In 2023, the asparagus market is expected to be valued US$ 23,992.8 million. By 2033, the market is expected to be worth US$ 30,884.4 million. During the forecast period of 2023 to 2033, the market is estimated to grow at a CAGR of 5%.
Asparagus is farmed all over the world, with China, Peru, Mexico, Spain, and the United States producing the most. These countries offer ideal weather and agricultural practises for growing asparagus.
As with other agricultural practises, asparagus production poses environmental and sustainability challenges. Water use, soil deterioration, and pesticide control are all concerns being addressed by the sector through sustainable farming practises and technological advancements.
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Farmers Opting for Direct Marketing – Farmers that grow asparagus sell their produce on their own, through traditional village bazaars and roadside stands. Large and small restaurants, as well as ordinary people, prefer to buy farm-fresh asparagus from farmers through direct marketing. This practise is having a minor impact on global asparagus sales.
High Costs for Processing & Storage of Asparagus – The need for increased capital expenditure in asparagus storage and processing is the most significant impediment to global asparagus sales growth. Because the cost of packaging, refrigeration, and transportation is quite high, the price per pound of asparagus is reduced. Manufacturers suffer financial losses as the price per pound falls. Processed asparagus, such as asparagus in brine, soups, mixed vegetable products, and so on, are predicted to be less popular among various segments of the global consumer population.
Leading manufacturers of asparagus include Altar Produce LLC, Sociedad Agrícola Virú, DanPer Trujillo S.A.C., Limgroup B.V., TEBOZA BV, THIERMANN SPAGEL FARM, 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.
Key Segments Covered
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
Additional Highlights from the Report
- By the end of 2017, the report estimates that over 8.2 million MT of asparagus will consumed globally, raking in US$ 27.7 Bn revenues
- Towards the end of 2027, over three-fourths of global revenues will be accounted by sales of fresh asparagus
- Likewise, green asparagus will also hold 75% share of global revenues throughout the forecast period, registering revenue growth at 3.3% CAGR