The dried tart cherry market was valued at US$ 88.9 million in 2018 and is projected to reach US$ 130.5 million by 2027; it is expected to grow at a CAGR of 4.4% from 2019 to 2027.
Dried tart cherry is rich in nutrients and has antioxidant and anti-inflammatoryproperties. It is rich in potassium, fiber, and beta carotene. Dried tart cherry hasa unique sweet and tangy taste, and isused in the preparation of various food and beverage products. Dried tart cherry offer several health advantages such as supports heart health, promotes better sleep, and offer relief from pain. It is a natural source of melatonin, which helps to regulate skin cycle. Dried tart cherry is an excellent source of boron, which further supports bone health. It contains high amounts of anthocyanin, which provide anti-inflammatory properties to help in repair and maintenance of muscle tissue.
Based on nature, the European dried tart cherry market has been segmented into conventional and organic. The conventional segment heldthe largest share ofthe market in 2019; however, the organic segment is estimated to register the highest CAGR during the forecast period. The increasing awareness among the consumers is one of the key drivers for the growth of organic dried tart cherry market during the forecast period. The consumers are becoming conscious about the food products they consume. The inclination towards the consumption of natural and healthy food products among population is increasing across the globe. The companies are trying to develop innovative products using organic ingredients to attract the health-conscious consumers. Organic dried tart cherry offers various health-benefits and has applications in several end-use industries. Therefore, the demand for organic dried tart cherry is estimated to increase in various end-use industries as it fulfills the consumer?srequirements.
Geographically, the European dried tart cherry market has beensegmented into Russia, Turkey, Germany, Ukraine, Poland, and rest of Europe. Russiaheld the largest share ofthe Europeandried tart cherry market, followed by Turkey and rest of European countries.The growing focus toward health-promoting food products is one of the key factors that is boosting the dried tart cherry market. The presence of several manufacturers such as Graceland Fruit, Inc. and Cherry Central has bolstered the growth of the dried tart cherry market. Also, the consumer demand for healthy and tasty products without any compromise on taste is expected to propel the dried tart cherry market in the region. Further, the growth of bakery and confectionery, beverages, dairy and other industries is further propelling the demand for dried tart cherry in the European region.
Impact of COVID-19 Pandemic on Dried Tart Cherry Market
COVID-19 outbreak first began in Wuhan (China) inDecember 2019, and since then it has spread across the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst affected countries in terms of positive cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the dried tart cherry market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
Cherry Central, Fruit d'Or, Graceland Fruit, Inc., and Smeltzer Orchard Company, LLC, are amongthe major players in the Europeandried tart cherry market.
Overall size of the Europeandried tart cherry market has been derived in accordance to primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Additionally, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the European dried tart cherry market.