Asparagus Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 33.70 Billion |
| Market Size (2029) | USD 40.79 Billion |
| CAGR (2024 - 2029) | 3.89 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
Asparagus Market Analysis
The Asparagus Market size is estimated at USD 33.70 billion in 2024, and is expected to reach USD 40.79 billion by 2029, at a CAGR of 3.89% during the forecast period (2024-2029).
- Asparagus, a member of the Asparagaceae family, is a perennial vegetable known for its nutritional value and versatility. With over 200 species in the family, some are cultivated for ornamental purposes or used in floral arrangements. Asparagus is low in calories and rich in nutrients, including folate, vitamins A, C, and K, and fiber. It offers potential health benefits such as improved digestion, weight management, lower blood pressure, and support for healthy pregnancy outcomes.
- It is one of the very few perennial vegetables that grow back year after year. It is an early-season crop that contributes to part-time and small-scale farming operations. Asparagus grows in temperate or subtropical climates in soils that are not too acidic. Thailand, Mexico, China, Peru, and Germany are the countries growing most of the world's asparagus. China is the world's largest producer of asparagus, followed by Peru, Mexico, and Germany respectively. According to FAOSTAT, China's production of Asparagus was 7,612,465.54 metric tons in 2021, which increased by 7,686,767.73 metric tons in 2022.
- Peru is one of the most important exporters of asparagus in the world. Its export volume of fresh asparagus is ranked number one. According to the ITC Trade map, Peru's export of asparagus was 125,386 metric tons in 2020, which increased by 129,530 metric tons in 2022. The United States of America, Spain, the United Kingdom, the Netherlands, and Belgium were the major importers of asparagus from Peru in 2022. Europe continues to remain the fastest-growing market for asparagus in 2022. According to the ITC trade map, the region imported a total of 1,439,661 metric tons of asparagus in 2022.
Asparagus Market Trends
Increasing Demand Drives Global Asparagus Production
Asparagus offers many health benefits, mainly because it contains several micronutrients. Asparagus contains glutathione and Rutin, which help as a cancer fighter and strengthen blood vessels, respectively. Asparagus contains chromium, which helps insulin carry glucose into cells and has the most folacin compared to any vegetable. Eating asparagus can help prevent significant congenital disabilities of the baby's brain (anencephaly) and spine (spina bifida). It is also rich in fiber, which is linked to lower body weight and weight loss. Moreover, Asparagus can be used in several dishes like stir-fries, salads, omelets Asparagus frittatas, and Asparagus. It can be cooked in Asparagus ways, including boiling, grilling, steaming, roasting, and sauteing.
Furthermore, increasing demand for asparagus is anticipated to drive production globally. According to FAOSTAT, global production of asparagus was 8,779.9 thousand metric tons in 2021, which increased to 8,824.2 thousand metric tons in 2022. Besides, asparagus is grown and consumed globally, with its production concentrated in a few key countries including Thailand, Mexico, China, Peru, and Germany. Asparagus (Asparagus officinalis) is a perennial vegetable valued for its tender spears, and it grows best in temperate and subtropical climates. China is by far the largest producer of asparagus, accounting for over 85% of global production. In recent years, China has consistently produced between 7 and 8 million metric tons annually. Peru the second-largest producer, is also the major exporter of asparagus, particularly to North America and Europe. Production varies but typically hovers around 400,000–500,000 metric tons per year.
Asia Pacific is Dominating the Market
Asparagus (Shatavari), is one of the most demanded vegetables in the region. It can be grown in most of the Asia Pacific landscape, the Shatavari is used as a vegetable and medicine in the area. As a medicine, it's used to treat depression, diarrhea, Low Blood sugar, coughs, and a lot more in Ayurveda. Asia Pacific dominates the Asparagus market over the studied period owing to its vast mass of agricultural land availability with some of the world's largest producing countries of asparagus.
The asparagus market around the globe is dominated by China, the largest asparagus-producing country in the world. China has an average annual asparagus production volume of more than 7.0 million metric tons, which equals approximately 87% of the global production volume in 2022. China produced around 7.6 million metric tons of asparagus in the year 2022. As per the ITC trade map, china's export value of asparagus was USD 65 thousand in 2022, which increased to USD 196 thousand in 2023. Moreover, the rising demand for frozen asparagus and canned asparagus among consumers coupled with the use of purees and soups made from asparagus is anticipated to support the growth of the target market in the Asia-Pacific.
Asparagus Market News
- April 2023: Nationwide Produce Plc, a top supplier of fresh produce in the UK, has unveiled its new premium British asparagus brand, 'SPEAR IT'.
- July 2021: Teboza, a Dutch company, launched an asparagus concept called Tasty Spears. With the launch of Tasty Spears, the company wants to allow consumers to enjoy healthy, fresh asparagus year-round.
Asparagus Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Health Consciousness
4.2.2 Rising Demand for Organic and Premium Products
4.2.3 Expanding Global Trade Opportunities
4.3 Market Restraints
4.3.1 High Production and Labor Costs
4.3.2 Short Shelf Life and Supply Chain Challenges
4.4 Value Chain Analysis
5. MARKET SEGMENTATION
5.1 Geography
5.1.1 North America
5.1.1.1 United States
5.1.1.1.1 Production Analysis
5.1.1.1.2 Consumption Analysis & Market Size
5.1.1.1.3 Import Market Analysis (Volume & Value)
5.1.1.1.4 Export Market Analysis (Volume & Value)
5.1.1.1.5 Price Trend Analysis
5.1.1.2 Canada
5.1.1.2.1 Production Analysis
5.1.1.2.2 Consumption Analysis & Market Size
5.1.1.2.3 Import Market Analysis (Volume & Value)
5.1.1.2.4 Export Market Analysis (Volume & Value)
5.1.1.2.5 Price Trend Analysis
5.1.1.3 Mexico
5.1.1.3.1 Production Analysis
5.1.1.3.2 Consumption Analysis & Market Size
5.1.1.3.3 Import Market Analysis (Volume & Value)
5.1.1.3.4 Export Market Analysis (Volume & Value)
5.1.1.3.5 Price Trend Analysis
5.1.2 Europe
5.1.2.1 Germany
5.1.2.1.1 Production Analysis
5.1.2.1.2 Consumption Analysis & Market Size
5.1.2.1.3 Import Market Analysis (Volume & Value)
5.1.2.1.4 Export Market Analysis (Volume & Value)
5.1.2.1.5 Price Trend Analysis
5.1.2.2 France
5.1.2.2.1 Production Analysis
5.1.2.2.2 Consumption Analysis & Market Size
5.1.2.2.3 Import Market Analysis (Volume & Value)
5.1.2.2.4 Export Market Analysis (Volume & Value)
5.1.2.2.5 Price Trend Analysis
5.1.2.3 United Kingdom
5.1.2.3.1 Production Analysis
5.1.2.3.2 Consumption Analysis & Market Size
5.1.2.3.3 Import Market Analysis (Volume & Value)
5.1.2.3.4 Export Market Analysis (Volume & Value)
5.1.2.3.5 Price Trend Analysis
5.1.2.4 Spain
5.1.2.4.1 Production Analysis
5.1.2.4.2 Consumption Analysis & Market Size
5.1.2.4.3 Import Market Analysis (Volume & Value)
5.1.2.4.4 Export Market Analysis (Volume & Value)
5.1.2.4.5 Price Trend Analysis
5.1.2.5 Netherlands
5.1.2.5.1 Production Analysis
5.1.2.5.2 Consumption Analysis & Market Size
5.1.2.5.3 Import Market Analysis (Volume & Value)
5.1.2.5.4 Export Market Analysis (Volume & Value)
5.1.2.5.5 Price Trend Analysis
5.1.2.6 Italy
5.1.2.6.1 Production Analysis
5.1.2.6.2 Consumption Analysis & Market Size
5.1.2.6.3 Import Market Analysis (Volume & Value)
5.1.2.6.4 Export Market Analysis (Volume & Value)
5.1.2.6.5 Price Trend Analysis
5.1.3 Asia-Pacific
5.1.3.1 China
5.1.3.1.1 Production Analysis
5.1.3.1.2 Consumption Analysis & Market Size
5.1.3.1.3 Import Market Analysis (Volume & Value)
5.1.3.1.4 Export Market Analysis (Volume & Value)
5.1.3.1.5 Price Trend Analysis
5.1.3.2 Japan
5.1.3.2.1 Production Analysis
5.1.3.2.2 Consumption Analysis & Market Size
5.1.3.2.3 Import Market Analysis (Volume & Value)
5.1.3.2.4 Export Market Analysis (Volume & Value)
5.1.3.2.5 Price Trend Analysis
5.1.3.3 Australia
5.1.3.3.1 Production Analysis
5.1.3.3.2 Consumption Analysis & Market Size
5.1.3.3.3 Import Market Analysis (Volume & Value)
5.1.3.3.4 Export Market Analysis (Volume & Value)
5.1.3.3.5 Price Trend Analysis
5.1.4 South America
5.1.4.1 Argentina
5.1.4.1.1 Production Analysis
5.1.4.1.2 Consumption Analysis & Market Size
5.1.4.1.3 Import Market Analysis (Volume & Value)
5.1.4.1.4 Export Market Analysis (Volume & Value)
5.1.4.1.5 Price Trend Analysis
5.1.4.2 Peru
5.1.4.2.1 Production Analysis
5.1.4.2.2 Consumption Analysis & Market Size
5.1.4.2.3 Import Market Analysis (Volume & Value)
5.1.4.2.4 Export Market Analysis (Volume & Value)
5.1.4.2.5 Price Trend Analysis
5.1.5 Middle East & Africa
5.1.5.1 United Arab Emirates
5.1.5.1.1 Production Analysis
5.1.5.1.2 Consumption Analysis & Market Size
5.1.5.1.3 Import Market Analysis (Volume & Value)
5.1.5.1.4 Export Market Analysis (Volume & Value)
5.1.5.1.5 Price Trend Analysis
5.1.5.2 Saudi Arabia
5.1.5.2.1 Production Analysis
5.1.5.2.2 Consumption Analysis & Market Size
5.1.5.2.3 Import Market Analysis (Volume & Value)
5.1.5.2.4 Export Market Analysis (Volume & Value)
5.1.5.2.5 Price Trend Analysis
5.1.5.3 South Africa
5.1.5.3.1 Production Analysis
5.1.5.3.2 Consumption Analysis & Market Size
5.1.5.3.3 Import Market Analysis (Volume & Value)
5.1.5.3.4 Export Market Analysis (Volume & Value)
5.1.5.3.5 Price Trend Analysis
6. MARKET OPPORTUNITIES & FUTURE TRENDS
Asparagus Industry Segmentation
Asparagus is a perennial flowering plant whose young shoots are used as a spring vegetable. The Asparagus market report is segmented by Geography ( North America, Europe, Asia-Pacific, South America, and Middle East & Africa). The information includes Production Analysis (Volume), Consumption Analysis (Value and Volume), Export Analysis (Value and Volume), Import Analysis (Value and Volume), Price Trend Analysis, and Value Chain Analysis. The report offers the market size and forecasts in terms of volume (Metric tons) and value (USD) for all the above segments.
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Asparagus Market Research FAQs
How big is the Asparagus Market?
The Asparagus Market size is expected to reach USD 33.70 billion in 2024 and grow at a CAGR of 3.89% to reach USD 40.79 billion by 2029.
What is the current Asparagus Market size?
In 2024, the Asparagus Market size is expected to reach USD 33.70 billion.
Which is the fastest growing region in Asparagus Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Asparagus Market?
In 2024, the Asia-Pacific accounts for the largest market share in Asparagus Market.
What years does this Asparagus Market cover, and what was the market size in 2023?
In 2023, the Asparagus Market size was estimated at USD 32.39 billion. The report covers the Asparagus Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asparagus Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asparagus Industry Report
Statistics for the 2024 Asparagus market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asparagus analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
