Global asparagus market is on the rise, but tariffs and changing climate may stifle its growth

The global asparagus market value is projected to surpass $45 billion by 2032, according to a report by market research firm Coherent Market Insights. The market currently sits at $33.93 billion, which translates into a nearly 33 percent growth rate in the next seven years. 

According to the report, category growth has been driven by consumers’ health-conscious trend, which should continue to expand the category's value. 

However, growth is not secured, and it might be hindered by high production costs, adverse weather, and tariff constraints that continue to affect Peru and Mexico, the two largest global suppliers of the crop.

Global asparagus market—an outlook

In 2024, Mexico accounted for 65.6 percent of US fresh imports of the stalk by volume, followed by Peru with 33 percent, and Canada with a distant 0.9 percent.

The two main asparagus-consuming regions are Europe and North America. The latter is a major importer, with over 80 percent of its supply coming from Peru and Mexico. 

The Latin American countries are also Europe’s leading suppliers, but their market share is much smaller there, as the continent produces most of its supply and imports only between 20 and 30 percent.

Weather adversities hinder supply 

Peru, the US’s consistent supplier, has long suffered adverse asparagus-growing weather.

In 2023, the South American country’s main growing regions were hit by rainfall and subsequent flooding caused by the El Niño weather phenomenon. Then, in 2024, the La Niña weather phenomenon brought cooler-than-usual springtime temperatures and irregular early-season rainfall. The weather-sensitive crop suffered, leading to a 22 percent decrease in Peruvian asparagus exports.

This sharp drop led to a decrease in the crop's availability in both major North American importing regions and contributed to higher pricing in both fresh and processed categories.

This year, Peruvian growers have experienced better weather. However, according to the ag industry research company Agronometrics, rising production costs and increasing competition for a cut of the US asparagus market are harming the country’s industry and supply, potentially leading to a shrinking industry.

According to the Coherent Market report, Peru might not be the only one taking a hit.

With the US implementation of a 25 percent tariff on non-USMCA Mexican imports (including asparagus), the second major supplier of the vegetable will now face increasing prices when exporting north of the border.

To fill gaps in supply, the report says the US will either have to “absorb profit margins or pivot to Peru."

If experience serves, the latter might be the natural course, as the Andean country’s asparagus exports surged around 35 percent in April, due to increased US demand.

If neither of the issues is resolved, North America’s asparagus supply faces “growing pressure,” the research warns.

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