Specialty Crops Market Size to Grow at a CAGR of 2.6% to Hit USD 1,203.81 Million by 2027 | The Insight Partners

The specialty crops market was valued at US$ 982.17 million in 2019 and is projected to reach US$ 1,203.81 million by 2027; it is expected to grow at a CAGR of 2.6% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players, along with their developments, in the market. Specialty crops refer to fruits and vegetables, tree nuts, dried fruits, horticulture, and nursery crops (including floriculture). They also include exotic crops that are specifically cultivated across a region due to climatic and topographical features.

Get a Sample Copy of the Report@ https://www.theinsightpartners.com/sample/TIPRE00015685?utm_source=OpenPR&utm_medium=10681

The List of Companies - Specialty Crop Market
• DIAMOND FRUIT CO.
• Harbor Spice Co., Inc.
• Olam International
• Oregon Spice Company
• The Specialty Crop Company.
• BanaBay Limited
• Rice Fruit Company
• Fisher Nut Company
• Simped Foods Pty Ltd.
• SVZ Industrial Fruit & Vegetable Ingredients

Surging demand for specialty crops is attributed to their widening application scope. There is an increase in demand for specialty crops with the change in global economic condition and favorable trade practices. For instance, the consumption of exotic fruits, such as dragon fruit, star fruit, and passion fruit, has increased owing to increasing consumer knowledge about the health benefits and wide application scope of specialty crops.

This has led to increase in demand for these fruits across the world. Moreover, dragon fruits are not just limited to their parent market Vietnam, where they are extensively grown, but are sold globally. Apart from their rich nutritional profile, they are also used in preparation of marmalades, jams, juice, jellies, wine, and beverages in food & beverage industry.

Moreover, specialty crops are significantly being used in personal care, pharmaceutical and nutraceuticals, animal feed, and other industrial bases. For instance, according to a study published by Congressional Research Service, the legalization of hemp across several nations has a positive impact upon the demand for the hemp-based derivatives.
The demand for hemp has tremendously increased from agriculture, textiles, food & beverages, paper, construction materials, recycling, automotive, furniture, and personal care industries. Accordingly, the need to manage the supply through effective production has also generated.

For instance, as per Food and Agriculture Organization (FAO) of the United Nations data, Europe is one of the largest hemp producers. It has cultivated hemp on more than 80,000 acres, which accounted for about 40% of FAO-reported global acreage in 2016. Hence, rapid growth of end-use industries coupled with shift in consumer focus toward health and diversification in application base are key factors driving the demand for specialty crops.

Coronavirus outbreak first began in Wuhan, China, in December 2019, and since then, it has spread across the globe. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are some of the worst affected countries in terms of confirmed cases and reported deaths.

The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food & beverages industry is one of the significant sectors suffering severe disruptions, such as supply chain breaks, technology event cancellations, and office shutdowns, as a result of this outbreak.

Several companies have already announced possible delays in product deliveries and slump in future sales of their products. Besides, the global travel bans imposed by countries in Europe, Asia, and North America are affecting business collaborations and partnership opportunities. All these factors are expected to affect the food & beverages industry negatively and thus act as a restraining factor for the growth of specialty crops market in the coming months.

Interested in this Report? Click here @ https://www.theinsightpartners.com/buy/TIPRE00015685?utm_source=OpenPR&utm_medium=10681

Contact Us:
If you have any queries pertaining to the report or would like further information, feel free to reach out to us at-
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:
"The Insight Partners" is a one-stop solution for all industrial research requirements. We help our clients get quick solutions pertaining to the market scenario and requirements based on our state-of-the-art research methodology. We excel at providing research-based reports across a wide range of sectors and industries such as Semiconductors & Electronics, Aerospace & Defense, Automotive & Transportation, Biotechnology, Healthcare, IT, Manufacturing & Construction, Medical Device Technology, Media & Telecommunications, and Chemicals & Materials.

This release was published on openPR.