Global Peaches and Nectarines Market to Reach 31M Tons Driven by Increasing Demand Worldwide

IndexBox has just published a new report: World - Peaches And Nectarines - Market Analysis, Forecast, Size, Trends and Insights.

The peach and nectarine market is witnessing growth, with an anticipated CAGR of +2.4% in consumption and +4.3% in value from 2023 to 2030. China dominates in both consumption and production, while Spain leads in exports. The global average per capita consumption of peaches and nectarines is 3.3 kg per person, with Greece having the highest per capita consumption at 60 kg per person. Overall, the market is showing a positive trend in terms of production, consumption, and exports.

Market Forecast

Driven by increasing demand for peaches and nectarines worldwide, the market is expected to continue an upward consumption trend over the next seven years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.4% for the period from 2023 to 2030, which is projected to bring the market volume to 31M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.3% for the period from 2023 to 2030, which is projected to bring the market value to $49.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Peaches And Nectarines

In 2023, consumption of peaches and nectarines decreased by -2.3% to 26M tons for the first time since 2020, thus ending a two-year rising trend. The total consumption volume increased at an average annual rate of +1.8% from 2013 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, global consumption reached the maximum volume at 27M tons in 2022, and then reduced in the following year.

The global peach and nectarine market revenue declined slightly to $37.1B in 2023, remaining constant against 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). The market value increased at an average annual rate of +2.8% over the period from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market attained the peak level at $37.4B in 2020; however, from 2021 to 2023, consumption failed to regain momentum.

Consumption By Country

China (16M tons) remains the largest peach and nectarine consuming country worldwide, accounting for 63% of total volume. Moreover, peach and nectarine consumption in China exceeded the figures recorded by the second-largest consumer, Italy (1.1M tons), more than tenfold. The third position in this ranking was held by Turkey (724K tons), with a 2.8% share.

From 2013 to 2023, the average annual rate of growth in terms of volume in China totaled +3.3%. In the other countries, the average annual rates were as follows: Italy (-0.7% per year) and Turkey (+1.8% per year).

In value terms, China ($22.2B) led the market, alone. The second position in the ranking was held by Italy ($1.5B). It was followed by the United States.

In China, the peach and nectarine market increased at an average annual rate of +4.9% over the period from 2013-2023. In the other countries, the average annual rates were as follows: Italy (+0.9% per year) and the United States (-1.4% per year).

In 2023, the highest levels of peach and nectarine per capita consumption was registered in Greece (60 kg per person), followed by Italy (19 kg per person), China (12 kg per person) and Spain (8.8 kg per person), while the world average per capita consumption of peach and nectarine was estimated at 3.3 kg per person.

In Greece, peach and nectarine per capita consumption remained relatively stable over the period from 2013-2023. In the other countries, the average annual rates were as follows: Italy (-0.5% per year) and China (+2.8% per year).

Production

World Production of Peaches And Nectarines

After two years of growth, production of peaches and nectarines decreased by -2.4% to 26M tons in 2023. The total output volume increased at an average annual rate of +1.8% from 2013 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 6.1%. Global production peaked at 27M tons in 2022, and then declined in the following year. The general positive trend in terms output was largely conditioned by modest growth of the harvested area and a mild expansion in yield figures.

In value terms, peach and nectarine production shrank slightly to $39.8B in 2023 estimated in export price. The total output value increased at an average annual rate of +3.5% from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 16%. Global production peaked at $40.3B in 2020; however, from 2021 to 2023, production stood at a somewhat lower figure.

Production By Country

China (16M tons) remains the largest peach and nectarine producing country worldwide, accounting for 63% of total volume. Moreover, peach and nectarine production in China exceeded the figures recorded by the second-largest producer, Italy (1.1M tons), more than tenfold. The third position in this ranking was taken by Spain (1M tons), with a 4% share.

In China, peach and nectarine production increased at an average annual rate of +3.2% over the period from 2013-2023. In the other countries, the average annual rates were as follows: Italy (-2.6% per year) and Spain (-2.5% per year).

Yield

In 2023, the global average peach and nectarine yield shrank modestly to 17 tons per ha, approximately reflecting 2022 figures. The yield figure increased at an average annual rate of +1.7% over the period from 2013 to 2023; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2014 when the yield increased by 5.3%. Over the period under review, the average peach and nectarine yield hit record highs at 17 tons per ha in 2022, and then declined slightly in the following year.

Harvested Area

The global peach and nectarine harvested area dropped modestly to 1.6M ha in 2023, almost unchanged from 2022 figures. Overall, the harvested area, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 6.4%. As a result, the harvested area attained the peak level of 1.6M ha; afterwards, it flattened through to 2023.

Imports

World Imports of Peaches And Nectarines

In 2023, purchases abroad of peaches and nectarines was finally on the rise to reach 1.7M tons for the first time since 2019, thus ending a three-year declining trend. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 14% against the previous year. Global imports peaked at 2.3M tons in 2017; however, from 2018 to 2023, imports stood at a somewhat lower figure.

In value terms, peach and nectarine imports expanded sharply to $2.7B in 2023. Over the period under review, imports saw a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

Russia (275K tons) and Germany (235K tons) represented roughly 29% of total imports in 2023. France (134K tons) ranks next in terms of the total imports with a 7.7% share, followed by Italy (6.2%). The following importers - Poland (77K tons), the UK (67K tons), Iraq (54K tons), Romania (51K tons), the Netherlands (45K tons), China (43K tons), Portugal (42K tons), Ukraine (34K tons) and Hong Kong SAR (33K tons) - together made up 26% of total imports.

From 2013 to 2023, the biggest increases were recorded for China (with a CAGR of +336.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($440M), Russia ($301M) and France ($216M) were the countries with the highest levels of imports in 2023, together accounting for 35% of global imports. Italy, the UK, Poland, China, the Netherlands, Hong Kong SAR, Romania, Portugal, Iraq and Ukraine lagged somewhat behind, together accounting for a further 32%.

China, with a CAGR of +281.6%, saw the highest growth rate of the value of imports, in terms of 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

The average peach and nectarine import price stood at $1,574 per ton in 2023, flattening at the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 23%. Over the period under review, average import prices hit record highs in 2023 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($2,414 per ton), while Iraq ($829 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Romania (+4.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Peaches And Nectarines

In 2023, overseas shipments of peaches and nectarines increased by 5.2% to 1.7M tons for the first time since 2019, thus ending a three-year declining trend. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 11% against the previous year. As a result, the exports reached the peak of 2.3M tons. From 2018 to 2023, the growth of the global exports remained at a somewhat lower figure.

In value terms, peach and nectarine exports rose rapidly to $2.5B in 2023. Over the period under review, exports continue to indicate a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

Spain represented the key exporter of peaches and nectarines in the world, with the volume of exports accounting for 628K tons, which was approx. 36% of total exports in 2023. Turkey (226K tons) ranks second in terms of the total exports with a 13% share, followed by Greece (6.9%), Chile (5.5%), Uzbekistan (5.3%) and Italy (4.6%). The following exporters - China (60K tons), the United States (47K tons), Azerbaijan (45K tons), France (36K tons), Iran (35K tons), South Africa (29K tons) and Hong Kong SAR (29K tons) - together made up 16% of total exports.

Exports from Spain decreased at an average annual rate of -1.8% from 2013 to 2023. At the same time, Iran (+62.0%), Hong Kong SAR (+49.1%), Turkey (+20.8%), Azerbaijan (+18.7%), Uzbekistan (+13.4%), South Africa (+6.0%) and China (+4.9%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in the world, with a CAGR of +62.0% from 2013-2023. Chile and Greece experienced a relatively flat trend pattern. By contrast, France (-2.1%), the United States (-7.8%) and Italy (-12.3%) illustrated a downward trend over the same period. While the share of Turkey (+11 p.p.), Uzbekistan (+5.3 p.p.), Azerbaijan (+2.2 p.p.), Iran (+2 p.p.) and Hong Kong SAR (+1.6 p.p.) increased significantly in terms of the global exports from 2013-2023, the share of the United States (-3 p.p.), Spain (-4 p.p.) and Italy (-11.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Spain ($1B) remains the largest peach and nectarine supplier worldwide, comprising 42% of global exports. The second position in the ranking was held by Turkey ($203M), with an 8.1% share of global exports. It was followed by Chile, with a 6.6% share.

In Spain, peach and nectarine exports remained relatively stable over the period from 2013-2023. In the other countries, the average annual rates were as follows: Turkey (+22.0% per year) and Chile (+3.0% per year).

Export Prices By Country

The average peach and nectarine export price stood at $1,443 per ton in 2023, with an increase of 1.9% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average export price increased by 22%. Over the period under review, the average export prices reached the peak figure at $1,484 per ton in 2021; however, from 2022 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($3,122 per ton), while Iran ($694 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the United States (+6.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform