Stone Fruits Market Digest w18

Weekly Stone Fruits Market Updates

As we approach summer, we will see a shift towards the stone fruit season, with a focus on key tradable fruits like cherries, apricots, and peaches. According to market analysis there is a notable surge in the popularity of peaches and nectarines across Europe. Projections suggest substantial growth in the stone fruit market, with an anticipated increase of USD 18.05 billion between 2023 and 2028, translating to a compound annual growth rate (CAGR) of 3.77%.

Main Price Movements in the EU

As the season commences, European produce availability is constrained, but we are starting to see stone fruits in Central European markets. Germany stands out as a primary importer of Mediterranean stone fruits within the EU, rendering its wholesale market a rich source of pricing data. Rungis' wholesale market also holds considerable importance in the fresh fruit and vegetable trade. We’re, moreover, pleased to offer entries, featuring Spanish peaches and apricots from trusted suppliers renowned for their excellent quality on the Wikifarmer Marketplace. Insights into the stone fruit market have been gleaned from the expertise of our field professionals, supplemented by data from the German Federal Ministry of Food and Agriculture and the French Market News Network.

The Central European market has experienced a rise in Spanish and Italian cherry supplies, alongside an uptick in apricot shipments of different varieties from these two countries. More stone fruits are also readily available in the market, such as yellow-fleshed peaches from Spain and Turkish yellow-fleshed nectarines. Overall, Spain's improved ripening conditions have led to an increase in the arrival of apricots, peaches, and nectarines. Additional Italian shipments are anticipated to arrive in the coming weeks.

As previously highlighted, the combination of limited availability and subdued demand has paved the way for higher cherry prices, starting at 15-16 euros per kg for Spanish cherries and 25 euros for French ones. However, with upcoming weather changes, demand is projected to increase in the coming weeks, leading to decreased prices. 

Our field experts have recently visited Greek cherry orchards in Central Macedonia, which serve as the primary source of Greek cherry supply. The cherry trees are in full bloom and poised to deliver exceptional produce to the European market, boasting perfect ripening conditions. The first programs have already been finalized, with supply expected to commence mid-May. Furthermore, Greek cherries are projected to enter the market at similarly elevated prices.

Cherries European Market Overview

Primary producers within the European cherry segment include Greece, Italy, Spain, and France, with Spain and Greece leading as exporters, primarily to the EU. Germany stands out as the top importer of cherries within the EU, while Italy and Spain emerge as the largest consumers of fresh cherries. Over the past three years, Greece, Hungary, and Turkey have surpassed Germany, ranking as the fourth, fifth, and sixth biggest cherry producers in Europe. Poland, Italy, and Spain remain the top three cherry producers in the region.

 As per insights from our field experts, the Spanish cherry season is set to commence this week, with initial varieties such as Burlat and Samba hitting the market by mid-May. Expectations point towards this year's normal or potentially above-average volume of cherries. While the definitive quality assessment remains pending, early indications are promising, suggesting a good to excellent quality for the upcoming season.

Cherries are available in various sizes, each targeting distinct market segments. Smaller cherries, typically measuring between 22 to 24mm, are commonly sold in discount retailers, appealing to price-conscious consumers searching for deals. Medium-sized cherries, ranging from 26 to 28mm, are often found in supermarkets and regular retail outlets, meeting the preferences of the average consumer. On the other hand, the largest cherries, 30mm and above, are sought after in the wholesale market, attracting bulk buyers who value their substantial size and flavorful taste.

For context, at the start of the previous season, prices for the largest cherries (30mm+) were approximately €6-7 per kilogram. However, prices are trending higher this year, indicating an upward movement in pricing levels.

Apricot Movements

Europe's apricot production is primarily driven by Spain, Italy, France, and Greece, with this year's total volume expected to match the levels of the previous crop, totaling 523,986 tonnes. However, unseasonably mild winters and spring weather fluctuations have impacted production across the continent. Leading the pack, Italy is forecasted to maintain similar volumes as 2023 but may fall short of its five-year average due to a reduction in planting area. Spain stands out with a significant production increase, particularly in the early Murcia region, partly attributed to recovery from last year's drought. Conversely, France faces challenges from adverse weather and an alternate bearing year, resulting in a projected 29% drop compared to 2023. Greece also expects a slight decline from last year but remains above its five-year average. Overall, European apricot production is estimated to remain steady around 500,000-550,000 tonnes in 2024, albeit below pre-2020 highs.