Red Fruits & Berries to remain king throughout the forecast period
The red fruits & berries segment is anticipated to retain its dominance in the global frozen fruits market throughout the study period ending 2016 – 2022. The red fruits & berries segment by fruit type is expected to reach around 53% market value share in 2022.Even though red fruits & berries is already the largest segment, it should still record a substantial CAGR of 4.8% in terms of value during the period of assessment. At the end of the year 2015, the red fruits & berries segment was valued at just over US$ 965 Mn and this is predicted to rise to above US$ 1.3 Bn by the end of the forecast period. An absolute dollar opportunity of more than US$ 67 Mn can potentially be exploited in the red fruits & berries segment in the year 2022 over 2021 making it too large and lucrative for any stakeholder in the global frozen fruits market to ignore. In terms of volume, the red fruits & berries segment was pegged at almost 849 thousand tons in the year 2015, and this is widely anticipated to grow to above 1000 tons by the end of the year 2022. The CAGR for the red fruits & berries segment in terms of volume is 3.7% over the forecast period.
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Banana and Watermelon show the greatest CAGR potential in value terms
For the period 2016-2022, the Banana sub segment is expected to grow from a market value of under US$ 77 Mn in the year 2016 to almost US$ 107 Mn in the year 2022 with a significant CAGR of 5.6%. The Watermelon sub segment is also anticipated to record a similar CAGR of 5.6% that will allow it to jump from a market value of slightly under US$ 61 Mn in 2016 to over US$ 84 Mn at the end of the forecast period. It seems quite unlikely though that either the Banana or the Watermelon sub segments will be able to surpass the Strawberry sub segment in value terms as the latter was already worth more than US$ 400 Mn in the year 2016 itself.
Strawberry is the most lucrative sub segment in terms of volume
With respect to consumption, the Strawberry sub segment is anticipated to record the highest CAGR of 3.9% in terms of volume. From a volume of slightly under 351,000 tons in 2016, the Strawberry sub segment is predicted to rise to above 441,000 tons by the end of the year 2022.
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Red Fruits & Berries segment to register the highest CAGR in the Asia Pacific frozen fruits market
With respect to revenue contribution, the red fruits & berries segment in the Asia Pacific frozen fruits market is predicted to grow at a robust CAGR of 6.4% for the duration of the study. This will allow the red fruits & berries segment to reach a market value of nearly US$ 95 Mn in the Asia Pacific frozen fruits market by the end of the year 2022 from just under US$ 65 Mn in 2016. The red fruits & berries segment in the North America frozen fruits market was already worth a little more than US$ 376 Mn in 2016, and should jump to more than half a billion dollars by the end of the forecast period, with a value CAGR of 5.3%.