Market Trends of Asparagus Industry
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.
