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Pharmacy benefit management market
ONIONS AND SHALLOTS MARKET REPORT OVERVIEW
global onions and shallots market size was USD 51920 million in 2021 and market is projected to touch USD 64092.58 million by 2032 at CAGR 2.1% during the forecast period.
Onions and shallots are closely related members of the Allium family, known for their pungent flavor and culinary versatility. Onions (Allium cepa) are larger bulb vegetables with layers of papery skin and a strong, distinctive taste. They come in various varieties, including red, yellow, and white, each imparting a slightly different flavor profile to dishes. Onions are widely used in cooking around the world, either raw in salads, sautéed in stir-fries, or caramelized to add depth to soups and stews.
Shallots, on the other hand, are smaller bulbs that grow in clusters, resembling garlic. They have a milder and sweeter taste compared to onions, making them a preferred choice in dishes where a subtler onion flavor is desired. Shallots are often used in French cuisine and are popular for making sauces, vinaigrettes, and dressings. While both onions and shallots belong to the Allium genus, their distinct flavors and sizes contribute unique characteristics to various culinary creations, showcasing their importance in enhancing the taste and aroma of a wide range of dishes.
COVID-19 Impact: Market Growth Hampered by Pandemic due to Export Challenges
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lowered-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The pandemic influenced consumer behavior and preferences. With more people cooking at home due to restaurant closures and lockdowns, there was an increased demand for cooking ingredients, including onions and shallots. However, in certain cases, economic uncertainties and reduced incomes led some consumers to opt for more affordable food alternatives, affecting the demand for premium varieties of onions and shallots. Lockdowns, restrictions on movement, and labor shortages during the pandemic have disrupted the supply chain for onions and shallots. Farmers faced difficulties in harvesting, processing, and transporting their produce. This disruption led to fluctuations in the availability of these vegetables in certain regions, impacting both local markets and international trade.
International trade in onions and shallots faced challenges due to border closures, transportation issues, and changes in import/export regulations. Export-dependent regions experienced difficulties in reaching global markets, affecting the income of farmers and the economies of producing countries. Supply chain disruptions and changes in demand patterns contributed to price volatility for onions and shallots. In some regions, prices soared due to shortages caused by logistical challenges and increased demand. Conversely, in areas where economic hardships prevailed, prices may have been more stable or decreased as consumers shifted towards more cost-effective food choices. The global onions and shallots market growth is anticipated to boost following the pandemic.
LATEST TRENDS
"Technology and Farming Practices to Drive Market Growth"
Explore advancements in farming technologies, such as precision agriculture, innovative irrigation methods, and new cultivation practices that may impact the production of onions and shallots. Automation and data-driven approaches are increasingly being integrated into agriculture. Changes in consumer preferences, international trade agreements, and market dynamics can influence the production and distribution of onions and shallots.
Staying informed about developments in disease-resistant varieties, pest management strategies, and research on improving the overall health and yield of onion and shallot crops. Changes in agricultural policies, subsidies, or regulations can significantly impact onion and shallot production. Sustainability initiatives could include efforts to reduce environmental impact, improve water efficiency, and promote eco-friendly packaging.
ONIONS AND SHALLOTS MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into Yellow Onions, Red Onions, and White Onions.
Yellow Onions: Yellow onions have a golden-brown papery skin and a yellowish-white flesh. They have a strong, pungent flavor and are often characterized as being more astringent than sweet. Yellow onions are versatile and widely used in various culinary applications, including soups, stews, sauces, and sautés. They are also commonly used for caramelizing due to their higher sulfur content.
Red Onions: Red onions have a purplish-red outer skin and a vibrant red to purplish-white interior. Red onions are milder compared to yellow onions and have a slightly sweet and peppery flavor. Red onions are popular in salads, sandwiches, and raw applications due to their appealing color and milder taste. They can also be used in cooked dishes where a less pungent onion flavor is desired.
White Onions: White onions have a white papery skin and a translucent white flesh. White onions have a milder and sweeter taste compared to yellow onions, making them suitable for dishes where a subtle onion flavor is preferred. White onions are often used in Mexican and other cuisines where a mild onion flavor is desired. They work well in salsas, guacamole, and dishes where the onion flavor shouldn't overpower other ingredients.
- By Application
Based on application the global market can be categorized into Retails, Foodservices, and Food Processing Plants.
Retail: Retail refers to the sale of goods or commodities to end consumers in relatively small quantities. It involves the direct interaction between the seller and the consumer. Retail outlets can take various forms, including brick-and-mortar stores, online platforms, and hybrid models. Common types of retail include supermarkets, convenience stores, specialty shops, and e-commerce platforms. In the context of food, retail encompasses the sale of food products directly to consumers for home consumption. This includes fresh produce, packaged goods, beverages, and other food items.
Foodservices: Foodservices, also known as the foodservice industry, involves the preparation and serving of food and beverages for immediate consumption. This sector includes restaurants, cafes, catering businesses, and other establishments that offer prepared meals. Foodservices can be categorized into various segments, including quick-service restaurants (fast food), full-service restaurants, cafes, catering services, food trucks, and institutional food services.
Food Processing Plants: Food processing plants are facilities where raw agricultural products are transformed into food products suitable for consumption. This involves various processes such as washing, cutting, cooking, packaging, and more. Food processing plants can range from small-scale operations to large, industrial facilities. They play a crucial role in converting raw ingredients into processed and packaged foods that can be distributed and sold to consumers.
DRIVING FACTORS
"Culinary Versatility to Boost the Market"
Onions and shallots are essential ingredients in a wide variety of cuisines globally. Their versatility in enhancing the flavor of savory dishes contributes to their consistent demand in the culinary world. Onions and shallots often serve as staple ingredients in many recipes, providing a foundational flavor base for soups, stews, sauces, and various other dishes. Their inclusion is fundamental to the preparation of diverse meals. Onions and shallots are recognized for their potential health benefits. They contain various vitamins, minerals, and antioxidants. Consumer awareness of the health advantages associated with these vegetables can drive their consumption.
"Global Demand to Expand the Market"
The global demand for onions and shallots, both fresh and processed, drives production in many countries. Their export/import dynamics are influenced by market demands and the economic competitiveness of producing regions. The economic viability of cultivating onions and shallots can significantly impact production. Factors such as market prices, input costs, and government policies, including subsidies, play a crucial role in the decision-making process for farmers. Cultural preferences and culinary traditions influence the demand for specific onion and shallot varieties. In some regions, certain types of onions or shallots may be preferred for their taste, aroma, or culinary characteristics.
RESTRAINING FACTOR
"Storage and Shelf Life to Potentially Impede Market Growth"
Onions and shallots have a limited shelf life, and proper storage conditions are crucial to prevent spoilage. Inadequate storage facilities or infrastructure can lead to post-harvest losses and impact the availability of these vegetables in the market. Onions and shallots are susceptible to various pests and diseases. Pest infestations and plant diseases can cause significant damage to crops, affecting both quality and quantity. The labor-intensive nature of onion and shallot cultivation, especially during planting and harvesting, can make these crops vulnerable to labor shortages. Issues related to the availability and cost of labor can impact production.
ONIONS AND SHALLOTS MARKET REGIONAL INSIGHTS
"Asia Pacific to Dominate the Market due to Technological Innovations "
The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
Asia Pacific has emerged as the most dominant region in the global onions and shallots market share due to several factors. The region has consistently been major contributors to global onion production. They have one of the largest producers globally. These countries have favorable climates and large areas of land suitable for onion cultivation.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The onions and shallots market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.
List of Market Players Profiled
- Global Green Company [India]
- T&G Global [New Zealand]
- Vladam [Hong Kong]
- River Point Farms [U.S.]
- Baker & Murakami Produce [U.S.]
INDUSTRIAL DEVELOPMENT
October 2023: McCormick & Company, Inc took significant strives ahead in the onions and shallots market. They recently developed Onion Powder. McCormick & Company is a well-known spice and seasoning manufacturer, and they produce onion powder as part of their range of culinary products. Onion powder is a dehydrated and ground form of onions, providing a convenient way to incorporate the flavor of onions into various dishes. It is commonly used in soups, stews, sauces, and other recipes to add onion flavor without the texture of fresh onions.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 51920 Million in 2021 |
Market Size Value By |
US$ 64092.58 Million by 2032 |
Growth Rate |
CAGR of 2.1% from 2021 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the onions and shallots market expected to touch by 2032?
The global onions and shallots market is expected to reach USD 64092.58 million by 2032.
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What CAGR is the onions and shallots market expected to exhibit by 2032?
The onions and shallots market are expected to exhibit a CAGR of 2.1% by 2032.
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Which are the driving factors of the onions and shallots market?
Culinary Versatility and Global Demand are some of the driving factors of the onions and shallots market.
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What are the key onions and shallots market segments?
The onions and shallots market segmentation that you should be aware of, which include, based on type the onions and shallots market is classified as Yellow Onions, Red Onions, and White Onions. Based on application the onions and shallots market are classified as Retails, Foodservices, and Food Processing Plants.