Dryfruit industry’s top nine industry insights highlighting Seasonal Demand, Market Leaders, and Price Changes

New Delhi (India): The dryfruit industry is growing and expanding, but it also faces challenges in the global market. Analyzing the trends and developments in the dryfruit industry, such as the growing number of importers, the 6.8% annual increase in dryfruit consumption, the industry’s expected valuation of 35,000 CR by 2023, and the 25% annual revenue growth.

1.In 2022, the winter and wedding season will generate 300-400 tonnes of turnover.

The dryfruit industry is subject to seasonal fluctuations in demand, with the winter and marriage season in 2022 expected to generate a turnover of 300-400 tonnes. This is a positive trend for the industry because it indicates that there is a high demand for dryfruits at this time of year. Dryfruit consumption is often associated with the winter season, as they are seen as a healthier alternative to traditional holiday treats. Dryfruits are in high demand during the wedding season, as they are frequently given as gifts or used as ingredients in traditional sweets and snacks. In 2022, the dryfruit industry is well-positioned to capitalise on these seasonal trends and increase sales during the winter and wedding season. Vandan Shah, owner of Nipa Trading, a dry fruit wholesaler in Madhupura market, stated that despite the price increase, dryfruit sales are up 15 to 20% compared to last year.

2. A bountiful crop but a lack of demand from dependent industries

Although the dryfruit industry is currently experiencing a good crop, demand from various industries that rely on dryfruits is low. This is due to a variety of factors, including economic downturns, changes in consumer behaviour, and shifts in the supply and demand for other goods and services. Despite these factors, the dryfruit industry faces the challenge of increasing demand for their products and increasing sales.

3. The Dryfruit Industry Faces High Taxation

High taxation is one of the issues confronting the dryfruit industry. Dryfruits are frequently subject to a variety of taxes, including import duties, value-added taxes, and excise taxes. These taxes have the potential to significantly raise the cost of dryfruits, making them less competitive in the market and reducing demand for them. High taxation can also make it difficult for small and medium-sized dryfruit businesses to remain profitable because they may lack the resources to absorb the additional costs. This may result in a decrease in the number of businesses in the industry, reducing competition and potentially raising consumer prices. The dryfruit industry is facing the challenge of advocating for lower taxation in order to increase demand and make their products more competitive.

4.Tariff Effects on Walnuts and Almonds

Tariffs on certain products, such as walnuts and almonds, are also posing problems for the dryfruit industry. Tariffs are taxes or duties imposed on imported goods that can significantly raise the price of these goods. Tariffs on walnuts and almonds have made these products more expensive, potentially reducing demand for them in the dryfruit industry. This can be a problem for the industry because walnuts and almonds are popular dryfruit items consumed globally. The dryfruit industry is grappling with the challenge of reducing the impact of tariffs on these products and making them more market competitive. This could include lobbying for lower tariffs, finding alternative sources for these products, or figuring out how to cut production costs.

5. A bountiful crop but a lack of demand from dependent industries

Although the dryfruit industry is currently experiencing a good crop, demand from various industries that rely on dryfruits is low. This is due to a variety of factors, including economic downturns, changes in consumer behaviour, and shifts in the supply and demand for other goods and services. Despite these factors, the dryfruit industry faces the challenge of increasing demand for their products and increasing sales.

The dryfruit industry is experiencing strong demand in many parts of the world, with Asia Pacific leading the way in terms of dryfruit market consumption. This region includes countries with large populations and a growing demand for dryfruits, such as China, India, and Australia. The dryfruit industry is well-positioned to capitalise on this trend and grow sales in Asia Pacific. North America and Europe are also important dryfruit markets, with high demand for a wide range of dryfruit products. The dryfruit industry is challenged to meet this demand while also increasing production and distribution in these regions.

6. Russia-Ukraine Conflict Interfering with Global Economic Recovery and Dryfruit Supply Chains

The dryfruit industry is facing a challenge as a result of the Russia-Ukraine war, which has hampered global economic recovery from Covid-19. The war has resulted in an increase in commodity prices, supply chain disruptions, and other economic challenges for the dryfruit industry. The war, for example, has hampered the transportation of dryfruits and other goods, making it more difficult for the industry to meet demand while remaining profitable. The dryfruit industry is faced with the challenge of navigating these disruptions while remaining effective in the face of the ongoing conflict.

7. The global dryfruit market is expected to reach $9.5 billion by 2025, with a 7.8% CAGR.

Despite the industry’s challenges, the global dryfruit market is expected to reach $9.5 billion by 2025, with a compound annual growth rate (CAGR) of 7.8%. This is a positive trend for the industry because it indicates that there is a high demand for dryfruits all over the world. In the coming years, the dryfruit industry is well-positioned to capitalise on this trend and increase sales. To meet this growing demand and achieve strong growth, the industry will need to find ways to overcome challenges such as high taxation, supply chain disruptions, and changing consumer preferences.

8. Dryfruit consumption is increasing as 51% of people try to lose weight.

The dryfruit industry is experiencing a positive trend as more people seek to lose weight, with 51% of survey respondents indicating an interest in doing so. Dryfruits are frequently perceived as a healthier alternative to other snacks and treats, and as a result, they have gained popularity among consumers seeking to maintain a healthy diet and lifestyle. This is good news for the dryfruit industry because it indicates that demand for their products is increasing. The industry will need to find ways to meet this demand while also maintaining their position as a healthy and desirable option for consumers.

9. Current Market Prices for Various Dryfruit Items

Various dryfruit items are currently experiencing price changes in the dryfruit market. Walnuts and anjir, for example, have increased in price, while kaju, badam, and pista have decreased. Raisins, on the other hand, have held steady. These price changes can be attributed to a variety of factors, including changes in supply and demand, economic conditions, and consumer preferences. The dryfruit industry is faced with the challenge of navigating these price changes while remaining competitive in the market. This may entail adjusting production levels, locating new sources of supply, or identifying cost-cutting measures.