ID: MRFR/F-B & N/5329-CR | 110 Pages | Published By Snehal Singh on November 2022
Raisins market size is anticipated to reach USD 2,979.4 million by 2028, registering a CAGR of 4.81% during 2021-2028.
$2,979.4 Million
4.81%
Europe
2021-2028
The global raisins market size is projected to register a CAGR of 4.81% and reach a value of USD 2,979.4 million by 2028. Raisins are dried grapes consumed widely across the globe, either directly or as an ingredient in cooking and baking. Grapes are dried in the sun or using a food dehydrator to produce raisins with a nutrient profile similar to that of the grapes.
COVID-19 Impact Analysis
The advent of the global pandemic, COVID-19, has resulted in global crisis. Impacting over 195 countries, the pandemic has already created an economic backdrop worldwide and is likely to create a chaotic environment, resulting in the advent of global rescission. The COVID-19 outbreak has turned the lives of people upside down across the globe, with the number of cases rising rapidly every day. The impact of COVID-19 across industries is different. The COVID-19 outbreak flipped the growth switch in every sector of the economy. The raisins market is facing a demand and supply gap in this pandemic situation. With barriers in transportation and lockdown in several regions, the farmers adopted the strategy of drying grapes at the vineyard itself to gain revenue from raisins. This has increased the stock of raisins; however, the demand side of the market is not lifting the pace. In the pandemic situation, because of the barriers in the trade market, the supply chain of raisins has come to a halt, which has affected the overall raisins market.
Market Dynamics
The Global Raisins Market is expected to grow at a CAGR of 4.81% during the forecast period 2021-2028. The increasing use of raisins for culinary purposes is driving the growth of the market. The growth of the organized retail sector in Asia-Pacific is further boosting the market growth. Rising consumer preference for organic products is expected to create new opportunities for the vendors active globally. However, side effects associated with the overconsumption of raisins are restricting the growth of the market.
Drivers:
Raisins are made from dried black or green grapes that are sweet and fruity and used in several sweet and savory recipes. They are packed with energy and are rich in fiber, vitamins, and minerals. Raisins are full of antioxidants, contain iron, which benefits cardiovascular health, contains calcium, which benefits bone health. The health benefits associated with the consumption of raisins is driving its usage in cooking and baking. Raisins are used in various foods, from sweet bread and desserts to savory dishes found in cuisines throughout the world. They are experiencing high use in the culinary. The adoption of cross-cultural cuisines also plays a vital role in the increasing demand for raisins. It has been observed that there is an increasing interest in cooking and baking at home, especially among the millennials. They tend to experiment with new recipes in their free time, which is contributing to increasing sales of raisins. Increasing health-conscious population is opting for sugar substitutes in their recipes which is majorly driving the sales of raisins for culinary purpose. Raisins can be blended or grinded and substituted for sugar, mainly in baking.
Restraint:
Raisins are healthy alternatives to sugar and offer a wide range of benefits to the human body. However, excess consumption of raisins can lead to various side effects. It is advisable that diabetic patients must limit the consumption of raisins to maintain their health. Eating too many raisins affects the blood sugar level in the human body. The Centers for Disease Control and Prevention recommends that people with diabetes avoid high blood sugar levels by consuming no more than 15 grams of carbohydrates per meal. Thus, a serving of raisins is about half the standard amount or just two tablespoons for the one with diabetes or insulin resistance. Also, raisins are high in calories. A 100gr serving of raisins has around 299 calories. Thus, if one plans on a weight loss diet and trying to get rid of the extra pounds, then one must consider the consumption of raisin in moderation. Hence, the side effects of the overconsumption of raisin are hampering the growth of the global raisins market.
Opportunities:
There has been an inclination among consumers toward organic products, which are produced without any synthetic substances. Rising health consciousness is propelling the sales of organic food in the market. It has been observed that the demand for organic products has grown tremendously in most of the developed countries in the past few years. According to MRFR analysis, the global organic products market was valued at USD 104.6 billion in 2020, registering a CAGR of approximately 7.5% from 2021 to 2028.
According to the Soil Association Limited, the US accounted for 46% of the global sales of organic products in 2020, while Germany accounted for 11% and France for 8%, depicting the high demand for natural and organic products in North America and Europe. Additionally, in the UK, organic agricultural land increased from 4,827,000 hectares in 2019 to 4,848,000 hectares in 2020, with a more than 29.4% year-on-year growth in the conversion of conventional land to organic land. Along with North America and Europe, the adoption of organic food products is increasing in Asia-Pacific and the Middle East & Africa. Such promising growth statistics offer market players lucrative opportunities with the addition of organic raisins to their portfolios and/or expansion in the distribution of organic raisins.
Segment Overview
By Category
Based on product type, the global raisins market has been segmented into conventional and organic. The conventional segment accounted for the largest market share of 73.90% in 2020. However, the organic segment is likely to register a higher CAGR of 4.98% during the review period.
By Packaging Type
Based on packaging type, the global raisins market has been segmented into pouches, jars & bottles, boxes, and cans. The pouches segment accounted for a larger market share of 54.37% in 2020 and is likely to register a CAGR of 5.10% during the review period.
By Distribution Channel
Based on machine type, the global Raisins market has been segmented into store-based and non-store-based. The store-based segment accounted for a larger market share of 80.63% in 2020, whereas the non-store-based is estimated to register the highest CAGR of 5.32% during the forecast period.
Regional Analysis
By region, the global Raisins market has been divided into North America, Europe, Asia-Pacific, and Rest of the World. Europe accounted for the largest market share of 31.75% in 2020, the market is expected to register the highest CAGR of 4.49% during the forecast period. Asia-Pacific was the second-largest market in 2020, the market is projected to exhibit a CAGR of 4.97%.
Europe
Europe is accounting for 31.75% of the market proportion in the year 2020 and it is projected to expand at a high CAGR of 4.49% during the forecast period of 2021-2028. The demand for raisins in the region is growing at an exponential rate. Increasing consumer preference towards organic and healthy food is anticipated to boost the demand for the raisins in the regional market. The increasing consumption of fruits and dried fruits, including raisins, is yet another determinant catalyzing the growth of the regional market. Raisins have a unique nutrient profile and are considered healthy. A single serving (43 g) of raisins renders 129 kcal, 1.6 g dietary fiber, 0.2 g total fat, 25 g total sugar, 322 mg potassium, 14 mg magnesium, and 0.8 mg iron. They are also rich in various phytochemicals such as flavonoids, hydrocinnamic acids, epicatechins, phytoestrogens, and resveratrol. Thus, the daily consumption of raisins is recommended for a healthy lifestyle, which in turn is driving the growth of the Europe raisins market.
Asia-Pacific
Asia-Pacific is also accounting for significant market share in the global raisins market in the year of 2020 and is expected to grow at a CAGR of 4.97% during the forecast period 2021-2028. China is the leading country-level market in the region, accounting for the largest market share during the review period. With over 60% of the world’s population that constitutes approximately 4.3 billion population and strong dominance of raisin production and consumption, the region is anticipated to create lucrative opportunities for raisins manufacturers during the forecast period. Affordability and low awareness regarding the benefits of raisins in the region have long created challenges for raisins manufacturers. However, the scenarios are changing with increasing awareness regarding the health benefits of consuming raisins, increasing disposable income, and rising health consciousness. Furthermore, major raisins manufacturers are making investments for product innovation and expansion in the emerging economies of the region. All these factors are anticipated to create substantial growth opportunities for raisins in the coming years.  Â
Competitive Landscape
The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Companies such as Murray River Organics Ltd (Australia), Sun-Maid Growers of California (US), Del Monte Foods, Inc. (US), Dole Packaged Foods LLC (US), and National Raisin Company (US) dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.
Prominent players in the global raisins market include Sun-Maid (US), Del Monte Foods, Inc. (US), Dole Packaged Foods LLC (US), National Raisin Company (US), Mariani Packing Company (US), Arimex (Europe), H.B.S. Foods Ltd (UK), Murray River Organics Ltd (Australia), Bob’s Red Mill Natural Foods (US), and Newman's Own (US).
Recent Developments
Few developments that occurred in recent times influencing the market growth of raisins are listed below:
Scope of the Report
Global Raisins Market, by Category
Global Raisins Market, by Packaging Type
Global Raisins Market, by Distribution Channel
Global Raisins Market, by Region
Intended Audience
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Report Attribute/Metric | Details |
---|---|
Market Size | USD 2,979.4 Million |
CAGR | 4.81% |
Base Year | 2020 |
Forecast Period | 2021-2028 |
Historical Data | 2019 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Category, Packaging Type, Distribution Channel, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Murray River Organics Ltd (Australia), Sun-Maid Growers of California (US), Del Monte Foods, Inc. (US), Dole Packaged Foods LLC (US), National Raisin Company (US), Mariani Packing Company (US), Arimex (Europe), HBS Foods Ltd (UK), Bob’s Red Mill Natural Foods (US), and Newman's Own (US) |
Key Market Opportunities | Rising consumer preference for organic products |
Key Market Drivers | Increasing use of raisins for culinary purposes |
Raisins market is estimated to reach USD 2,979.4 million by the year 2028.
Raisins market is projected to grow at approximately 4.81% CAGR during the assessment period (2021-2028).
Del Monte Foods, Inc. (US), Sun-Maid Growers of California (US), Mariani Packing Company (US), National Raisin Company (US), Dole Packaged Foods LLC (US), Newman's Own (US), Bob's Red Mill Natural Foods Ltd. (US), Aramex (Europe), HBS Foods Ltd. (UK), Murray River Organics Ltd. (Australia) are some of the top players in the global raisins market.
Europe holds the largest share in the global raisins market.