Peach And Nectarine Market

The global market for peaches and nectarines is expected to continue growing over the next eight years with a forecasted increase in both consumption volume and market value. In 2022, approximately 27 million tons of peaches and nectarines were consumed worldwide, with China leading in consumption volume. Production levels also saw an increase in 2022, reaching 27 million tons globally. Major importing countries include Russia and Germany, while Spain remains the key exporter. The average export price stood at $1,417 per ton in 2022, with significant variations among exporting countries.

Market Forecast

Driven by increasing demand for peaches and nectarines worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.8% for the period from 2022 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 +3.7% for the period from 2022 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 2022, approx. 27M tons of peaches and nectarines were consumed worldwide; picking up by 4.8% against 2021. The total consumption volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, global consumption attained the peak volume in 2022 and is expected to retain growth in the immediate term.

The global peach and nectarine market value totaled $37.4B in 2022, with an increase of 1.8% 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 +3.5% over the period from 2012 to 2022; 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; afterwards, it flattened through to 2022.

Consumption By Country

China (17M tons) constituted the country with the largest volume of peach and nectarine consumption, comprising approx. 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 taken by Turkey (804K tons), with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +4.0%. In the other countries, the average annual rates were as follows: Italy (+0.5% per year) and Turkey (+3.5% per year).

In value terms, China ($22.8B) led the market, alone. The second position in the ranking was held by Italy ($1.4B). It was followed by the United States.

From 2012 to 2022, the average annual growth rate of value in China totaled +6.8%. In the other countries, the average annual rates were as follows: Italy (+2.8% per year) and the United States (-3.2% per year).

In 2022, the highest levels of peach and nectarine per capita consumption was registered in Greece (73 kg per person), followed by Italy (18 kg per person), China (12 kg per person) and Turkey (9.4 kg per person), while the world average per capita consumption of peach and nectarine was estimated at 3.4 kg per person.

In Greece, peach and nectarine per capita consumption expanded at an average annual rate of +1.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (+0.6% per year) and China (+3.5% per year).

Production

World Production of Peaches And Nectarines

In 2022, global peach and nectarine production rose significantly to 27M tons, with an increase of 5.1% compared with the year before. The total output volume increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when the production volume increased by 6.1% against the previous year. Over the period under review, global production attained the maximum volume in 2022 and is likely to see gradual growth in the immediate term. The general positive trend in terms output was largely conditioned by a temperate increase of the harvested area and pronounced growth in yield figures.

In value terms, peach and nectarine production reached $40B in 2022 estimated in export price. The total output value increased at an average annual rate of +4.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 16%. Over the period under review, global production hit record highs at $40.3B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

China (17M 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 (1.2M tons), more than tenfold. Turkey (1M tons) ranked third in terms of total production with a 3.8% share.

In China, peach and nectarine production increased at an average annual rate of +3.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Italy (-1.4% per year) and Turkey (+5.1% per year).

Yield

The global average peach and nectarine yield expanded slightly to 17 tons per ha in 2022, picking up by 3.1% compared with the previous year's figure. The yield figure increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 5.3%. The global yield peaked in 2022 and is likely to see gradual growth in the immediate term.

Harvested Area

The global peach and nectarine harvested area reached 1.6M ha in 2022, growing by 2% compared with 2021. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the harvested area increased by 6.4%. As a result, the harvested area attained the peak level of 1.6M ha; afterwards, it flattened through to 2022.

Imports

World Imports of Peaches And Nectarines

Global peach and nectarine imports dropped to 1.6M tons in 2022, falling by -5.9% on 2021. Overall, imports showed a slight curtailment. The growth pace was the most rapid in 2015 when imports increased by 14%. Over the period under review, global imports hit record highs at 2.3M tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, peach and nectarine imports declined to $2.5B in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 10% against the previous year. As a result, imports attained the peak of $2.7B. From 2014 to 2022, the growth of global imports remained at a lower figure.

Imports By Country

Russia (302K tons) and Germany (220K tons) represented the major importers of peaches and nectarines in 2022, recording approx. 19% and 14% of total imports, respectively. It was distantly followed by France (113K tons), achieving a 7% share of total imports. The UK (64K tons), Poland (64K tons), Italy (62K tons), the Netherlands (46K tons), Romania (45K tons), China (45K tons), Portugal (42K tons), Iraq (39K tons), Canada (36K tons) and the United States (32K 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 China (with a CAGR of +427.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest peach and nectarine importing markets worldwide were Germany ($399M), Russia ($340M) and France ($197M), together comprising 37% of global imports. The UK, China, Italy, the Netherlands, Poland, Canada, the United States, Portugal, Romania and Iraq lagged somewhat behind, together comprising a further 32%.

China, with a CAGR of +352.7%, recorded the highest rates of growth with regard to 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

In 2022, the average peach and nectarine import price amounted to $1,551 per ton, standing approx. at the previous year. Over the period under review, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, peach and nectarine import price increased by +57.4% against 2015 indices. The pace of growth appeared the most rapid in 2018 an increase of 23% against the previous year. Global import price peaked at $1,555 per ton in 2021, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($2,448 per ton), while Iraq ($662 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+6.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Peaches And Nectarines

For the third consecutive year, the global market recorded decline in shipments abroad of peaches and nectarines, which decreased by -1.2% to 1.6M tons in 2022. In general, exports recorded a mild decrease. The most prominent rate of growth was recorded in 2017 with an increase of 11%. As a result, the exports attained the peak of 2.3M tons. From 2018 to 2022, the growth of the global exports remained at a somewhat lower figure.

In value terms, peach and nectarine exports fell to $2.3B in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by 9.1%. As a result, the exports attained the peak of $2.5B. From 2014 to 2022, the growth of the global exports failed to regain momentum.

Exports By Country

Spain represented the key exporting country with an export of about 540K tons, which recorded 33% of total exports. Turkey (204K tons) held the second position in the ranking, followed by Italy (140K tons), Greece (127K tons), Chile (111K tons) and Uzbekistan (77K tons). All these countries together took approx. 40% share of total exports. The following exporters - China (63K tons), the United States (62K tons), France (33K tons), South Africa (31K tons), Georgia (27K tons), Azerbaijan (27K tons) and Hong Kong SAR (25K tons) - together made up 16% of total exports.

From 2012 to 2022, average annual rates of growth with regard to peach and nectarine exports from Spain stood at -1.6%. At the same time, Hong Kong SAR (+50.0%), Georgia (+37.3%), Turkey (+16.7%), Uzbekistan (+12.2%), Azerbaijan (+9.9%), South Africa (+8.7%), China (+3.1%) and Chile (+1.7%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in the world, with a CAGR of +50.0% from 2012-2022. By contrast, Greece (-2.0%), France (-3.6%), the United States (-4.7%) and Italy (-9.2%) illustrated a downward trend over the same period. While the share of Turkey (+10 p.p.), Uzbekistan (+4.7 p.p.), Georgia (+1.6 p.p.), Chile (+1.6 p.p.) and Hong Kong SAR (+1.5 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the United States (-1.8 p.p.), Spain (-2.1 p.p.) and Italy (-11.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Spain ($895M) remains the largest peach and nectarine supplier worldwide, comprising 39% of global exports. The second position in the ranking was taken by Turkey ($199M), with an 8.6% share of global exports. It was followed by Italy, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Spain was relatively modest. In the other countries, the average annual rates were as follows: Turkey (+21.7% per year) and Italy (-6.1% per year).

Export Prices By Country

The average peach and nectarine export price stood at $1,417 per ton in 2022, shrinking by -4.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2020 an increase of 22% against the previous year. Over the period under review, the average export prices reached the peak figure at $1,484 per ton in 2021, and then shrank in the following year.

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 United States ($2,390 per ton), while Greece ($778 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+9.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform