The specialty crops market was valued at US$ 982.17 million in 2019 and is projected to reach US$ 1,203.81 million by 2027; it is expected to grow at a CAGR of 2.6% from 2020 to 2027.
Specialty crops refer to fruits and vegetables, tree nuts, dried fruits, horticulture, and nursery crops (including floriculture). They also include exotic crops that are specifically cultivated across a region due to climatic and topographical features. With the growing population, coupled with rise in per capita disposable income, a paradigm shift in consumer eating patterns have been observed, which has a direct impact on the demand for healthy and tasty food. Further, rapid urbanization, ethnic composition, health concerns, and changes in demographic features are other factors promoting the demand for specialty crops.
Top Key Players:-DIAMOND FRUIT CO.; Harbor Spice Co., Inc.; Olam International; Oregon Spice Company; The Specialty Crop Company; BanaBay Limited; Rice Fruit Company; Fisher Nut Company; Simped Foods Pty Ltd.; and SVZ Industrial Fruit & Vegetable Ingredients
Surging demand for specialty crops is attributed to their widening application scope. There is an increase in demand for specialty crops with the change in global economic condition and favorable trade practices. For instance, the consumption of exotic fruits, such as dragon fruit, star fruit, and passion fruit, has increased owing to increasing consumer knowledge about the health benefits and wide application scope of specialty crops. This has led to increase in demand for these fruits across the world. Moreover, dragon fruits are not just limited to their parent market Vietnam, where they are extensively grown, but are sold globally.
Apart from their rich nutritional profile, they are also used in preparation of marmalades, jams, juice, jellies, wine, and beverages in food & beverage industry. Moreover, specialty crops are significantly being used in personal care, pharmaceutical and nutraceuticals, animal feed, and other industrial bases. For instance, according to a study published by Congressional Research Service, the legalization of hemp across several nations has a positive impact upon the demand for the hemp-based derivatives. The demand for hemp has tremendously increased from agriculture, textiles, food & beverages, paper, construction materials, recycling, automotive, furniture, and personal care industries. Accordingly, the need to manage the supply through effective production has also generated.
The report includes the segmentation of the global specialty crops market as follows:
Specialty Crops Market, by Category
Specialty Crops Market, by Crop Type
• Fruits and Vegetables
• Tree Nuts
• Herbs and Spices
Impact of COVID-19 Pandemic on Specialty Crops Market
Coronavirus outbreak first began in Wuhan, China, in December 2019, and since then, it has spread across the globe. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global travel bans imposed by countries in Europe, Asia, and North America are affecting business collaborations and partnership opportunities. All these factors are expected to affect the food & beverages industry negatively and thus act as a restraining factor for the growth of specialty crops market in the coming months.
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