Global Specialty Crops Market to Reach $1.8 Trillion by 2026

Intensively cultivated plants or plants that are collected from wild plantations are known as specialty crops. Specialty crops are required to be cultivated or managed and then utilized for medicinal purposes, aesthetic gratification, and for food. The wide usage of specialty crops is expected to be the major driving factor for the growth of the market. Growing preference for vegan meals, natural and healthy foods and rising adoption of healthier alternative options such as cereals, seeded bread, smoothies and other organic food products has been augmenting the growth of specialty crops market globally. Another factor boosting the market growth is the increasing demand from developing nations of the Asia-Pacific region. The proliferation of new retail formats such as food courts and specialty stores, and emergence of free trade presents improved growth prospects. the increasing disposable income and focus on healthy living are expected to add to the demand for specialty crops in the future.

Amid the COVID-19 crisis, the global market for Specialty Crops estimated at US$1.5 Trillion in the year 2020, is projected to reach a revised size of US$1.8 Trillion by 2026, growing at a CAGR of 3.8% over the analysis period. Conventional, one of the segments analyzed in the report, is projected to grow at a 3.6% CAGR to reach US$1.3 Trillion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Organic segment is readjusted to a revised 4.2% CAGR for the next 7-year period. This segment currently accounts for a 31% share of the global Specialty Crops market.

The U.S. Market is Estimated at $313.7 Million in 2021, While China is Forecast to Reach $308.9 Million by 2026

The Specialty Crops market in the U.S. is estimated at US$313.7 Billion in the year 2021. The country currently accounts for a 20.74% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$308.9 Billion in the year 2026 trailing a CAGR of 5.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 3.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market (as defined in the study) will reach US$323.7 Billion by the end of the analysis period.