The US and Canada dragon fruit market was valued at US$ 129.15 million in 2018 and is projected to reach US$ 194.10 million by 2027; it is expected to grow at a CAGR of 4.7% from 2019 to 2027.
Dragon fruit, also called as pitaya, pithaya, or strawberry pear, is a fruiting tree that belongs to cactus family; its varieties belong to Hylocereus spp. Three varieties of dragon fruits are grown commercially-H. undatus (white flesh with pink-red skin), H.polyrhizus (red flesh with pink-red skin), and Selenicereus Megalanthus (white flesh with yellow skin). Dragon fruit is often classified under exotic varieties of fruits and vegetables. The fruit consists of natural dietary fiber along with vitamins and potent antioxidants, and it has low calorie content. The consumption of dragon fruit minimizes the risk of several diseases such as cancer, diabetes, high blood pressure, and heart disease; it also helps prevent the miscarriage. Upon dermal application, the fruit assists in wound healing. Apart from this, dragon fruit finds its application in preparation of marmalades, jams, juice, jellies, wine, and beverages in the food and beverages industry. It has extensive demand in the preparation of medicines,and food coloring and thickening agents.
Based on type, the US and Canada dragon fruit market has been segmented into white dragon fruit, red dragon fruit, and yellow dragon fruit. White dragon fruitsheld the largest share of the US and Canada dragon fruit market in 2018. The growth of the market for this segment is attributed to increase in the import of white dragon fruit from South Asian, Central American, and other countries, coupled with growing demand from food and beverages, and pharmaceuticals industries. The growing consumer knowledge about the nutritional and therapeutic profile of the white dragon fruit has furtherpropelled its demand in the US and Canada. Moreover, the growth of the segment is also supported by rising health-consciousness among consumers coupled with increasing consumer preference toward exotic varieties of fruits.
Impact Assessment of COVID-19
The COVID-19 outbreak has been affecting economies and industries in various countries,including the US, India, Brazil, Russia, Italy, the UK,China, Iran, and Spain. Food and beverages is one the world’s major industries suffering serious disruptions in the form of supply chain breaks, events cancellations, and office shutdowns as a result of the lockdowns imposed in various countries to contain the disease spread.China is the global manufacturing hub and is the largest raw material supplier for various industries; it is also one of the worst-affected countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various chemical and materials. These factors are likely to restrain the growth of various markets related to the chemicals and materials industry in next few financial quarters.
The USaccounts for a larger share of the US and Canada dragon fruit market. The largest market share of the country is primarily ascribed to the rapid rise in population demanding more variety of healthy products. Further, increase in the disposable income and shift in focus toward the consumption of exotic varieties of fruits are driving the growth of the dragon fruit in the US. Further, mounting focus toward research and development activities has propelled the productivity of dragon fruit in the country. The growth of the industries such as food and beverages, and pharmaceuticals is also expected to stimulate the demand of dragon fruit in the country. The escalating preference for organic farm products is expected to have a positive impact on the dragon fruit market in the coming years.
Players present in theUS and Canadadragon fruitmarket are A Natural Farm;J & C Tropicals;Miami Fruit;Moonland Produce, Inc.;Hoang Hau Dragon Fruit Farm Co., Ltd;Frieda's;Melissa's;and Freshway Produce,among others.
The US and Canada dragon fruit market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the US and Canada dragon fruit market.