Apricot Market

The global apricot market is projected to see continued growth in both volume and value terms over the next eight years. Market performance is forecasted to accelerate, with an anticipated CAGR of +1.8% for volume and +3.7% for value from 2022 to 2030. Consumption, production, imports, and exports are analyzed, with key insights on top consuming, producing, importing, and exporting countries. Significant fluctuations in import and export prices are also highlighted.

Market Forecast

Driven by increasing demand for apricots worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 4.4M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $7.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Apricots

In 2022, consumption of apricots was finally on the rise to reach 3.8M tons after two years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak volume of 4.3M tons. From 2018 to 2022, the growth of the global consumption remained at a lower figure.

The global apricot market revenue shrank to $5.4B in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $6.6B. From 2014 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Turkey (706K tons), Uzbekistan (445K tons) and Iran (305K tons), with a combined 38% share of global consumption. Algeria, Pakistan, Italy, Russia, Afghanistan, France, Armenia, Japan, Greece and Egypt lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for Afghanistan (with a CAGR of +6.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($858M), Turkey ($627M) and Uzbekistan ($623M) were the countries with the highest levels of market value in 2022, with a combined 39% share of the global market. Italy, Pakistan, Iran, France, Algeria, Russia, Egypt, Greece, Afghanistan and Armenia lagged somewhat behind, together comprising a further 34%.

Greece, with a CAGR of +5.9%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of apricot per capita consumption was registered in Armenia (36 kg per person), followed by Uzbekistan (13 kg per person), Greece (8.6 kg per person) and Turkey (8.3 kg per person), while the world average per capita consumption of apricot was estimated at 0.5 kg per person.

In Armenia, apricot per capita consumption expanded at an average annual rate of +5.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Uzbekistan (-1.2% per year) and Greece (+5.9% per year).

Production

World Production of Apricots

After two years of decline, production of apricots increased by 6.7% to 3.9M tons in 2022. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 15% against the previous year. As a result, production attained the peak volume of 4.3M tons. From 2018 to 2022, global production growth remained at a lower figure. The general positive trend in terms output was largely conditioned by a relatively flat trend pattern of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, apricot production contracted to $5.2B in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 34% against the previous year. As a result, production reached the peak level of $6.9B. From 2014 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Turkey (803K tons), Uzbekistan (451K tons) and Iran (306K tons), with a combined 40% share of global production. Italy, Algeria, Pakistan, Afghanistan, France, Armenia, Greece, Japan, Russia and Spain lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Afghanistan (with a CAGR of +7.4%), while production for the other global leaders experienced more modest paces of growth.

Yield

The global average apricot yield stood at 6.9 tons per ha in 2022, growing by 4.5% compared with the previous year's figure. Over the period under review, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the yield increased by 11% against the previous year. As a result, the yield reached the peak level of 7.7 tons per ha. From 2018 to 2022, the growth of the average apricot yield failed to regain momentum.

Harvested Area

In 2022, approx. 558K ha of apricots were harvested worldwide; increasing by 2.1% on 2021. In general, the harvested area recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 4.7% against the previous year. Over the period under review, the harvested area dedicated to apricot production reached the peak figure at 561K ha in 2015; however, from 2016 to 2022, the harvested area stood at a somewhat lower figure.

Imports

World Imports of Apricots

In 2022, supplies from abroad of apricots was finally on the rise to reach 314K tons after two years of decline. The total import volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 43%. Over the period under review, global imports attained the peak figure at 386K tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, apricot imports shrank to $458M in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 16% against the previous year. As a result, imports reached the peak of $494M. From 2014 to 2022, the growth of global imports failed to regain momentum.

Imports By Country

In 2022, Russia (79K tons), distantly followed by Germany (52K tons) and Pakistan (28K tons) were the major importers of apricots, together creating 51% of total imports. Austria (13K tons), France (12K tons), Romania (9.9K tons), Poland (8.9K tons), Italy (8.4K tons), the Czech Republic (8.2K tons), the UK (7.8K tons), Ukraine (6.7K tons), Iraq (6.5K tons) and Switzerland (6.5K tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Pakistan (with a CAGR of +26.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($110M), Russia ($80M) and Austria ($26M) constituted the countries with the highest levels of imports in 2022, together accounting for 47% of global imports. France, the UK, Switzerland, Italy, Poland, the Czech Republic, Romania, Pakistan, Ukraine and Iraq lagged somewhat behind, together comprising a further 29%.

Romania, with a CAGR of +17.9%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average apricot import price amounted to $1,458 per ton, waning by -11.2% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 21% against the previous year. Global import price peaked at $1,768 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($2,712 per ton), while Pakistan ($393 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+7.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Apricots

After two years of decline, overseas shipments of apricots increased by 14% to 353K tons in 2022. Over the period under review, exports recorded a slight increase. The pace of growth appeared the most rapid in 2017 when exports increased by 48% against the previous year. Over the period under review, the global exports reached the maximum at 427K tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, apricot exports reduced to $463M in 2022. In general, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 17% against the previous year. Over the period under review, the global exports hit record highs at $507M in 2021, and then fell in the following year.

Exports By Country

In 2022, Turkey (97K tons), distantly followed by Spain (60K tons), Italy (46K tons), Afghanistan (29K tons) and Greece (21K tons) represented the main exporters of apricots, together creating 71% of total exports. France (15K tons), Jordan (10K tons), Kyrgyzstan (8.1K tons), Serbia (7.4K tons), Moldova (6.9K tons), Uzbekistan (6K tons) and Armenia (5.7K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Moldova (with a CAGR of +17.1%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest apricot supplying countries worldwide were Spain ($117M), Turkey ($83M) and Italy ($80M), together comprising 60% of global exports. France, Greece, Jordan, Afghanistan, Armenia, Uzbekistan, Serbia, Moldova and Kyrgyzstan lagged somewhat behind, together accounting for a further 24%.

Serbia, with a CAGR of +12.8%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average apricot export price stood at $1,309 per ton in 2022, declining by -19.8% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 26%. Over the period under review, the average export prices reached the peak figure at $1,647 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was France ($2,122 per ton), while Kyrgyzstan ($418 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Armenia (+6.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform