New Delhi (India), January 6: The dryfruit industry is experiencing growth and opportunities, but also faces challenges in the global market. Analysing the trends and developments in the dryfruit industry, including the increasing number of importers, the rising consumption of dryfruits at a rate of 6.8% per year, the expected valuation of the industry at 35,000 CR by 2023, and the strong annual revenue growth of 25%.
1.Winter and Marriage Season Bring 300-400 Ton Turnover in 2022
The dryfruit industry experiences seasonal fluctuations in demand, and the winter and marriage season in 2022 are expected to bring a turnover of 300-400 tons. This is a positive trend for the industry, as it suggests that there is strong demand for dryfruits during these times of year. The winter season is often associated with increased consumption of dryfruits, as they are often seen as a healthier alternative to traditional holiday treats. The marriage season is also a time when dryfruits are in high demand, as they are often given as gifts or used as ingredients in traditional sweets and snacks. The dryfruit industry is well-positioned to capitalize on these seasonal trends and increase sales during the winter and marriage season in 2022. Vandan shah, owner of Nipa Trading, a dry fruit wholesaler in Madhupura market said, the dryfruit sale is up 15 to 20% compared to last year despite the surge in prices.
- Good Crop but Low Demand from Dependent Industries
The dryfruit industry is currently experiencing a good crop, but the demand from various industries that are dependent on dryfruits is low. This can be attributed to a number of factors, such as economic downturns, changes in consumer behaviour, or shifts in the supply and demand of other goods and services. The dryfruit industry is facing the challenge of finding ways to increase demand for their products and boost sales despite these factors.
- High Taxation in the Dryfruit Industry
One of the challenges facing the dryfruit industry is high taxation. Dryfruits are often subject to various taxes, such as import duties, value-added taxes, and excise taxes. These taxes can significantly increase the cost of dryfruits, making them less competitive in the market and reducing demand for them. High taxation can also make it difficult for small and medium-sized businesses in the dryfruit industry to remain profitable, as they may not have the resources to absorb the additional costs. This can lead to a decline in the number of businesses in the industry, reducing competition and potentially leading to higher prices for consumers. The dryfruit industry is facing the challenge of advocating for lower taxation in order to make their products more competitive and increase demand.
- Impact of Tariffs on Walnuts and Almonds
The dryfruit industry is also facing challenges due to the impact of tariffs on certain products, such as walnuts and almonds. Tariffs are taxes or duties that are imposed on imported goods, and they can significantly increase the cost of these goods. In the case of the dryfruit industry, tariffs on walnuts and almonds have made these products more expensive, potentially reducing demand for them. This can be a problem for the industry, as walnuts and almonds are popular dryfruit items that are widely consumed around the world. The dryfruit industry is facing the challenge of finding ways to mitigate the impact of tariffs on these products and make them more competitive in the market. This may involve lobbying for lower tariffs, finding alternative sources for these products, or finding ways to reduce production costs.
- Good Crop but Low Demand from Dependent Industries
The dryfruit industry is currently experiencing a good crop, but the demand from various industries that are dependent on dryfruits is low. This can be attributed to a number of factors, such as economic downturns, changes in consumer behavior, or shifts in the supply and demand of other goods and services. The dryfruit industry is facing the challenge of finding ways to increase demand for their products and boost sales despite these factors.
The dryfruit industry is experiencing strong demand in various regions around the world, with the Asia Pacific region currently leading in terms of dryfruit market consumption. This region includes countries such as China, India, and Australia, which have large populations and a growing demand for dryfruits. The dryfruit industry is well-positioned to capitalize on this trend and increase sales in the Asia Pacific region. North America and Europe are also significant markets for the dryfruit industry, with strong demand for a variety of dryfruit products. The dryfruit industry is facing the challenge of meeting this demand and finding ways to increase production and distribution in these regions.
- Russia-Ukraine War Disrupting Global Economic Recovery and Dryfruit Supply Chains
The dryfruit industry is facing the challenge of the Russia-Ukraine war, which has disrupted the chance of global economic recovery from Covid-19. The war has caused a surge in commodity prices, supply chain disruptions, and other economic challenges that have affected the dryfruit industry. For example, the war has disrupted the transportation of dryfruits and other goods, making it more difficult for the industry to meet demand and maintain profitability. The dryfruit industry is facing the challenge of finding ways to navigate these disruptions and continue to operate effectively in the face of the ongoing conflict.
- Global Dryfruit Market Projected to Reach $9.5 Billion by 2025 with CAGR of 7.8%
Despite the challenges faced by the dryfruit industry, the global dryfruit market is projected to reach $9.5 billion by 2025, with a compound annual growth rate (CAGR) of 7.8%. This is a positive trend for the industry, as it suggests that there is strong demand for dryfruits around the world. The dryfruit industry is well-positioned to capitalize on this trend and increase sales in the coming years. The industry will need to find ways to overcome the challenges it faces, such as high taxation, supply chain disruptions, and changing consumer preferences, in order to meet this growing demand and achieve strong growth.
- Dryfruit Consumption Increasing as 51% Aim to Reduce Weight
The dryfruit industry is experiencing a positive trend as increasing numbers of people aim to reduce weight, with 51% of survey respondents indicating that they are interested in doing so. Dryfruits are often seen as a healthier alternative to other snacks and treats, and as a result, they have become more popular among consumers looking to maintain a healthy diet and lifestyle. This trend is good news for the dryfruit industry, as it suggests that there is growing demand for their products. The industry will need to find ways to meet this demand and continue to position their products as a healthy and desirable choice for consumers.
- Current Prices of Various Dryfruit Items on the Market
The dryfruit market is currently experiencing a range of price changes for various dryfruit items. For example, the prices of walnuts and anjir have increased, while the prices of kaju, badam, and pista have declined. Raisins, on the other hand, have remained stable. These price changes can be attributed to a variety of factors, such as changes in supply and demand, shifts in economic conditions, and changes in consumer preferences. The dryfruit industry is facing the challenge of navigating these price changes and finding ways to remain competitive in the market. This may involve adjusting production levels, finding new sources of supply, or finding ways to reduce costs.
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