The global market for fresh onions and shallots is projected to expand at a robust CAGR of 6.3 percent in the coming years. From an estimated value of more than US$ 37 Billion in 2017, revenue from the sales of fresh onions and shallots is pegged to cross US$ 51 Billion by 2022, during the assessment period of 2017-2022.
[UKPRwire, Fri Jul 19 2019] The global market for fresh onions and shallots is projected to expand at a robust CAGR of 6.3 percent in the coming years. From an estimated value of more than US$ 37 Billion in 2017, revenue from the sales of fresh onions and shallots is pegged to cross US$ 51 Billion by 2022, during the assessment period of 2017-2022. Burgeoning application as a condiment and food formulations coupled with perceived medicinal benefits of onions and shallots are key factors contributing to the growth of global fresh onions and shallots market, predicts Fact.MR.
The allium family vegetable including fresh onions and shallots are being valued more than ever owing to their potential medicinal properties. Many studies and researches are being conducted around the world to find out more about the cancer-fighting properties associated with fresh onions and shallots. In a recently conducted study, researchers examined Ontario-grown red onions and its ability to kill cancer cells. The red inion variant was found have high amounts of anthocyanin- further enriching the cancer-fighting properties of Quercetin- a plant pigment that acts as an antioxidant, scavenging free radicals. Moreover, when Quercetin extracts from red onion were placed with in close contact with colon cancer cells, it created an unfavorable environment for cell growth, further leading to cell death. Researchers are hopeful of onions being sold in pill form as a natural treatment for cancer.
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Owing to the growing production and trade of fresh onions and shallot, globally, Codex Alimentarius is developing a set of global standards to assure consumers of safe and quality products. The food standards would be applicable to different varieties of onions and shallots, promoting fair trade practices in agreement with different international agreements. The proposal is anticipated to include all producing, exporting, or consuming countries and cover main aspects such as weighting, sizing, and proper labeling of onions and shallots. As per COMTRADE United Nations, throughout 2017, the export and trade value of onions and shallots was marked at US$ 11,287,534 and US$ 44,292, respectively.
Owing to the growing global demand for good quality onions and shallot, farm owner and producers are exploring top quality seeds options to produce hybrid shallot variants—in the form of Maserati F1 and Tropix. Specifically made for the South East Asian market, these varieties are anticipated to fuel the production of healthy shallots from high quality seed. Sunions- marketed as America’s first ever tearless, sweet-tasting onion is growth primarily in Washington and Nevada. Developed after years of onion crossbreading, makers of Sunions have started using gas chemotherapy to identify least volatile onions and breed them for further mildness. Innovations like these are projected to drive the production and consumption of fresh onions and shallots, globally.
To derive value-added food formulations from less expensive ingredients having functional properties, food experts are using onion by-products considering its anti-browning and antioxidant properties. Other than food innovations, the healthcare industry too has been following value-addition trend to use onion by-products, pharmaceutically, owing to its anti-inflammatory, antioxidant and antibacterial properties.
Fact.MR’s report titled ‘Fresh Onions and Shallots Market Forecast, Trend Analysis & Competition Tracking – Global Market insights 2017 to 2022’ provides a detailed competitive scenario analysis, assaying critical insights on the key market leaders, along with their company profiles, key product developments, key financials, and expansion strategies. Key market players identified in the report on global fresh onions and shallots market include Avantha Holdings Limited, T&G GLOBAL, Vladam, River Point Farms, Murakami Produce Company LLC, Snake River Produce, Gills Onions, and JC Watson Company. During the forecast, Fact.MR foresees key players focusing on offering variety, expanding the sweet onion category, and targeting the health-conscious consumers with health-based information displayed on packaging. With a merger in 2017, Murakami Produce Company and Baker Packing became one of the largest onion shippers in the United States. Snake River Produce, specializing in Spanish onions, invested in a 30,000-square-foot packing shed featuring automatic palletizers and a larger production base.
Fact.MR, in its report on global fresh onions and shallots market, offers actionable insights for an assessment period of five years, from 2017-2022. The report includes key market dynamics anticipated to drive the market in the coming years. New product development (NPD) with a focus on sweet-tasting onions and facility expansion to cater to the growing demand for fresh onions and shallots will remain a key strategy among market leaders, through 2022. The global fresh onions and shallot market is anticipated to record a robust growth throughout the CAGR.
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