According to The Insight Partners study on “Specialty Crops Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Category (Organic and Conventional) and Crop Type (Fruits and Vegetables, Tree Nuts, Herbs and Spices, and Others),” the market was valued at US$ 982.17 billion in 2019 and it is projected to reach US$ 1,203.81 billion by 2027; it is expected to grow at a CAGR of 2.6% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players, along with their developments, in the market.
Report Coverage Details
Market Size Value in- US$ 982.17 Million in 2019
Market Size Value by- US$ 1,203.81 Million by 2027
Growth rate- CAGR of 2.6% from 2020-2027
Forecast Period- 2020-2027
Base Year- 2020
No. of Pages- 127
No. Tables- 56
No. of Charts & Figures- 71
Historical data available- Yes
Segments covered- Category and Crop Type and Geography
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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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. For instance, as per Food and Agriculture Organization (FAO) of the United Nations data, Europe is one of the largest hemp producers. It has cultivated hemp on more than 80,000 acres, which accounted for about 40% of FAO-reported global acreage in 2016. Hence, rapid growth of end-use industries coupled with shift in consumer focus toward health and diversification in application base are key factors driving the demand for specialty crops.
The advancement in technology have led to the adoption of advanced technologies and sensing systems for specialty crop production across the globe. The use of precision farming techniques offers considerable financial benefits to cultivators of handpicked specialty crops. Further, row repeatability is quite essential for specialty crops like potatoes and beets. The use of precision farming tools and techniques helps to attain row accuracy leading to better yields and stronger crops. According to National Robotics Engineering Center, the implementation of Specialty Crop Automation project successfully integrated precision agriculture and use of advanced equipment to growers. Hence, the use of precision farming methods in specialty crops is perceived to be one of the remarkable trends, significantly contributing to the growth of the market.
Effect of COVID-19 on Specialty Crops Market
COVID-19 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. According to the latest WHO figures, there are ~102,584,351 confirmed cases and ~2,222,647 total deaths globally. The coronavirus outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The agriculture industry is one of the major industries suffering serious disruptions, such as supply chain breaks, technology event cancellations, and office shutdowns, as a result of this outbreak. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East & Africa has affected the global supply chain and negatively impacted the manufacturing, delivery schedules, and sales of various goods.
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Based on category, the global specialty crops market has been segmented into organic and conventional. The conventional segment led the global specialty crops market in 2019. Conventional farming is one of the most practiced farming methods that involve the use of synthetic fertilizers, pesticides, and other chemical compounds. The conventional farming technique is widely adopted among small and marginal farmers to obtain higher yield at a lower production cost. The technique runs in favor of the producers and cultivators as the yields are high in comparison to cost. Moreover, the lack of knowledge among farmers regarding the health and environmental benefits associated with organic farming is promoting the growth of the segment. However, there are several disadvantages related to this method. Crops cultivated using conventional methods contain chemical residues, due to the use of synthetic agrochemicals, which may be hazardous for animals and humans.
Specialty Crops Market: Competitive Landscape and Key Developments
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
are among the key players in the global Specialty Crops market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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