Updated Jan 11, 2023 07:26

Preserved Asparagus Market in Peru

Market Overview
After three years of growth, the Peruvian preserved asparagus market decreased by -% to $ in . Over the period under review, consumption, however, continues to indicate a strong increase. As a result, consumption attained the peak level of $, and then dropped significantly in the following year.

In value terms, preserved asparagus production amounted to $ in estimated in export price. Overall, production, however, continues to indicate a pronounced descent. The pace of growth appeared the most rapid in 2011 when the production volume increased by %. Over the period under review, production reached the peak level at $ in 2008; however, from 2009 to , production remained at a lower figure.


Consumption
In , after three years of growth, there was significant decline in consumption of preserved asparagus, when its volume decreased by -% to tons. Overall, consumption, however, posted a strong increase. As a result, consumption attained the peak volume of tons, and then declined rapidly in the following year.

The value of the preserved asparagus market in Peru shrank rapidly to $ in , waning 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, however, recorded strong growth. As a result, consumption reached the peak level of $, and then declined markedly in the following year.


Market Forecast
Driven by increasing demand for preserved asparagus in Peru, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase 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
Over the period under review, imports of preserved asparagus in Peru were negligibly small compared to the production volumes. Therefore, the share of imports in the total market was practically nonexistent, both in volume and in value terms. This situation has remained constant over the period under review, which means that domestic producers entirely meet the domestic demand for preserved asparagus. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports remained relatively constant over the period under review. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports increased moderately ( percentage point) over the period under review.


Trade Balance
Peru remains a net exporter of preserved asparagus; 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.