Carrot Market Outlook
Carrot Market is accounted to register a CAGR of 5.00% during the forecast period of 2024-2032 and is estimated to reach USD XX billion by 2032.
The market is experiencing growth driven by factors such as the rising preference for baby carrots as a snack alternative to unhealthy foods, increasing demand for organic carrots and carrot juices, and a growing consumer inclination towards healthier food options and products.
Segment Analysis
The global Carrot Market has been segmented based on the Type and Distribution Channel.
Based on the Type, the market is segmented into Fresh and Frozen. The Fresh segment was attributed to holding the largest market share in 2023. The surge in popularity of plant-based diets, vegetarianism, and veganism has driven up the demand for fresh vegetables like carrots. Insights from the Good Food Institute (GFI) and the Plant Based Foods Association (PBFA), based on retail sales data commissioned from SPINS, reveal that the plant-based food market in U.S. retail reached $8 billion in 2022, with a 7% increase in dollar sales from 2021. As consumers increasingly opt for nutritious and plant-based alternatives to meat and processed foods, the demand for fresh carrots is projected to continue rising. Additionally, there is a growing preference for fresh, minimally processed foods over canned or frozen options. Fresh carrots are valued for their perceived superior taste, texture, and nutritional content compared to processed alternatives.
Based on the Distribution Channel, the Carrot Market has been segmented into Offline and Online. The Offline segment was expected to hold the largest market share in 2023. A significant number of consumers prioritize buying locally-grown produce to endorse local farmers and minimize their carbon footprint. As per IBEF, approximately 60 shopping malls, covering a combined retail area of 23.25 million square feet, are anticipated to open between 2023 and 2025. Offline retailers frequently procure carrots from nearby farms, emphasizing the freshness and excellence of the produce. This focus on local sourcing strikes a chord with environmentally and socially aware consumers, boosting sales in the offline segment.
Regional Analysis
The global Carrot Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Carrot Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Carrot Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Carrot Market comprises the Middle East, Africa, and Latin America.
The largest market share for the Carrot Market was maintained by the North American regional sector. Canada and the United States are the primary markets for carrots in the region. The United States, in particular, is a leading producer of carrots globally and ranks among the largest carrot-producing nations. California emerges as the top carrot-producing state in the country, accounting for an 85% share of total carrot production. Additionally, Texas and Michigan also contribute significantly to carrot production in the United States. Over the past century, the availability of fresh carrots per capita—a commonly used measure for consumption—has steadily increased. It has risen from 2.2 pounds in 1919 to a projected 8.8 pounds in 2022. In 2022, carrots ranked as the second-most valuable field vegetable crop in Canada, with a total value of $153.9 million. They also stood as the second-largest crop in terms of total production volume, amounting to 348,135 metric tons. Additionally, carrots held the third position in terms of planted area, covering 9,550 hectares.
Moreover, the Europe market has been persistently growing over the forecast period 2024-2032. As healthier eating habits gain momentum across Europe, carrots are becoming increasingly popular due to their well-known nutritional benefits, including high levels of vitamins, minerals, and dietary fiber. This shift towards prioritizing health and wellness has led more consumers to opt for carrots as a nutritious and low-calorie food choice. According to EUROSTAT data, the area under carrot cultivation in Germany stood at 13.61 thousand hectares in December 2022. This marked a slight increase from the previous year when it reached a record high of 14.92 thousand hectares in December 2021. Conversely, the area under cultivation hit a low of 9.65 thousand hectares in December 2015. In 2023, carrot production in Germany saw a 2% increase, resulting in the largest harvest for vegetable growers, totaling 796,700 tonnes.
Carrots boast a rich content of beta-carotene, along with vitamins C and K, potassium, various other essential vitamins and minerals, and dietary fiber. They enjoy widespread popularity in cooking, salads, and snacks and are commonly consumed raw in households worldwide. China stands as the leading global producer and exporter of carrots and turnips. In 2021, global carrot production reached 41.7 million metric tons, primarily driven by increased production in China. However, production growth was limited in 2020 due to exceptionally cold weather conditions. China witnessed consistent growth in vegetable exports throughout 2022, with volumes rising by 6.5% compared to the previous year, according to data from the Ministry of Agriculture and Rural Affairs. Approximately 11.83 million tons of vegetables were exported during the year, amounting to a value of US$17.22 billion, representing a 9.2% increase year-on-year. The diverse preferences of importing countries for carrots and turnips, coupled with the varied regional production within China, have positioned China as an optimal year-round exporter of carrots. Therefore, the Asia-Pacific region experiences the quickest growth in the Carrot market.
Furthermore, the rest of the world's Carrot Market is divided into the Middle East, Africa, and Latin America. Carrots stand as a key vegetable both in Brazil and globally, and they are appreciated for their year-round availability, affordability, culinary adaptability, and nutritional value. As per the Brazilian Institute of Geography and Statistics (IBGE), in 2017, carrots ranked as the fifth most cultivated vegetable in Brazil, boasting around 23,000 producers and yielding over 480,000 tons. In the marketing year 2022/23, Egypt emerged as the EU's third-largest carrot supplier, significantly amplifying its exports in this direction, as highlighted by EastFruit. Over the period from July 2022 to June 2023, Egypt dispatched a total of 12,000 tons of carrots to EU countries.
Key Findings of the Study
- The global Carrot Market is expected to reach USD XX billion by 2032, at a CAGR of 5.00% during the forecast period 2024-2032.
- The Asia-Pacific region accounted for the fastest-growing global market because of the rising production of carrots.
- Based on Type, the Fresh segment was attributed to holding the largest market in 2023, with an approximate market share of 55–60%.
- Suttind Seeds (India), Premium Fresh (India), Groupe Vegco (Canada), Jung Seeds (USA), Willowbrook Foods (UK), and Charles Hard Seed Company (USA) are the key market players.
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