Apple market size expected to see steady growth, report shows

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Apple market size expected to see steady growth, report shows

Although this year's market growth was minuscule, the apple market is expected to experience steady growth in the coming years.

The fruit's market size is expected to grow to just over $3 billion in 2024, but a report by The Business Research Company forecasts an increase to $108.77 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%.

The growth in the next four years is mostly attributed to health and wellness trends, climate resilience, global trade dynamics, consumer preferences, sustainability initiatives, market innovation, and supply chain efficiency.

 A key driver is the rise in health-conscious consumers. Expected to propel the growth of the apple market, health-conscious consumers prioritize and actively seek ways to maintain physical health. These buyers incorporate the fruit in their diet thanks to its fiber content and potential health benefits. 

Another prominent trend mentioned in the report is the emergence of new genetically engineered apple varieties. The report cites the example of the Wurtwinning apple, launched by Netherlands-based company FruitMasters; the variety is a promising resistant fruit with an above-average pack-out rate and consistent size, featuring a rose-red blush and prominent lenticels.

According to the report, these new varieties will contribute to creating a dynamic market that will attract more buyers.

Major trends in the forecast period expect an increase in demand for organic and specialty apples, expansion of sustainable practices, and innovation in apple varieties

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