Updated Jan 11, 2023 07:33

Preserved Asparagus Market in the United States

Market Overview
After two years of growth, the U.S. preserved asparagus market decreased by -% to $ in . In general, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $. From 2009 to , the growth of the market failed to regain momentum.

In value terms, preserved asparagus production reduced to $ in . Overall, production, however, recorded prominent growth. The growth pace was the most rapid in 2017 when the production volume increased by % against the previous year. Over the period under review, production attained the peak level at $ in 2014; however, from 2015 to , production remained at a lower figure.


Consumption
In , the amount of preserved asparagus consumed in the United States dropped slightly to tons, with a decrease of -% on figures. In general, consumption showed a slight downturn. As a result, consumption attained the peak volume of tons. From 2009 to , the growth of the consumption failed to regain momentum.

The value of the preserved asparagus market in the United States shrank 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). Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $. From 2009 to , the growth of the market failed to regain momentum.


Market Forecast
Depressed by shrinking demand for preserved asparagus in the United States, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -% for the 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
Preserved asparagus market in the United States remained dependent on supplies from foreign countries. In , the share of imports in total consumption was % in value terms and % in physical terms. 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 . The United States 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
The United States remains a net importer of preserved asparagus; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.