Asparagus Market

The global asparagus market is projected to see growth in both volume and value over the next eight years, with a forecasted CAGR of +1.5% and +3.6% respectively. China leads both production and consumption, with the United States and Peru following behind. Global consumption and production levels have remained relatively steady, with some fluctuations in import and export volumes. The United States dominates the import market, while Mexico and Peru are key players in exports. Prices have seen some fluctuations, with Spain showing the highest growth rates in both export and import prices over the years.

Market Forecast

Driven by increasing demand for asparagus 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 +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 9.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $25.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Asparagus

In 2022, the amount of asparagus consumed worldwide amounted to 8.8M tons, leveling off at the year before. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, global consumption reached the maximum volume at 9M tons in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global asparagus market size dropped modestly to $19.1B in 2022, approximately mirroring 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). In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $26.2B. From 2017 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

China (7.7M tons) constituted the country with the largest volume of asparagus consumption, accounting for 87% of total volume. It was followed by Peru (243K tons), with a 2.7% share of total consumption. The third position in this ranking was taken by the United States (241K tons), with a 2.7% share.

From 2012 to 2022, the average annual growth rate of volume in China was relatively modest. The remaining consuming countries recorded the following average annual rates of consumption growth: Peru (-0.1% per year) and the United States (+2.8% per year).

In value terms, China ($14.2B) led the market, alone. The second position in the ranking was taken by Peru ($977M). It was followed by the United States.

In China, the asparagus market contracted by an average annual rate of -1.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Peru (-0.4% per year) and the United States (+1.7% per year).

The countries with the highest levels of asparagus per capita consumption in 2022 were Peru (7.2 kg per person), China (5.4 kg per person) and Mexico (1.2 kg per person).

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +33.0%), while consumption for the other global leaders experienced mixed trends in the per capita consumption figures.

Production

World Production of Asparagus

In 2022, the amount of asparagus produced worldwide was estimated at 8.8M tons, almost unchanged from 2021. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 9.5%. Over the period under review, global production hit record highs at 8.9M tons in 2020; however, from 2021 to 2022, production stood at a somewhat 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, asparagus production contracted slightly to $18.6B in 2022 estimated in export price. In general, production, however, recorded a perceptible shrinkage. The growth pace was the most rapid in 2016 with an increase of 83%. As a result, production attained the peak level of $38B. From 2017 to 2022, global production growth remained at a lower figure.

Production By Country

China (7.7M tons) constituted the country with the largest volume of asparagus production, comprising approx. 87% of total volume. Moreover, asparagus production in China exceeded the figures recorded by the second-largest producer, Peru (377K tons), more than tenfold.

In China, asparagus production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Peru (+0.0% per year) and Mexico (+9.8% per year).

Yield

In 2022, the global average yield of asparagus contracted modestly to 5.5 tons per ha, almost unchanged from the previous year. In general, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the yield increased by 5.3%. As a result, the yield reached the peak level of 5.7 tons per ha. From 2016 to 2022, the growth of the average asparagus yield failed to regain momentum.

Harvested Area

The global asparagus harvested area amounted to 1.6M ha in 2022, remaining constant against the year before. Overall, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 4%. Over the period under review, the harvested area dedicated to asparagus production reached the peak figure in 2022 and is likely to continue growth in the immediate term.

Imports

World Imports of Asparagus

In 2022, global imports of asparagus reduced to 417K tons, falling by -14.4% on 2021 figures. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 15%. Over the period under review, global imports attained the maximum at 488K tons in 2021, and then fell in the following year.

In value terms, asparagus imports declined sharply to $1.4B in 2022. The total import value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 16%. As a result, imports attained the peak of $1.6B, and then declined rapidly in the following year.

Imports By Country

The United States prevails in imports structure, resulting at 263K tons, which was near 63% of total imports in 2022. It was distantly followed by Canada (22K tons) and Germany (20K tons), together achieving a 9.9% share of total imports. Spain (15K tons), the Netherlands (14K tons), France (12K tons), the UK (12K tons), Switzerland (7.9K tons) and Japan (7.1K tons) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +3.4% from 2012 to 2022. At the same time, Spain (+4.1%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the world, with a CAGR of +4.1% from 2012-2022. The UK, the Netherlands and Canada experienced a relatively flat trend pattern. By contrast, France (-1.4%), Switzerland (-1.8%), Germany (-2.9%) and Japan (-7.4%) illustrated a downward trend over the same period. While the share of the United States (+9.3 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Japan (-2.7 p.p.) and Germany (-2.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($620M) constitutes the largest market for imported asparagus worldwide, comprising 44% of global imports. The second position in the ranking was taken by Germany ($93M), with a 6.7% share of global imports. It was followed by Canada, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value in the United States totaled +1.9%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (-0.9% per year) and Canada (-0.6% per year).

Import Prices By Country

In 2022, the average asparagus import price amounted to $3,340 per ton, leveling off at the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average import price increased by 21%. As a result, import price attained the peak level of $4,247 per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Switzerland ($7,076 per ton), while the United States ($2,356 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Asparagus

In 2022, after six years of growth, there was significant decline in shipments abroad of asparagus, when their volume decreased by -17.5% to 404K tons. The total export volume increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 31%. As a result, the exports attained the peak of 490K tons, and then fell sharply in the following year.

In value terms, asparagus exports dropped dramatically to $1.4B in 2022. Over the period under review, exports, however, recorded a mild increase. The growth pace was the most rapid in 2021 when exports increased by 15%. As a result, the exports attained the peak of $1.6B, and then declined remarkably in the following year.

Exports By Country

Mexico (150K tons) and Peru (134K tons) represented roughly 70% of total exports in 2022. The United States (46K tons) ranks next in terms of the total exports with a 12% share, followed by Spain (5.8%). The Netherlands (15K tons) and Italy (7.8K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Spain (with a CAGR of +4.8%), while the other global leaders experienced more modest paces of growth.

In value terms, Peru ($522M), Mexico ($337M) and the United States ($138M) constituted the countries with the highest levels of exports in 2022, together comprising 73% of global exports. Spain, the Netherlands and Italy lagged somewhat behind, together accounting for a further 17%.

Spain, with a CAGR of +8.2%, recorded the highest rates of growth with regard to 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

In 2022, the average asparagus export price amounted to $3,400 per ton, approximately equating the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by 15% against the previous year. The global export price peaked at $4,583 per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

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 the Netherlands ($6,342 per ton), while Mexico ($2,249 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform