by The global asparagus market is estimated to be valued at US$ 33.9 Bn in 2024 and is expected to exhibit a CAGR of 4% over the forecast period 2024 to 2031. Asparagus is a flowering perennial plant species in the genus Asparagus. Asparagus spears are rich in many vitamins and minerals that are beneficial for health. They are a good source of dietary fiber, folate, vitamins K and A, and contain antioxidants which reduce inflammation and protect cells from damage. Growing demand for convenience food and rise in health awareness among consumers have boosted consumption of asparagus in various cuisines worldwide.
Key Takeaways
Key players operating in the asparagus market are Altar Produce LLC, Sociedad Agrícola Virú, DanPer Trujillo S.A.C., Limgroup B.V., TEBOZA BV, ILIOS — The Greek Asparagus
Company, BEJO SEEDS LTD., Spargelhof Elsholz Gbr, Cutter Asparagus Seed, JERSEY ASPARAGUS FARMS, INC. These companies are focusing on geographical expansion and introduction of innovative packaging solutions to increase shelf life of products in order to gain greater market share.
Driven by rising health awareness among consumers Asparagus Market trends show an increasing global demand. Moreover, growth in food processing and Ready-To-Eat (RTE) food industries has also fueled the market growth in recent years.
Major asparagus producers are focusing on expanding their operations in emerging economies of Asia Pacific and Latin America. Availability of favorable climatic conditions and land has encouraged farmers in countries like Peru, China and Mexico to increase asparagus cultivation. This has augmented the global supply of asparagus and made it available to new consumers across the world.
Market Key Trends
Rise of organic asparagus cultivation is one of the key trends being witnessed in the global market. Consumers are increasingly preferring organic food products due to lack of pesticides and fertilizers. Organic asparagus ensures maximum nutrient retention without the use of chemicals. To meet this growing demand, farmers are adopting organic farming practices which involves crop rotation and use of organic manure for fertilization. This is expected to drive lucrative growth opportunities for market players over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry as it requires low investment to set up an asparagus farm however established players hold major market share.
Bargaining power of buyers: Buyers have moderate bargaining power as asparagus is available throughout the year however demand fluctuates seasonally.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as production requires specific soil and climate conditions however supply is stable throughout the year.
Threat of new substitutes: Low threat as asparagus has a unique flavor profile and health benefits with no close substitutes available.
Competitive rivalry: Fierce competition among existing players to capture more market share through expansion, branding and promotion activities.
Value concentration in geographical regions:
North America accounts for the highest share in terms of value, driven by rising demand in the US and Canada, as highlighted in Asparagus Market Regions Analysis.Fastest growing region Asia Pacific region is expected to grow at fastest pace over the forecast period led by countries like China, India and Japan. Increasing population, rising disposable income and shift towards premium vegetable products are some factors supporting regional market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
