The Global Asparagus Market is valued at USD 2.4 Billion in 2020 is expected to reach USD 5.3 million by the end of 2027, growing at a CAGR of 8.2% during 2020-2027. Asparagus also known by its scientific name - Asparagus officinalis -is a type of flowering plant native to Europe and Western Asia region. It is currently produced in tropical as well as temperate regions all over the world. It is a vegetable crop that is widely cultivated for its young shoots. In middle nineteenth century commercial production of asparagus began. Asparagus is used in different types of food and beverages as well as for various medicinal purposes.
One of the driving factors which affects the growth of global Asparagus market is the growing awareness regarding the health benefits of asparagus among the consumer as it is rich in fibre, 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 fuelling 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.
The wide range of applications of asparagus is a major factor driving the market’s growth. Asparagus is considered medicinal because it aids in maintaining the cholesterol level and blood pressure level. As a vegetable, asparagus is popular to prepare ready-to-eat food products and is grated and mixed with other food products.
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.
The major key players in global Asparagus market includes 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.
The rising demand for organic asparagus is also one of the key emerging trends driving the global asparagus market. Organic asparagus is produced using pest management and fertilization methods, which do not include synthetic compounds. They are available in puree, fresh, powdered, and frozen forms. The number of cultivators of organic asparagus is increasing every year due to the high demand from North America and Europe.