Updated Jan 15, 2023 23:28

Market for Cherry and Sour Cherry in New Zealand

Market Overview
The New Zealand cherry and sour cherry market skyrocketed to $ in , with an increase of % against 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). In general, consumption continues to indicate a significant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

In value terms, cherry and sour cherry production totaled $ in estimated in export price. In general, production continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by %. As a result, production attained the peak level of $. From 2019 to , production growth remained at a somewhat lower figure.

In , the average yield of cherries and sour cherries in New Zealand soared to tons per ha, jumping by % compared with the previous year's figure. Overall, the yield showed strong growth. As a result, the yield attained the peak level and is likely to continue growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cherry and sour cherry harvested area in New Zealand amounted to ha in , with an increase of % against . Over the period under review, the harvested area continues to indicate notable growth. The pace of growth appeared the most rapid in 2018 when the harvested area increased by %. As a result, the harvested area attained the peak level of ha. From 2019 to , the growth of the cherry and sour cherry harvested area remained at a somewhat lower figure.


Consumption
For the third consecutive year, New Zealand recorded growth in consumption of cherries and sour cherries, which increased by % to tons in . Overall, consumption showed a significant increase. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The value of the cherry and sour cherry market in New Zealand soared to $ in , rising by % against 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 recorded significant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.


Market Forecast
The cherry and sour cherry market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eight-year period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Affected by an intensive growth in domestic production, which will gradually displace imported products from the market, the share of imports decreased from % in 2007 to % in . New Zealand domestic supply is expected to continue its growth. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
New Zealand remains a net exporter of cherry and sour cherry; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.