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Global Cherry Market 2019: Chile Emerged As The Largest Exporter

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Global Cherry Market 2019: Chile Emerged As The Largest Exporter

IndexBox has just published a new report: ‘World – Cherries – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

The global cherry market revenue amounted to $12.3B in 2018, increasing by 11% 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).

The market value increased at an average annual rate of +3.8% over the period from 2007 to 2018; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016, when the market value increased by 18% against the previous year. Global cherry consumption peaked in 2018, and is expected to retain its growth in the immediate term.

Production 2007-2018

In 2018, the amount of cherries produced worldwide stood at 3.9M tonnes, going up by 4.2% against the previous year. The total output volume increased at an average annual rate of +2.1% from 2007 to 2018; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years.

Exports 2007-2018

In 2018, the global cherry exports amounted to 558K tonnes, declining by -3.2% against the previous year. In general, cherry exports, however, continue to indicate a strong expansion. In value terms, cherry exports stood at $2.1B (IndexBox estimates) in 2018. Over the period under review, cherry exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2016, with an increase of 53% against the previous year. In that year, global cherry exports attained their peak of $2.8B. From 2017 to 2018, the growth of global cherry exports remained at a lower figure.

Exports by Country

In 2018, Chile (146K tonnes), distantly followed by the U.S. (87K tonnes), Turkey (60K tonnes), Uzbekistan (36K tonnes) and Spain (31K tonnes) represented the main exporters of cherries, together constituting 64% of total exports. Azerbaijan (24K tonnes), Greece (21K tonnes), Australia (19K tonnes), Moldova (15K tonnes), Italy (13K tonnes), Serbia (13K tonnes) and Poland (11K tonnes) followed a long way behind the leaders.

From 2007 to 2018, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by Australia, while the other global leaders experienced more modest paces of growth.

In value terms, the largest cherry markets worldwide were Chile ($760M), the U.S. ($522M) and Turkey ($166M), with a combined 70% share of global exports. These countries were followed by Spain, Uzbekistan, Australia, Italy, Greece, Azerbaijan, Moldova, Serbia and Poland, which together accounted for a further 19%.

Export Prices by Country

In 2018, the average cherry export price amounted to $3,691 per tonne, lowering by -8% against the previous year. Over the period from 2007 to 2018, it increased at an average annual rate of +1.4%. There were significant differences in the average export prices amongst the major exporting countries. In 2018, the country with the highest export price was the U.S. ($5,986 per tonne), while Poland ($910 per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of export prices was attained by Moldova, while the other global leaders experienced more modest paces of growth.

Imports 2007-2018

In 2018, approx. 789K tonnes of cherries were imported worldwide; increasing by 30% against the previous year. Over the period under review, cherry imports continue to indicate a strong increase. In value terms, cherry imports amounted to $3.4B (IndexBox estimates) in 2018.

Imports by Country

China represented the key importing country with an import of around 324K tonnes, which resulted at 41% of total imports. Russia (92K tonnes) held a 12% share (based on tonnes) of total imports, which put it in second place, followed by China, Hong Kong SAR (11%) and Germany (5.9%). The following importers – Canada (28K tonnes), Kazakhstan (25K tonnes), South Korea (19K tonnes), Belarus (14K tonnes), Taiwan, Chinese (14K tonnes) and the U.S. (13K tonnes) – together made up 14% of total imports.

From 2007 to 2018, average annual rates of growth with regard to cherry imports into China stood at +49.3%. At the same time, Kazakhstan (+91.7%), Belarus (+29.9%), China, Hong Kong SAR (+23.6%), South Korea (+14.7%), Russia (+3.7%) and Taiwan, Chinese (+2.1%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest growing importer in the world, with a CAGR of +91.7% from 2007-2018. Germany and Canada experienced a relatively flat trend pattern.

By contrast, the U.S. (-1.6%) illustrated a downward trend over the same period. Belarus (-1.7%), South Korea (-1.9%), Kazakhstan (-3.2%), Russia (-3.8%), China, Hong Kong SAR (-9.5%) and China (-40.6%) significantly weakened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.8B) constitutes the largest market for imported cherries worldwide, comprising 52% of global imports. The second position in the ranking was occupied by China, Hong Kong SAR ($409M), with a 12% share of global imports. It was followed by South Korea, with a 4.6% share.

Import Prices by Country

In 2018, the average cherry import price amounted to $4,298 per tonne, remaining relatively unchanged against the previous year. Over the last eleven year period, it increased at an average annual rate of +2.5%. The growth pace was the most rapid in 2016, when the average import price increased by 20% year-to-year. In that year, the average import prices for cherries attained their peak level of $4,492 per tonne. From 2017 to 2018, the growth in terms of the average import prices for cherries failed to regain its momentum.

Import prices varied noticeably by the country of destination; the country with the highest import price was South Korea ($8,002 per tonne), while Russia ($1,345 per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of import prices was attained by Taiwan, Chinese, while the other global leaders experienced more modest paces of growth.

Source: IndexBox AI Platform

Largest Shipment in December Received at Port of Wilmington

The season’s shipment of Chilean winter fruit arrived at the Port of Wilmington post-holiday on December 27. The shipment, brought by a refrigerated vessel known as the Star Best, contained over 676,000 boxes of fresh table grapes, peaches, nectarines, apricots, and plums, adding to the 12,550,000 boxes of Chilean fruit during the 2017-18 season.

“We are grateful to Wilmington for our longstanding trade relationship that has meant market and logistics stability for us as well as our customers. We are looking forward to another great Chilean season, together with the State of Delaware, the City of Wilmington, and GT USA Wilmington,” commented Harold Cohen, Global Reefers’ Port Captain/USA Representative.

The 6,000 ton shipment marks the largest volume to be shipped to the U.S. for the month of December. Trans Global Shipping NV in the Global Reefers service led the Star Best operations to the port.

“We are thrilled to support, in a meaningful way, the commercial interests of our partners and customers in providing the U.S. and Canadian consumer with the freshest available fruit for the new year,” said Eric Casey, CEO of GT USA Wilmington.

About Global Reefers

In October 2013, Seatrade, the world largest specialized refrigerated ship owner/operator as well as leader in specialized reefer logistics, and Pacific Seaways, Chile’s most important shipping group created and managed by fruit growers and exporters, joined forces to establish Global Reefers NV. Global Reefers was created to offer the industry the most efficient specialized reefer and container liner service from Chile to the world. Pacific Seaways and Seatrade have had business relationships spanning over 20 years. The new company, based in Valparaíso, Chile strengthens their common goal of ensuring “reliable, fast, direct and dedicated reefer shipping logistics towards the future.”

About GT USA

GT USA is the U.S. division of Gulftainer, the world’s largest privately-owned independent port operator and logistics company with operations and business interests in the Middle East, the Mediterranean, Brazil and the United States. GT’s presence in North America expanded in 2018 with the signing of a 50-year concession agreement with the state of Delaware to manage and operate the Port of Wilmington, a deep-water port and marine terminal serving the Eastern Seaboard. The company’s first venture into the U.S. came in 2014 with the signing of a 35-year agreement to operate Canaveral Cargo Terminal, a multi-purpose cargo and container terminal in Florida.  For more information, visit www.gulftainer.com/US

Source: Port of Wilmington