Turkish figs are famous for its delicacy since ancient times. Turkish figs are the rich source of phytonutrients, antioxidants, and vitamins. Turkish figs are sweet in flavor, with a chewy texture, unlike most other fruits. Turkish figs are available in different sizes, ranging from small to extra-large, and are offered in fresh or dried form.
The Turkish figs market is growing from past few years due to the growth of global food industry. The market is driven by the rising consumption of health-based packaged foods and innovations in manufacturing variety of processed food products by key stakeholders. Emerging markets for health-based packaged foods are projected to generate potential opportunities for Turkish figs.
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The Turkish figs market is categorized by intense competition, due to the presence of some large-scale firms. The growing demand for Turkish figs in the various region such as North America, Europe, and Asia Pacific is leading towards fierce competition amongst key industry players for capturing the market opportunities.
Turkey is largest producer and exporter of dried figs globally, it accounted nearly 70% share of global production and exported more than 75% of its domestic production. Turkey was the largest supplier for figs in the year 2015 with the market size of near about the US $ 30 million.
Turkish Figs Market Segmentation
Turkish figs market can be segmented by type, by application, by form, and by regions. By type, Turkish figs market is segmented as natural and processed products. The processed products segment is further segmented into Lerida, garland, proto be, pulled, layer and baglama. Turkish figs market by application segment is segmented into confectionaries, dairy products, bakery products, and others. Turkish figs market by form segment is segmented into fresh and dried form. Turkish figs market is further segmented by region as, Latin America, North America, Europe, Middle East and Africa and Asia Pacific.
In regional segments, North America and Europe possess significant potential, whereas Latin America and other developing markets such as Asia-Pacific and MEA possess growing market demand for Turkish Figs over the forecast period. Factors stimulating the growth in Asia-Pacific are due to the application of premium food products, which are gaining popularity among all generations. Further, the growth of middle-class population, amplified spending power, and growing urbanization have impelled the demand for Turkish figs products in these regions.
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Turkish Figs Global Market Trends and Market Drivers:
Turkish figs market has observed strong growth trends with the increase of global food industry. The Turkish figs sector is evident of various investments and expansions opportunities in forms of finished products by many key players. Various associations and organizations promote export, research, and consumer awareness campaigns for the growth of the market. The growing application of Turkish figs in world cuisine and varied food categories such as desserts, bakery products, confectioneries, snacks & bars, cereals, and dairy products is driving the market for Turkish figs product. The growing focus on precautionary health care measures, the launch of varied figs products and technological developments in the manufacturing of Turkish figs product have also enabled the global trade of Turkish figs to a greater extent.
Turkish figs are exceedingly versatile in product formulation; therefore they are considered a preferred choice for food manufacturers and also for consumers as they provide both taste and impart health benefits. Every year, manufacturers are introducing the new product, introductions exceeding the production with developments which is leading to the growth of Turkish figs demand.
The fluctuating import export tariff rates in individual countries are restraining the growth of Turkish figs market. The higher tax rates lead to increase in the prices of the products which in turn affects the demand for Turkish figs from developing regions, which hampers the growth of the market. Changing climatic conditions is another factor restraining the growth of Turkish figs market. The changing weather conditions hinder the output of Turkish figs. The shortage in production of Turkish figs is also restraining the market growth.
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Turkish Figs Market Key Players:
Key global market players supplying different type of Turkish figs products include Incircle Ltd STI., Natura Dried Fruit S.A., Carias Farm, Turkish Dried Figs, Izmir Organic, Alan, Yates’s A.S., Yupik, Aurora Natural, and Harris Farms.