seattle, WA -- (SBWIRE) -- 03/11/2020 -- Asparagus is a green leafy vegetable with long and pointy spears and are basically grilled, roasted and steamed for consumption. It is a springtime vegetable and is predominantly grown in Michigan, California, and Washington State. It is expensive compared to other vegetables, as it is a seasonal crop. The biggest producers of asparagus are Peru, China, Germany, and the U.S. Moreover, asparagus is harvested once they grow 6-8 inches in length. Its consumption aids in lowering the blood pressure and enhances digestion.

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

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Drivers:

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

Growing consumption of asparagus as pickle since its shelf-life can be extended by adding preservative or by keeping asparagus in brine are expected to foster the market growth. Asparagus products are preserved by using preservative and can be consumed throughout the 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 is expected to fuel the market growth.

Among regions, Europe is expected to dominate the global asparagus market in 2018, accounting for 35% share in terms of volume, followed by Asia Pacific and North America, respectively.

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. Moreover, distribution of product through direct marketing is relatively weaker in the emerging economies as compared to a developed economies, hence, this factor is expected to hamper the market growth over the forecast period.

Market Opportunities

Increasing launches of organically farmed asparagus products is expected to offer immense growth opportunities to the key players of asparagus market. For instance, in September 2017, Desert Farms has announced that it will launch an organic green asparagus product for the upcoming season. The California/Mexico-based asparagus producer 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.

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

Among type, fresh segment is estimated to account for the largest market volume share of 73% in 2018, in the global asparagus market.

Market Trends

Increasing year-round production of asparagus is expected to boost the 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.

Competitive Section:

Players operating in the market include 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 Developments:

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, and others

DanPer Trujillo S.A.C.
- The company is focused on offering asparagus products that are frozen and canned, in order to enhance its customer base. It also focuses on offering fresh asparagus for application in various sectors such as food.