By: Sundee Holtman
Sweet, tangy and globally enjoyed, cherries have earned and proven their spot on consumers’ shopping lists, in our foods, and potentially, in your investment portfolio.
According to Transparency Market Research (TMR), the global fresh cherries market value is anticipated to reach $ 107.2 billion by 2029 at a CAGR of 8.5%, making cherries an investable asset worthy of consideration.
Consumer Trends
Becoming known for their antioxidants, fiber, vitamins and sleep enhancement qualities, cherries are on the rise and the general public is catching on to their increased use in ice cream, alcoholic beverages, dairy beverages, salads, jams, and jellies.
Though one of the latest found and best of consumer benefits are the anti-inflammatory characteristics of cherries produced by the fruit’s phytochemicals. This fruit has the highest anti-inflammatory content of any food. Anti-inflammatory benefits are appealing to athletes for improving muscle recovery, to those who suffer from joint pain, and even skincare and cosmetic product providers.
Increased awareness of these health benefits is a factor in the growing popularity of cherry consumption and a reason for an estimated CAGR of 8.5%.
The Global Cherry Market
The world’s top five cherry producers are Turkey, United States, Iran, Italy, and Uzbekistan. Top cherry importers include China, Germany, Hong Kong, South Korea and Canada with cherry consumption rates rising quickly in the Asia Pacific market.
One country with a rapidly expanding cherry industry is South Africa. As land becomes available in viable growing areas of the country, farmers look to diversify their product range. Cherry farms easily compliment their operations. As cherry acreage expands, long-term growth of the market is supported.
About 55% of South African cherries are sold in South African stores and markets. Johannesburg and Durban are the biggest markets, each absorbing 33% of local cherry production. Nearly 20% of South African cherries are exported and less than 10% is processed. Of the exported cherries, about 50% are shipped to the UK, 24% to the Middle East, and 16% to Europe and Russia.
Cherries will continue to prove themselves as a wise investment with a rising market, and as a fresh fruit with notable health benefits for consumers. South African farmers are using cherries to compliment and diversify their operations, why not invest to do the same to your own portfolio.