Dragon Fruit Market - Growth, Trends and Forecast (2020 - 2025)
NEW YORK, May 13, 2020 /PRNewswire/ -- The Global Dragon Fruit Market is projected to register a CAGR of 3.7% over the forecast period. The global dragon fruit market (henceforth, referred to as the market studied) is growing at a robust rate, owing to the increasing demand for fresh dragon fruit. High production capabilities and magnificent weather conditions contribute to the production of dragon fruits. The production of dragon fruits is majorly affected by several factors, such as environmental hazards, bio stress, and government policies of the country. Some of the major pests and diseases affecting dragon fruits are stem rot, anthracnose, mealybugs, aphids, etc. The unfavorable climatic conditions, such as continuous low temperatures, also have a negative influence on the growth of dragon fruits.? Dragon fruit is the leading fruit export of Vietnam. Major export destinations for these fruits are China, Thailand, and Indonesia. The fruit is also entering the new markets, including India, New Zealand & Australia, and Chile.?
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Key Market Trends
Increasing Demand for Dragon Fruit in China
Dragon fruit is commercially produced in Vietnam, Malaysia, Thailand, Taiwan, Sri Lanka, China, and Israel, but it is also grown in Central America. The Chinese people consume 70% of the whole dragon fruit produced from Vietnam. According to the Ministry of Industry and Trade of Vietnam, 80% of the dragon fruits produced in Vietnam are exported to China, while 99% of dragon fruits in the Chinese market are imported from Vietnam. The demand for the Vietnamese dragon fruit is mainly due to its sizable production and high economic importance. It is categorized as a high-value crop, and the local fruit industry in Vietnam has a competitive advantage.? Dragon fruit has high water content and is a good source of iron, magnesium, vitamin B, phosphorus, protein, calcium, and fiber. The fruit's edible seeds are also nutritious, as they are high in polyunsaturated fats, like omega-3 and omega-6 fatty acids, which have been proved to lower the risk of cardiovascular disorders. Dragon fruit is a low-calorie fruit that is high in fiber and contains a good amount of vitamins and minerals.? Owing to the aforementioned benefits, coupled with the changing diet pattern among the Chinese population, the demand for dragon fruit is increasing, thereby, escalating the imports.? Ancient Chinese legends believed that the dragon fruit was created thousands of years ago by a dragon in a battle. The dragon is believed to have blown a burst of fire containing the fruit, hence, they believe in the good fortune brought by the dragon fruit's name, shape, and colors. This one of the factors that is driving the market for dragon fruit in China.?
Vietnam Is The Leading Producer of Dragon Fruit
The production of dragon fruit in Vietnam was 11,98,854.1 metric tons in 2019, and it is projected to reach 17,06,065.3 metric tons by 2025, registering a CAGR of 6.0% during the forecast period. In Vietnam, the total area under the production of dragon fruit is approximately 50,000 hectares with the white flesh variety accounting for more than 95% of production, followed by red flesh variety at 4.5%. Majority of the fruit production is meant for exports rather than domestic consumption. Dragon fruit is mainly grown in Binh Thuan, Long An, and Tien Giang provinces with more than 37, 000 ha being devoted to its production, annually. The average annual yield of the fruit is 22.7 metric tons/ha. However, the dragon fruit production in Vietnam is facing many difficulties, including the impact of climate change and diseases (like brown spot disease, insects, and pests).
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