Asparagus Market Key Challenges and Growth Analysis 2022

The global asparagus market size was valued at USD 30.2 billion in 2021, growing at a CAGR of 3.5% during the forecast period 2022 to 2028. Due to its nutritional qualities and delectable flavor, large firms actively seek asparagus as a significant ingredient in soups. Since many businesses already prepare soup with asparagus, and this trend is only likely to increase, asparagus is widely projected to replace other ingredients as the soup ingredient of choice in the industrial sector. As a vegetable, asparagus is frequently used to make ready-to-eat meals. Asparagus is grated and combined with other items, like chicken and mixed vegetables, to create incredibly tasty dishes. In the worldwide asparagus market, the fresh segment's revenue growth is anticipated to be positively impacted by rising consumer demand for asparagus in fresh food products including soups, sauces, and brined and pickled asparagus.

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Asparagus Market Growth Factors:
Growing consumer awareness of the health advantages of asparagus due to its high fiber, folate, and vitamin K content is anticipated to drive the market growth of asparagus. Additionally, it improves immunity, brain function, and good digestion, which fuels consumer demand and, in turn, accelerates market expansion. Additionally, it has a significant number of antioxidants, which support healthy, radiant skin. This element is also anticipated to support the expansion of the asparagus market. Growing demand for asparagus pickles is anticipated to drive market expansion because the vegetable's shelf life can be extended by adding a preservative or by preserving it in brine. Utilizing preservatives, asparagus products can be consumed all year round.

Asparagus has been sold by utilizing a direct marketing approach and some farmers set up stalls in villages to stimulate the sale of organic items, direct marketing is less profitable as they offer the product at cheaper rates, and this aspect is likely to limit the market growth of Asparagus. Additionally, direct marketing is expected to hinder the market growth of asparagus over the anticipated period because it is comparatively less effective in emerging regions than it is in developed ones.

Asparagus Market Segmentation:
1) By Type: Fresh, Canned and Frozen.
2) By Colour: White, Green.
3) By Distribution Channel: Supermarkets and Hypermarkets, Grocery Stores, Other Distribution Channels.

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Asparagus Market Regional Analysis:
In 2022, Europe's market for asparagus experienced the fastest growth. The region saw a sharp increase in domestic demand, which is mostly attributable to growing knowledge of the health advantages of asparagus. The British Asparagus Association estimates that throughout the predicted period, demand for vegetable increased by roughly 550% in the UK. Along with increasing imports, homegrown varieties like Vittorio or white asparagus, which was developed in northern Italy, also contribute significantly to the domestic demand.

Major players working in the asparagus market are Altar Produce LLC, Sociedad Agrícola Virú, DanPer Trujillo S.A.C, Limgroup B.V., TEBOZA BV, ILIOS - The Greek Asparagus Company, BEJO SEEDS LTD., Spargelhof Elsholz Gbr, Cutter Asparagus Seed, JERSEY ASPARAGUS FARMSINC, Mazzoni Vivai

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