ASPARAGUS MARKET ANALYSIS

Asparagus MarketSize and Trends

The asparagus Market size is valued at US$ 33.9 Bn in 2024 and is expected to reach US$ 44.51 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4% from 2024 to 2031.

Market Trends:

Rising popularity of canned and frozen asparagus: The rising popularity of canned and frozen asparagus is having a significant influence on the market. With increasing urbanization and changing lifestyles, more consumers are opting for convenience foods that can be easily stored and consumed without much preparation. Canned and frozen asparagus have emerged as popular options as they allow consumers to enjoy asparagus throughout the year, regardless of the season. The cans and packages used for canned and frozen asparagus also help reduce food waste as the product stays fresh for longer durations compared to fresh asparagus.

This growth in demand for canned and frozen varieties is prompting asparagus farmers and producers to adapt their business models. There is more focus on mechanized harvesting and processing to efficiently handle larger volumes and canned or frozen production lines are being expanded. Countries with suitable growing climates like Peru, Mexico, and China are increasing their asparagus acreage to cater to this demand. According to data from the Food and Agriculture Organization (FAO) Corporate Statistical Database, Peru's asparagus production increased from 154,000 metric tons in 2015 to over 197,000 metric tons in 2020. Peru is one of the largest exporters of canned asparagus and this growth in production indicates its effort to tap into the rising global demand for canned varieties.

Growth in contract farming and partnerships with retailers: The trend of contract farming and partnerships with retailers is having a significant influence on the market. Under contract farming arrangements, asparagus farmers agree to grow and supply the crop to certain retailers or exporters as per their quality and quantity requirements in return for financial and technical support. This allows large retailers and exporters to ensure a steady supply of asparagus throughout the year to meet the consumer demand.

Many big retailers are directly partnering with asparagus farmers and providing them guidelines on farming techniques, seeds, fertilizers, and post-harvest handling. For instance, in Peru, which is one of the largest asparagus exporters, major supermarket chains like Walmart have collaborated with thousands of smallholder farmers. Through this model, the yields have increased while rejecting rates have reduced. The farmers get an assured market for their produce and technical know-how while retailers get consistent supply of safe food. Such partnerships are helping to expand the asparagus cultivation area and production volumes globally.