like frost damage and ongoing drought impacting yields. To maintain fruit size and quality, producers are adjusting tactics, including increased tree trimming and bloom and fruit thinning, resulting in larger and higher-quality fruit but lower yields per hectare.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cherry Market and the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global Cherry Market Segmental Analysis

Global Cherry Market is segmented on the basis of product, end user and region. By product, the market is segmented into synthetic, steel, cotton, others. By end user, market is segmented into residential, commercial, industrial. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers

Global Trade and Export Opportunities

The expansion of international trade has proven advantageous for the cherry market, particularly in regions known for cherry production such as North America, Europe, and Chile. These regions have seized the opportunity to export cherries to nations with limited or out-of-season cherry cultivation. Through these export avenues, cherry growers have widened their consumer reach, meeting demand across various parts of the world and propelling market growth.

Factors Contributing to Market Growth: Product Innovation and Marketing

The surge in cherry demand can be attributed to innovative product development and effective marketing strategies. Initiatives aimed at introducing novel cherry varieties, creating cherry-based products, and promoting cherries through advertising, social media, and culinary events have generated awareness and heightened consumer interest. Additionally, the implementation of inventive packaging solutions, such as convenient grab-and-go formats, has further fueled market growth by enhancing the appeal and convenience of cherries for consumers.

Restraints

Climate Sensitivity and Production Risks

The successful cultivation of cherries heavily relies on specific climate conditions, encompassing temperature ranges and weather patterns. Unfavorable weather phenomena such as frost, hail, excessive rain, or heat waves can adversely impact cherry crops, resulting in yield losses or diminished fruit quality. The increasing threat of climate change and unpredictable weather patterns pose risks to cherry production, rendering it susceptible to crop failures and destabilizing the market.

Key Market Trends

Growing Preference for Local and Heirloom Varieties

A notable trend in the cherry market is the escalating preference for local and heirloom varieties. This inclination is driven by factors such as nostalgia, unique flavors, and a desire to support local agriculture. Consumers value the distinctive characteristics and regional significance of these cherries, often associated with specific growing regions and characterized by limited production. Local and heirloom cherries provide consumers with a connection to their heritage and contribute to sustainability through the promotion of local sourcing.