Asparagus Market - Market Scenario Analysis, Trends, Drivers, Impact Analysis, Segments covered, Regions covered and Companies covered.

The global asparagus market is experiencing a steady growth, and is expected to grow considerably in the next few years. Asparagus is a vegetable that belongs to the Asparagaceae family. There are more than 200 species within this plant family. Some species are grown as ornamental plants and others are used by florists in arrangements and corsages. Asparagus is low in calories and a great source of nutrients, including fiber, folate, and vitamins A, C, and K. Additionally, asparagus provides several potential health benefits, including weight loss, improved digestion, healthy pregnancy outcomes, and lower blood pressure. It is one of very few perennial vegetables, that grow back year after year. It is an early season crop that lends itself well to small-scale and part-time farming operations as well as direct-to-consumer retail marketers when combined with other corps. Asparagus grows in temperate or subtropical climates in soils that are not too acidic. China, Thailand, Mexico, Peru, and Germany are the countries growing most of the world’s asparagus.

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COVID-19 Impact analysis

• Restrictions on movement across the countries in Europe and the rest of the world has created major disruption globally. Extra checks at borders lead to delays that are detrimental to perishable goods. In addition, some countries quarantine trucks and/or drivers; thereby, significantly reducing ground fleets, especially in Europe. Quarantines also apply to ships, which need to stay longer on the port as a result, leading to increased risks of produce damage and longer delays supplying markets.

• The agriculture workforce has been significantly reduced due to travel restrictions. The sector relies heavily on seasonal labor. Harvesting season is imminent for many products and the lack of workers poses a severe constraint that could lead to loss of produce and shortages in the market. Furthermore, concerns regarding available labor with the newly implemented travel bans within the European Union and the closure of the Schengen area, many seasonal workers will no longer be able to travel to production sites. However, even if the borders are open, there is a “fear factor” to travel to infected areas.

• A key issue for companies of all sizes is financial management affected by reduced cashflow due to declining orders and increased costs; limited access to credit; inability to pay creditors on time; creditors reducing the length of payment terms; the need to service asset finance loans while vehicles and equipment are lying idle; banks freezing loans, especially for import/export businesses; difficulties to pay staff, suppliers, and taxes; and increased production costs. Longer-term impacts through 2021 and beyond will result from reduced planting and limited extension services, accumulated debt, loss of trained workers, loss of traditional supply bases, and loss of clients due to damaged confidence as a result of undersupply.

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Top Impacting Factors

• Rapid rise in demand for organic asparagus is expected to drive the growth of the global asparagus market. Consumers in several parts of the world are switching to organic produce due to ill-effects of chemically treated produce. Asparagus crop growers are striving to increase yield of organic asparagus to serve the rapid rise in demand worldwide.

• Rise in use of asparagus in processed foods is poised to account for stellar growth of asparagus market in the forthcoming years. In recent years, asparagus has become a key ingredient in processed soups due to its nutritional value.
Canned and frozen asparagus are widely sold due to ease of preparation and long shelf life. Availability in canned and frozen types is particularly useful for working couples for faster preparation and longer shelf life.

• Besides this, availability of asparagus in brine and pickled form is also driving the growth of the asparagus market. Ease of consumption and longer shelf life in pickled form fuel the sales, generating higher revenue for the asparagus market.

Market Trends

New innovation in harvesting the crops
Lack of labors for harvesting is the major problem in full-filling the demand of asparagus during the pandemic; therefore, some new innovations are being under development.

In New Zealand, engineers have been developing automated robots that might be able to take on some of the most repetitive and arduous parts of harvesting. Robotics Plus has built a prototype robot that can trundle through kiwi-fruit orchards, while reaching up with its octopus-like arms to pluck the fruit from the canopy above and sort them by size. The company founder, Steven Saunders, has been testing the robots in his own kiwi-fruit orchard.

“The robots can pick 24 hours a day, if needed,” says Saunders. “It means human workers can be deployed elsewhere, which really helps with productivity.”

He and his team are also developing robots capable of harvesting other crops, such as asparagus. “The trouble is that there is no universal way of harvesting fruit and vegetables,” says Saunders. “You need a bespoke picker for each crop – the way you pick an apple versus a strawberry, or a blueberry is totally different.”

Increase in demand for organic asparagus

The emerging demand for organic asparagus is currently driving the asparagus market, globally. The market for organic asparagus is majorly dominated by North America and Europe, with the regions substantially increasing the import as well as the production of organic asparagus in recent years. Although organically cultivated asparagus is at its nascent stage in Peru, the second-largest producer of asparagus in the world, the country is steadily raising its export-driven organic cultivation, as per the Peruvian Asparagus Importer’s Association. Moreover, organic asparagus cultivation is concentrated in central Mexico for supplies to the U.S., having several growers such as Pampa Store, which now engages in year-round production with the purchase of 300 ha of land in the north-east of Mexico, bordering the state of Texas, United States, in 2019. According to the Organic Produce Network, in January 2020, a case of organic asparagus weighing 11 pounds, produced in Mexico, had a price of USD 64.0-65.0 on the Los Angeles Wholesale Produce Market, which is almost USD 6.0 per pound wholesale price, which can be attributed to the cost of year-round availability of the vegetable on market shelves.

Regions Covered:
North America, Europe, Asia-Pacific, and LAMEA

Segments Covered:
Product Type, User Application, and Distribution Channels

Companies Covered:
Altar Produce LLC, DanPer Trjillo S.A.C, Sociedad Agricola Viru, Teboza B.V., Limgroup B.V., Thiermann Spagel Farm, Ilios – The Greek Asparagus Company, Cutter Asparagus Seed, Bejo Seeds LTD., Jersey Asparagus Farms INC.

Key Benefits of the Report

• This study presents the analytical depiction of the asparagus market industry along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the asparagus market share.

• The current market is quantitatively analyzed from 2020 to 2028 to highlight the asparagus market growth scenario.

• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed asparagus market analysis based on competitive intensity and how the competition will take shape in coming years.

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