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Asparagus is a green leafy vegetable with long and pointy spears and are basically grilled, roasted and steamed. It is a springtime vegetables and is predominantly grown in Michigan, California, and Washington State. It is more expensive than other vegetables as it is a seasonal crop. The biggest producers of asparagus are Peru, China, Germany, and the U.S and they flourish in the temperate climatic condition where the ground it freezes. Moreover, asparagus is harvested once they touch 6-8 inches in length. Its consumption support in lowering the blood pressure and also assist in proper digestion.

The global asparagus market was valued at US$ 28,000 Mn in terms of revenue and was pegged at 8,400 KT in terms of volume in 2018

Drivers:

Growing awareness regarding the health benefits of asparagus among the consumer as it is rich in fiber, folate and vitamin K is expected to propel the market growth of asparagus. Moreover, it enhances the immunity and function of the brain and also promotes healthy digestion, thereby fueling their demand, which in turn boosting the market growth. Furthermore, it is highly rich in antioxidants that promote healthy and glowing skin. This factor is also projected to foster the market growth of the asparagus.

Growing consumption of asparagus as pickle since its shelf-life can be extended by adding preservative or by keeping asparagus in brine is expected to foster market growth. Asparagus products are preserved by using preservative and can be consumed throughout year. Brine and pickled asparagus are available in cans, bottles, or glass jars in the market. Hence, this factor is expected to propel the demand for asparagus, which in turn fueling the market growth.

Among region, Europe dominated the global asparagus market in 2018, accounting for 35% share in terms of volume, followed by Asia Pacific and North America, respectively

Figure 1. Global Asparagus Market Share (%), By Region, 2018

Market Restraints

Asparagus has been sold by using direct marketing strategy and some farmer set up stalls at villages to encourage the sale of organic products, direct marketing is less profitable as they sell the product at cheaper rates, this factor is expected to hamper the market growth of Asparagus. Moreover, the distribution of product through direct marketing is relatively weaker in the emerging region as compared to a developed region, hence, direct marketing is expected to hamper the market growth of asparagus over the forecast period.

Market Opportunities

Increasing launch of organically farmed asparagus products is projected to offer immense growth opportunities to the market of asparagus. For instance, in September 2017, Desert Farms has announced that it will launch an organic green asparagus product for the upcoming season. The Californian/Mexican based asparagus grower will grow the new product line alongside their existing operations in the Sonora region in Mexico and the harvest is expected to last between January and April 2018.

Figure 2. Global Asparagus Market – Opportunity Analysis

Increasing partnerships between major producers in the market are projected to propel the market growth over the forecast period. For instance, in April 2019, Applewood Fresh Growers LLC partnered with New Era’s American Asparagus offer fresh Michigan asparagus in addition to its apples. Michigan is now the largest asparagus growing region in the United States. Therefore, the rising number of a partnership among key producers is projected to offer immense growth opportunities to the market over the forecast period.

Among type, fresh segment accounted for largest market volume share of 73% in 2018, in the global asparagus market.

Figure 3- Global Asparagus Market Share (%), By Type, 2018

Market Trends

Increasing year-round production of asparagus is projected to boost market growth. Traditionally, asparagus was a seasonal crop, but now it is a grown year-round and is available in the market any time of the year. In addition, increasing visibility and availability, at a cheaper cost is expected to fuel the demand and also the growth of the global asparagus market over the forecast period.

Figure 4 – Global Asparagus Market - Value Chain Analysis

Competitive Section:

Players active in the 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 FARMS, INC., Consorzio Associazione Produttori Ortofrutticoli Foggia, Mazzoni Vivai, and California Asparagus Seed and Transplants, Inc.

Few Recent DevelopmentsStrategy:

Altar Produce LLC

The company focuses on offering organic, as well as conventional asparagus in order to expand its customer base

Sociedad Agricola Viru S.A.

The company focuses on adopting new technologies for preservation or products

Viru adopted IQF (Individually Quick Frozen) freezing system that aids in preserving vegetables and maintain product characteristics such as flavor, color, etc.

DanPer Trujillo S.A.C.