Specialty Crops Market is expected to reach US$ 1,203.81 Mn by 2027

Published Date: 17 Feb 2021

Report : 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) and Geography

Widening Application Scope of Specialty Crops to Escalate Specialty Crops Market Growth

According to our latest market 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.

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.

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.

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 well-established players in the specialty crops market.

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 food & beverages industry is one of the significant sectors suffering severe disruptions, such as supply chain breaks, technology event cancellations, and office shutdowns, as a result of this outbreak. Several companies have already announced possible delays in product deliveries and slump in future sales of their products. Besides, 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.

Geographic Overview of Specialty Crops Market
Geographic Overview of Specialty Crops Market

The report includes the segmentation of the global specialty crops market as follows:

Specialty Crops Market, by Category

  • Organic
  • Conventional

Specialty Crops Market, by Crop Type

  • Fruits and Vegetables
  • Tree Nuts
  • Herbs and Spices
  • Others

Specialty Crops Market, by Geography

    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • UK
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific (APAC)
      • Australia
      • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
    • Middle East &Africa (MEA)
      • South Africa
      • Saudi Arabia
      • UAE
      • Rest of Middle East &Africa
    • South America
      • Brazil
      • Argentina
      • Rest of South America

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