The Asia Pacific specialty crops market accounted to US$ 470.92 million in 2019 and is projected to account US$ 574.34 million by 2027; it is expected to grow at a CAGR of 2.5% during 2020–2027.
Specialty crops” refer to “fruits and vegetables, tree nuts, dried fruits, horticulture, and nursery crops (including floriculture). It also takes into consideration exotic crops that are specifically cultivated across a region due to climatic and topographical features. With the expanding population growth, coupled with rise in per capita disposable income, a paradigm shift in consumer eating patterns have been observed, which has direct impact on the demand for healthy and tasty food. Further, rapid urbanization along with ethnic composition, health concerns, changes in demographic features are some of the other factors promoting the demand for specialty crops. The widening application scope of specialty crops, supportive government measures and free trade policies are the key factors driving the specialty crops market growth. However, the environmental and trade barriers restrict the profitable growth of the specialty crops market. The trend of consumption of organic food products is attaining traction across Asia Pacific attributed to its health benefits. Vegan and organic products have seized the taste of customers despite its expensive nature. The trend of organic food products is expanding especially in the regions of Asia Pacific. The organic specialty crops are cultivated without the incorporation of artificial fertilizers or harmful chemicals. The farmers use organic growth stimulators in crop cultivation to minimize the amount of chemical residue limit in crops. The use of chemicals and fertilizers in conventional farming mostly affects the health aspect and nutrients level. Rising inclination of people toward organic products has encouraged the food manufacturers to invest heavily in products produced with organic constituents. This is further projected to bolsters the growth of the specialty crops market.
The COVID-19 pandemic first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe. As of February 2021, India, Japan, Australia and China are among the worst-affected countries in terms confirmed cases and reported deaths. The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdowns of food and beverages industry and disruptions in supply chains due to lockdown of countries has created a strain on the supplies of the various products offered by this industry. In Asia Pacific, India is the worst-hit country by the COVID–19 outbreak. Owing to this pandemic, the Asia Pacific food and beverages has witnessed an abrupt downturn in several major countries. The food and beverages industry in Asia Pacific suffered its one of the biggest drops in activities after the restaurants and food centers were closed, and the supply of food products and workers were disrupted due to the pandemic. The drop in the demand for various food products in the region has directly affected the sales of the specialty crops products in Asia Pacific.
Asia Pacific Specialty Crops Market
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Market Insights
Supportive Government Measures and Free Trade Policies
The growth of specialty crop is strongly supported by positive government initiatives, which includes sales and marketing activities, plant pest and disease prevention, and research & development. For instance, the farm bill passes in the year 2018 (Agriculture Improvement Act of 2018) which aimed at reauthorizing and extending current programs to promote the growth of several specialty crops such as fruits and vegetables, tree nuts, nursery products and others. The farm bill was implemented to offer support to specialty crop producers, through Specialty Crop Block Grant Program and the Specialty Crops market News. The bill also acknowledges several trade issues revolving around specialty crops and offers technical as well as export assistance. Apart from this, a research institute has been formed named as Specialty Crop Research Initiative (SCRI) with an intension to encourage collaboration, open communication, the exchange of information and other purposes. In addition, government offered food assistance program for the upliftment of specialty crop producers impacted by the COVID-19 pandemic. Such assistance was offered to promote the growth of specialty crop including horticulture, tree nuts, fruits and vegetables, indigo and others. Further, in India, government has decided to offer 50% subsidies to poly or green house to promote the growth of nursery crops. Apart from government programs, free trade policies have also been implemented which has significantly integrated supply chain processes resulted in effective trade activities with increased trade volumes and access to better quality, lower-priced goods.
Category Based Insights
The specialty crops market based on category has been segmented into organic and conventional. In 2019, the conventional specialty crops segment accounted for a larger share of the Asia Pacific specialty crops market, and is also expected to grow at a higher CAGR during the forecast period. Conventional farming is one of the most practiced farming methods that involve the use of synthetic fertilizers, pesticides, and other chemical compounds. 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, 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 method contains chemical residues, due to the use of synthetic agrochemicals, and may be hazardous if consumed by animals and humans.
Asia Pacific Specialty Crops Market, by Category – 2019 and 2027
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Crop Type Based Insights
Based on crop type, the specialty crops market is segmented into fruits and vegetables, tree nuts, herbs and spices and others. In 2019, the fruits and vegetables segment dominated the Asia Pacific specialty crops market whereas, the herbs and spices segment is expected to grow at the fastest rate during 2020–2027. Fruits and vegetables constitute a significant part of agricultural production and are extensively cultivated round the year, for both commercial and household purposes. The Asia Pacific demand for fruits and vegetables is high owing to their high nutritional profile. Apart from direct domestic consumption, these crops find their application in diversified end use industries. Different vegetables have been categorized as specialty crops which include artichoke, asparagus, beet, broccoli, carrot, cauliflower, celeriac, celery, chickpeas, chive, collards, cucumber, edamame, eggplant, endive, pea (garden, dry, edible), garlic, horseradish, kohlrabi, leek, lentils, lettuce, and others. Rising consumer awareness regarding the health benefits associated with organic produce, the demand for specialty fruits and vegetables grown organically is also increasing. Additionally, rapid urbanization and shift in consumer preference towards healthy lifestyle have encouraged the adoption of fruits and vegetables in their diet, thereby, promoting the growth of the segment.
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Asia Pacific Specialty Crops Market: Strategic Insights
Market Size Value in US$ 470.92 Million in 2019 Market Size Value by US$ 574.34 Million by 2027 Growth rate CAGR of 2.5% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Asia Pacific Specialty Crops Market: Strategic Insights
| Market Size Value in | US$ 470.92 Million in 2019 |
| Market Size Value by | US$ 574.34 Million by 2027 |
| Growth rate | CAGR of 2.5% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Product development, merger and acquisition, and business planning are the commonly adopted strategies by companies to expand their product portfolio. Olam International; BanaBay Limited; Simped Foods Pty. Ltd., and the Herbs N Spices Company are amongst the market players implementing this strategy to enlarge the customer base and gain significant market share in Asia Pacific, which in turn permits them maintain their brand name in the Asia Pacific specialty crops market.
Report Spotlights
- Progressive industry trends in the Asia Pacific specialty crops market that help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the Asia Pacific specialty crops market from 2017 to 2027
- Estimation of Asia Pacific specialty crops demand across various industries
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
- Recent developments to understand the market competition in Asia Pacific
- Market trends and outlook, coupled with factors driving and restraining the growth of the Asia Pacific specialty crops market
- Decision-making process by understanding strategies that underpin commercial interest with regard to the Asia Pacific specialty crops market growth
- Asia Pacific specialty crops market size at various nodes of market
- Detailed overview and segmentation of the Asia Pacific specialty crops market, as well as its dynamics in the industry
- Asia Pacific specialty crops market size in various regions with promising growth opportunities
asia Pacific Specialty Crops Market, by Category
- Organic
- Conventional
Asia Pacific Specialty Crops Market, by Crop Type
- Fruits & Vegetables
- Tree Nuts
- Herbs & Spices
- Others
Company Profiles
- Olam International
- BanaBay Limited
- Simped Foods Pty. Ltd.
- The Herbs N Spices Company
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Category, Crop Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, Japan, South Korea
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Asia Pacific Specialty Crops Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 APAC
4.3 Expert Opinion
5. Specialty Crops Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Widening Application Scope of Specialty Crops
5.1.2 Supportive Government Measures and Free Trade Policies
5.2 Market Restraints
5.2.1 Environmental and Trade Barriers
5.3 Market Opportunities:
5.3.1 Increasing demand of Organic and Vegan Products
5.4 Future Trends:
5.4.1 Rising adoption of Precision Agriculture in Specialty Crops
5.5 Impact Analysis of Drivers and Restraints
6. Asia Pacific Specialty Crops – Asia Pacific Market Analysis
6.1 Specialty Crops Market Overview
6.2 Asia Pacific Specialty Crops Market –Revenue And Forecast To 2027 (US$ Billion)
6.3 Competitive Positioning – Key Market Players
7. Asia Pacific Specialty Crops Market Analysis – By Category
7.1 Overview
7.2 Specialty Crop Market, By Category (2019 and 2027)
7.3 Organic
7.3.1 Overview
7.3.2 Organic: Specialty Crop Market – Revenue, and Forecast to 2027 (US$ Billion)
7.4 Conventional
7.4.1 Overview
7.4.2 Conventional: Specialty Crop Market – Revenue, and Forecast to 2027 (US$ Billion)
8. Asia Pacific Specialty Crops Market Analysis – By Crop Type
8.1 Overview
8.2 Specialty Crops Market, By Crop Type (2019 and 2027)
8.3 Fruits and Vegetables
8.3.1 Overview
8.3.2 Fruits and Vegetables: Specialty Crop Market – Revenue, and Forecast to 2027 (US$ Billion)
8.4 Tree Nuts
8.4.1 Overview
8.4.2 Tree Nuts: Specialty Crop Market – Revenue, and Forecast to 2027 (US$ Billion)
8.5 Herbs and Spices
8.5.1 Overview
8.5.2 Herbs and Spices: Specialty Crop Market – Revenue, and Forecast to 2027 (US$ Billion)
8.6 Others
8.6.1 Overview
8.6.2 Others: Specialty Crop Market – Revenue, and Forecast to 2027 (US$ Billion)
9. Asia Pacific Specialty Crops Market – Geographic Analysis
9.1 Overview
9.1.1 Asia Pacific: Specialty Crops Market –Revenue and Forecast to 2027(US$ Billion)
9.1.2 Asia Pacific: Specialty Crops Market, by Category
9.1.3 Asia Pacific: Specialty Crops Market, by Crop Type
9.1.4 Asia Pacific: Specialty Crops Market, by Key Country
9.1.4.1 Australia: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
9.1.4.1.1 Australia: Specialty Crops Market, by Category
9.1.4.1.2 Australia: Specialty Crops Market, by Crop Type
9.1.4.2 China: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
9.1.4.2.1 China: Specialty Crops Market, by Category
9.1.4.2.2 China: Specialty Crops Market, by Crop Type
9.1.4.3 India: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
9.1.4.3.1 India: Specialty Crops Market, by Category
9.1.4.3.2 India: Specialty Crops Market, by Crop Type
9.1.4.4 Japan: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
9.1.4.4.1 Japan: Specialty Crops Market, by Category
9.1.4.4.2 Japan: Specialty Crops Market, by Crop Type
9.1.4.5 South Korea: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
9.1.4.5.1 South Korea: Specialty Crops Market, by Category
9.1.4.5.2 South Korea: Specialty Crops Market, by Crop Type
9.1.4.6 Rest of Asia Pacific: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
9.1.4.6.1 Rest of Asia Pacific: Specialty Crops Market, by Category
9.1.4.6.2 Rest of Asia Pacific: Specialty Crops Market, by Crop Type
10. Overview- Impact of Coronavirus outbreak on Asia Pacific Specialty Crops Market
10.1 Overview
10.2 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
11. Key Company Profiles
11.1 Olam International
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 BanaBay Limited
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.3 Simped Foods Pty Ltd.
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.4 The Herbs N Spices Company
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
12. Appendix
12.1 About The Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. Asia Pacific Specialty Crops Market –Revenue And Forecast To 2027 (US$ Billion)
Table 2. Asia Pacific Specialty Crops Market, by Category– Revenue and Forecast to 2027 (USD Billion)
Table 3. Asia Pacific Specialty Crops Market, by Crop Type– Revenue and Forecast to 2027 (USD Billion)
Table 4. Australia Specialty Crops Market, by Category– Revenue and Forecast to 2027 (USD Billion)
Table 5. Australia Specialty Crops Market, by Crop Type– Revenue and Forecast to 2027 (USD Billion)
Table 6. China Specialty Crops Market, by Category– Revenue and Forecast to 2027 (USD Billion)
Table 7. China Specialty Crops Market, by Crop Type – Revenue and Forecast to 2027 (USD Billion)
Table 8. India Specialty Crops Market, by Category– Revenue and Forecast to 2027 (USD Billion)
Table 9. India Specialty Crops Market, by Crop Type – Revenue and Forecast to 2027 (USD Billion)
Table 10. Japan Specialty Crops Market, by Category– Revenue and Forecast to 2027 (USD Billion)
Table 11. Japan Specialty Crops Market, by Crop Type – Revenue and Forecast to 2027 (USD Billion)
Table 12. South Korea Specialty Crops Market, by Category– Revenue and Forecast to 2027 (USD Billion)
Table 13. South Korea Specialty Crops Market, by Crop Type – Revenue and Forecast to 2027 (USD Billion)
Table 14. Rest of Asia Pacific Specialty Crops Market, by Category– Revenue and Forecast to 2027 (USD Billion)
Table 15. Rest of Asia Pacific Specialty Crops Market, by Crop Type – Revenue and Forecast to 2027 (USD Billion)
Table 16. List of Abbreviation
LIST OF FIGURES
Figure 1. Asia Pacific Specialty Crops Market Segmentation
Figure 2. Asia Pacific Specialty Crops Market Segmentation – By Country
Figure 3. Asia Pacific Specialty Crops Market Overview
Figure 4. Fruits & Vegetables Segment Held Largest Share Of Asia Pacific Specialty Crops Market
Figure 5. China Held Largest Share Of Asia Pacific Specialty Crops Market
Figure 6. Asia Pacific Specialty Crops Market, Industry Landscape
Figure 7. APAC: PEST Analysis
Figure 8. Expert Opinion
Figure 9. Specialty Crops market Impact Analysis of Driver and Restraints
Figure 10. Asia Pacific: Specialty Crops Market – Revenue And Forecast To 2027 (US$ Billion)
Figure 11. Specialty Crop Market Revenue Share, by Category (2019 and 2027)
Figure 12. Organic: Specialty Crop Market – Revenue, and Forecast to 2027 (US$ Billion)
Figure 13. Conventional: Specialty Crop Market – Revenue, and Forecast to 2027 (US$ Billion)
Figure 14. Specialty Crop Market Revenue Share, by Technology Type (2019 and 2027)
Figure 15. Fruits and Vegetables: Specialty Crop Market – Revenue, and Forecast to 2027 (US$ Billion)
Figure 16. Tree Nuts: Specialty Crop Market – Revenue and Forecast to 2027 (US$ Billion)
Figure 17. Herbs and Spices: Specialty Crop Market – Revenue, and Forecast to 2027 (US$ Billion)
Figure 18. Others: Specialty Crop Market – Revenue, and Forecast to 2027 (US$ Billion)
Figure 19. Asia Pacific: Specialty Crops Market – Revenue and Forecast to 2027 (US$ Billion)
Figure 20. Asia Pacific: Specialty Crops Market Revenue Share, by Category (2019 and 2027)
Figure 21. Asia Pacific: Specialty Crops Market Revenue Share, by Crop Type (2019 and 2027)
Figure 22. Asia Pacific: Specialty Crops Market Revenue Share, by Key Country (2019 and 2027)
Figure 23. Australia: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
Figure 24. China: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
Figure 25. India: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
Figure 26. Japan: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
Figure 27. South Korea: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
Figure 28. Rest of Asia Pacific: Specialty Crops Market –Revenue and Forecast to 2027 (US$ Billion)
Figure 29. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
- Olam International
- BanaBay Limited
- Simped Foods Pty. Ltd.
- The Herbs N Spices Company
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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