COVID-19 Financial Impact: XploreMR
As forecasted by XploreMR in a recent market study, the global dry onions market is on a positive growth trajectory during the forecast period (2017 - 2022). Dry onions are produced by exposing onions to low levels of heat, which removes all the moisture content present in the onions. The drying process makes these onions suitable for usage in processed and non-processed food products such as sauces, soups, salads, gravies, meats, seafood, etc. The increasing popularity of nutrition-rich, convenience/packaged food products across the world is the primary factor driving market growth. Owing to rising consumer awareness regarding the improved shelf life of dehydrated food products is catalyzing the adoption of dry onions. Furthermore, players are adding dried products to their offerings ready-to-cook food products, which in turn is expected to propel the demand for dry onions.
Rich Nutritional Composition Propelling Demand for Dry Onions
Dry onions are rich in potassium, magnesium, and calcium, and Vitamin C, among others, thus bolstering various health benefits to the consumers with their healthy nutritional composition. Furthermore, dry onions contain very low amounts of calories, fat, and sodium. With rising awareness regarding food consumption, the majority of the people are gradually inclining towards dry onion as an essential ingredient in the food they consume. In addition to consumers, players in the global food processing industry are also using adding dry onions in various foods products. Countries, where fresh onions are seasonal, have to rely on importing them during the off-season, thereby increasing the cost. To counter the unavailability of onions, such nations are finding dry onions an economically effective alternative. Moreover, researchers are finding distinct methodologies to dry the onions while retaining their quality and taste.
China and US Lead Export Race Backed by Ascending Awareness
Rising consumer awareness regarding the extended shelf life of dehydrated foods is propelling the adoption of dry onions among end-users in the developing economies. The rising adoption is also attributed to the pricing of vegetables during off-seasons, availability, and utilization of resources. Owing to increasing awareness in several regions, China and the US will remain the leading exporters of dry onions. Similarly, India is expected to gain traction as a key export-oriented region. The European region will also continue to offer lucrative opportunities to players in the dry onions market through the forecast period.
COVID-19 Impact on Global Dry Onions Market
The COVID-19 pandemic is anticipated to exhibit a dual impact on the dry onions market through the pandemic. The nationwide lockdowns have propelled the demand for ready-to-eat, storable, and processed food products. Backed by high preference among consumers for processed foods, dry onions are expected to receive significant impetus from the processed food segment.
Although travel restrictions and supply chain disruptions will limit the market growth to an extent during the pandemic, the demand from the processed food segment will help the dry onions market mitigate the long-term effects of the COVID-19 crisis.