Apricot Prices Explained

Apricot prices registered modest trends as supply and quality failed to meet the global market expectations. Stocks going down make way for replenishment, however, the high yield appearance reduces its prices. Most regions reported good output but the fruit’s quality is freckled due to rainfall.

Why are apricot prices fluctuating?

1. Weather Conditions

The country supports the world’s dried apricot production and has slowly recovered from the devastating earthquake last year. However, unfavorable weather conditions dominate in Malatya region (the world’s apricot capital). 80% of Turkish apricot production is concentrated here and the bad weather affected the region’s yield, reducing export quality.

On the brighter side, Hungary’s apricot sector readies for a recovered production sector as warmer spring weather and fewer days with sub-zero temperatures point to a normal harvest for the country.

2. Uzbekistan Exports

Uzbekistan gears for its harvest as the country enjoys fruitful yields and will likely export 40,000 tons of fresh apricots this year. Additionally, Tajikistan (Uzbekistan’s neighboring country) is blessed with good weather, making a record harvest this year. Thus, these countries’ healthy production will greatly offset their demand and affect apricot prices in the market.

3. Russian Economic Problems

The war between Russia and Ukraine fueled the West to impose product sanctions on the former. Additionally, Russia’s exit from the Black Sea Grain deal made trading ties even more difficult. The country finds its alternative economic option in Central Asia, simultaneously exchanging trading goods and services.

Furthermore, Russia’s war led to the decrease of its population income prompting its citizens to look for cheaper products such as fresh apricots and dried apricots. Overall, this demand will openly influence apricot prices shortly.

4. Market Trends

Market analysts expect it to reach $ 73.5 billion by 2028, exhibiting a growth rate (CAGR) of 7%. This growth comes from the rising awareness among consumers about the high nutritional value and associated health benefits of apricots.

Moreover, rising disposable incomes and the growing preferences for packaged food products set the demand for premium apricots, thus impacting their prices. Presently, the top producers of apricots are Turkey, Uzbekistan, Iran, Algeria, and Italy.

5. Trade

International trade plays a crucial role in apricot prices since most of its producing countries are associated with geopolitical tensions.

Additionally, the strengthening relationship between the Central Asian countries and Russia will likely limit its production on a large scale as export tariffs and transportation fees are significantly more reasonable than selling this commodity in other countries. Overall, these compounding factors largely determine the fluctuating apricot prices.

Which variables impact the price of apricot?

• Recovering Turkey
• Uzbekistan Exports
• Russian Economic Problems
• Market Trends
• Trade
• Health Preferences

Where does apricot come from?

From its humble origins in the mountainous regions of Central Asia to its widespread cultivation across the globe, apricot adorns landscapes with their vibrant blooms in early spring. Here is the growing process of apricot:

1. Site Selection – The selection of an appropriate planting site is crucial for the successful cultivation of apricots as they thrive in warm, temperate climates with well-drained soil and ample sunshine. Additionally, they prefer locations with minimal frost risk as it damages developing blossoms and reduces fruit yield.

2. Soil Preparation – Apricot trees require rich, loamy soil with a pH between 6.0 and 7.5. Moreover, its preparation involves several steps such as deep tilling to loosen and freshen the soil, and incorporating organic matter such as compost or manure to improve nutrient content and drainage.

3. Planting – They are propagated from seeds or grafted rootstock. Seed-grown apricots typically take longer to bear fruit, while grafted trees often produce fruit within three to five years of planting. Additionally, its planting time starts in early spring or late fall when the soil is cool but moist.

4. Nurturing and Care – Apricot trees require regular irrigation, especially during the first few years of growth and during dry periods. Also, fertilization is essential as it provides the tree with important nutrients for healthy growth and fruit production.

Furthermore, pruning is crucial in apricot tree care as it shapes the tree’s canopy, promotes airflow, and encourages fruit production. Additionally, regular monitoring for signs of infestation is essential.

5. Harvesting – Generally, apricot harvest is in the summer months when the fruits reach their peak ripeness. However, its harvest timing depends on the variety and the local climate. Apricots are ready to harvest when they soften slightly, develop a golden hue, and release a sweet aroma.

In its freshest form, the apricot is a delightful treat with its sweet flesh bursting with flavor. Once dried, it’s a treasure of vitamins, minerals, and fiber, making it a nourishing and wholesome snack. Additionally, apricots have a special place in making desserts. Their sweet flavor and versatile texture find various applications in apricot jams, preserves, and compotes.

They add a touch of sweetness and sophistication to breakfasts and pastries. Apricot pies are common in Turkey, Uzbekistan, and Tajikistan. Furthermore, savory dishes welcome the apricot’s role in the kitchen.

Apricot chutneys, with their tangy sweetness and hint of spice, complement curries and grilled meats. Apricot glazes, infused with the fruit’s essence, lend a touch of sweetness and complexity to roasted vegetables and poultry.

What is the future price of apricot?

The global apricot market witnesses a steady market demand due to the rising consumer demand for healthier food options. Additionally, it’s a reasonable option for berries and grapes. Its nutrient-dense properties make a good premise for further organic-based medication that is helpful in the medical field.

Furthermore, increasing demand for apricot oil from the cosmetics industry, particularly in India, the United States, Germany, and France holds a significant contribution in its rising export volumes. The commodity’s high-quality essential oil is useful in soothing skin dryness, inflammation, and acne.

Also, its role in culinary applications, such as dried fruits, marmalade, fruit jellies, juices, and liqueurs drives its market growth. Overall, the rough price estimate for apricot in 2030 will be around $2,800 to $3,200 per metric ton.