(Food-Beverage-News.Com, January 15, 2022 ) Dried Longan Market size is estimated to reach $900 million by 2026, growing at a CAGR of 9.1% during the forecast period 2021-2026. Longan is a fruit tree that grows in clusters on trees and produces edible fruit. Dried Longans are increasingly being adopted among consumers across the world owing to the growing awareness about the benefits of dried longan, such as reducing fatigue, enhancing sleep quality, and treating snake bites. The rise in the adoption of dried longans that are isolated from starch, growing demand for whole fruits in developed nations, increase in the demand for dried longans in herbal medicine owing to their antioxidant properties, and the growing investment by the key players to develop quality freeze dried longans are the factors that are set to drive the growth of the Dried Longan Market for the period 2021-2026.
Dried Longan Market Segment Analysis - By Product Type
The Dried Longan Market based on the Product Type can be further segmented into Baked Dried and Freeze Dried. The Baked Dried segment held the largest share owing to the factors such as the rise in the adoption of baked dried fruits and the increase in the product launches by the key players. The growing demand for baked dried longan in developed nations is driving the growth of the Dried Longan Market. The Freeze Dried segment is estimated to be the fastest-growing segment with a CAGR of 9.7% over the period 2021-2026. This growth is owing to the factors such as the growing investment by the key players to develop quality freeze dried longans and the increase in the disposable income of individuals in developing nations.
Dried Longan Market Segment Analysis - By Distribution Channel
The Dried Longan Market based on the Distribution Channel can be further segmented into Supermarkets/Hypermarkets, Online Channels, Specialty Stores, and Others. The Supermarkets/Hypermarkets segment held the largest share in 2020 owing to the factors such as the cost-effectiveness and the availability of a wide range of whole fruits with different brands and price ranges. The presence of distinct product shelves coupled with attractive schemes in supermarkets is driving the growth of the Dried Longan Market. The Online Channels segment is estimated to be the fastest-growing segment with a CAGR of 10.1% over the period 2021-2026. This growth is owing to the factors such as the growing demand for digitalized shopping experiences among the customers and the rise in the demand for door-stop delivery.
Dried Longan Market Segment Analysis - By Geography
The Dried Longan Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held the largest share with 32% of the overall market in 2020. The growth in this segment is owing to the factors such as the rise in the adoption of whole fruits in developed nations and the increase in product launches by the key players. The rise in the demand for dried longans that are isolated from starch is driving the growth of the Dried Longan Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in the demand for dried longans in herbal medicine owing to their antioxidant properties, and the growing investment by the key players to develop freeze dried longans.
Dried Longan Market Drivers
Rise in the Adoption of Dried Longan in Herbal Medicines
Dried longans are increasingly being used in herbal medicine owing to the growing awareness about their herbal medicine properties and antioxidant properties. The key players across the world are focusing on developing dried longans that are used in the treatment of insomnia, which is one of the major factors driving the growth of the Dried Longan Market.
Increase in the Demand for Dried Longan in Whole Fruit Form
Customers are increasingly shifting towards dried longan in whole fruit form owing to their benefits, such as reducing fatigue, enhancing sleep quality, and treating snake bites. Moreover, manufacturers are launching whole fruits to increase their adoption in cuisines, which is further propelling the growth of the Dried Longan Market.
The key players in the market are increasing their investment to carry out various research and development activities for developing quality freeze dried longan that has less starch. However, the high cost of dried longan is one of the major factors that is estimated to reduce the growth of the Dried Longan Market.
Dried Longan Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Dried Longan Market. Key companies of this market are Urban Platter, Arimex, Green Organic, Sunbeam Foods, Chew Green, Nature's Sensation, Phootawan, Olam International, Thai Ao Chi Fruits Co., Ltd., and Sun-Maid among others.
Key Takeaways
Geographically, the North America Dried Longan Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the demand for dried longans that are isolated from starch.
The increase in the adoption of baked dried fruits in developed nations is driving the Baked Dried segment. However, the high cost of dried longan is one of the major factors that is said to reduce the growth of the Dried Longan Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Dried Longan Market report.
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