Asparagus Market

The global asparagus market is projected to continue an upward consumption trend, with a forecasted increase in market volume and value from 2022 to 2030. Key insights include the largest consuming and producing countries, consumption trends, asparagus imports and exports, as well as average yield and prices. Stay informed on the latest developments in the market and the factors impacting its growth.

Market Forecast

Market Forecast

Driven by increasing demand for asparagus worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 9.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $25.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Asparagus

In 2022, approx. 8.8M tons of asparagus were consumed worldwide; remaining relatively unchanged against the previous year's figure. Overall, consumption recorded a relatively flat trend pattern. Global consumption peaked at 9M tons in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global asparagus market size declined modestly to $19.1B in 2022, approximately mirroring the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $26.2B. From 2017 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

The country with the largest volume of asparagus consumption was China (7.7M tons), accounting for 87% of total volume. It was followed by Peru (243K tons), with a 2.7% share of total consumption. The United States (241K tons) ranked third in terms of total consumption with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. The remaining consuming countries recorded the following average annual rates of consumption growth: Peru (-0.1% per year) and the United States (+2.8% per year).

In value terms, China ($14.2B) led the market, alone. The second position in the ranking was held by Peru ($977M). It was followed by the United States.

From 2012 to 2022, the average annual growth rate of value in China amounted to -1.5%. In the other countries, the average annual rates were as follows: Peru (-0.4% per year) and the United States (+1.7% per year).

The countries with the highest levels of asparagus per capita consumption in 2022 were Peru (7.2 kg per person), China (5.4 kg per person) and Mexico (1.2 kg per person).

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +33.0%), while consumption for the other global leaders experienced mixed trends in the per capita consumption figures.

Production

World Production of Asparagus

In 2022, the amount of asparagus produced worldwide was estimated at 8.8M tons, flattening at the year before. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 9.5% against the previous year. Over the period under review, global production attained the peak volume at 8.9M tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure. The general positive trend in terms output was largely conditioned by a relatively flat trend pattern of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, asparagus production reduced slightly to $18.6B in 2022 estimated in export price. Over the period under review, production, however, recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 83%. As a result, production attained the peak level of $38B. From 2017 to 2022, global production growth failed to regain momentum.

Production By Country

The country with the largest volume of asparagus production was China (7.7M tons), accounting for 87% of total volume. Moreover, asparagus production in China exceeded the figures recorded by the second-largest producer, Peru (377K tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Peru (+0.0% per year) and Mexico (+9.8% per year).

Yield

The global average asparagus yield dropped modestly to 5.5 tons per ha in 2022, leveling off at the previous year's figure. Overall, the yield continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the yield increased by 5.3% against the previous year. As a result, the yield attained the peak level of 5.7 tons per ha. From 2016 to 2022, the growth of the average asparagus yield remained at a somewhat lower figure.

Harvested Area

In 2022, approx. 1.6M ha of asparagus were harvested worldwide; approximately equating the year before. In general, the harvested area showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the harvested area increased by 4%. The global harvested area peaked in 2022 and is likely to see gradual growth in the immediate term.

Imports

World Imports of Asparagus

In 2022, approx. 417K tons of asparagus were imported worldwide; with a decrease of -14.4% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when imports increased by 15% against the previous year. Global imports peaked at 488K tons in 2021, and then fell in the following year.

In value terms, asparagus imports contracted remarkably to $1.4B in 2022. The total import value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 16% against the previous year. As a result, imports attained the peak of $1.6B, and then plummeted in the following year.

Imports By Country

The United States prevails in imports structure, accounting for 263K tons, which was near 63% of total imports in 2022. Canada (22K tons) took a 5.2% share (based on physical terms) of total imports, which put it in second place, followed by Germany (4.7%). Spain (15K tons), the Netherlands (14K tons), France (12K tons), the UK (12K tons), Switzerland (7.9K tons) and Japan (7.1K tons) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +3.4% from 2012 to 2022. At the same time, Spain (+4.1%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the world, with a CAGR of +4.1% from 2012-2022. The UK, the Netherlands and Canada experienced a relatively flat trend pattern. By contrast, France (-1.4%), Switzerland (-1.8%), Germany (-2.9%) and Japan (-7.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States increased by +9.3 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($620M) constitutes the largest market for imported asparagus worldwide, comprising 44% of global imports. The second position in the ranking was held by Germany ($93M), with a 6.7% share of global imports. It was followed by Canada, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +1.9%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (-0.9% per year) and Canada (-0.6% per year).

Import Prices By Country

The average asparagus import price stood at $3,340 per ton in 2022, standing approx. at the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 21% against the previous year. As a result, import price reached the peak level of $4,247 per ton. From 2014 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Switzerland ($7,076 per ton), while the United States ($2,356 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Asparagus

In 2022, after six years of growth, there was significant decline in shipments abroad of asparagus, when their volume decreased by -17.5% to 404K tons. The total export volume increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 31% against the previous year. As a result, the exports attained the peak of 490K tons, and then declined notably in the following year.

In value terms, asparagus exports declined remarkably to $1.4B in 2022. Overall, exports, however, continue to indicate a modest expansion. The growth pace was the most rapid in 2021 when exports increased by 15%. As a result, the exports attained the peak of $1.6B, and then contracted remarkably in the following year.

Exports By Country

Mexico (150K tons) and Peru (134K tons) represented the largest exporters of asparagus in 2022, finishing at approx. 37% and 33% of total exports, respectively. It was distantly followed by the United States (46K tons) and Spain (24K tons), together constituting a 17% share of total exports. The following exporters - the Netherlands (15K tons) and Italy (7.8K tons) - together made up 5.6% of total exports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +4.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest asparagus supplying countries worldwide were Peru ($522M), Mexico ($337M) and the United States ($138M), with a combined 73% share of global exports. Spain, the Netherlands and Italy lagged somewhat behind, together accounting for a further 17%.

In terms of the main exporting countries, Spain, with a CAGR of +8.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average asparagus export price stood at $3,400 per ton in 2022, almost unchanged from the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 15% against the previous year. The global export price peaked at $4,583 per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($6,342 per ton), while Mexico ($2,249 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform