Asparagus Market Size

Asparagus Market Analysis

The Asparagus Market size is estimated at USD 33.70 billion in 2024, and is expected to reach USD 40.79 billion by 2029, growing at a CAGR of 3.89% during the forecast period (2024-2029).

• Asparagus is a vegetable that belongs to the Asparagaceae family. There are more than 200 species within this plant family. Some species are grown as ornamental plants, and florists use others in corsages and arrangements. Asparagus is low in calories and a great source of nutrients, including folate, vitamins A, C, and K, and fiber.
• Additionally, asparagus provides many potential health benefits, including improved digestion, weight loss, lower blood pressure, and healthy pregnancy outcomes. It is one of the very few perennial vegetables that grow back year after year. It is an early-season crop that contributes to part-time and small-scale farming operations. Asparagus grows in temperate or subtropical climates in soils that are not too acidic. Thailand, Mexico, China, Peru, and Germany are the countries growing most of the world's asparagus.
• Furthermore, asparagus is actively sought by major companies as a key ingredient in soups on account of its nutritional properties and palatable taste. As a vegetable, asparagus is quite popular in preparing ready-to-eat foods, and asparagus is grated and mixed with other food products, such as mixed vegetables. Increasing demand for asparagus in fresh food products such as brine and pickled asparagus is likely to boost the revenue growth of the market studied.
• Moreover, government initiatives and increasing partnerships between significant producers in the market are projected to propel the market growth over the forecast period. For instance, in 2020, Applewood Fresh Growers LLC partnered with New Era's American Asparagus to offer fresh Michigan asparagus and its apples. Michigan is now the giant asparagus-growing region in the United States.