Parsnip Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Parsnip Market Overview

The Global Parsnip Market reached USD 760.1 million in 2022 and is expected to reach USD 1056.3 million by 2030, growing with a CAGR of 4.2% during the forecast period 2023-2030.

Increasing consumer awareness of health and nutrition led to a growing demand for vegetables like parsnips, which are considered nutritious due to their high fiber and vitamin content.  In July 2021, James May introduced asian parsnip gin. Along with the essential juniper, the gin also contains parsnips, lemon peel, lime, and numerous Asian-inspired flavors.

Increasing interest in plant-based diets and flexitarianism has driven greater demand for various vegetables, including parsnips. Parsnips' versatility and suitability for plant-based recipes have made them a preferred choice among consumers seeking healthier and sustainable dietary options. As consumers seek healthier and sustainable food options, parsnips have found favor for their adaptability in plant-centered dishes, contributing to their rising demand in the market.

Food and Beverages hold the dominant share in the parsnip market due to its culinary versatility. Europe commands the largest share of the parsnip market due to its cultural significance. Parsnips are versatile and used in various European dishes, like stews, soups, roasts, and purees. Frederick Hiam made a £2.5 million investment in Brandon Vegetable Factory in June 2023. Frederick Hiam has updated its factory in Brandon with a new trimming line that will process roughly 15-20% of the UK's parsnip production.

Parsnip Market Scope and ummary

Parsnip Market Dynamics and Trends

Increasing Consumer Awareness of Health Benefits

Parsnips are a nutritionally valuable vegetable, with each one-cup (133 grams) serving offering 100 calories, 24 grams of carbohydrates, 1.5 grams of protein, and significant percentages of key vitamins and minerals. This includes 25% of the Reference Daily Intake (RDI) for Vitamin C, 25% for Vitamin K, 22% for Folate, and 7% for Vitamin B6. These nutrient-packed qualities make parsnips a highly nutritious dietary choice.

The rise of veganism and plant-based diets has elevated the popularity of parsnips, as they align perfectly with these dietary choices. Parsnips, being plant-based, are valued for their nutrition, making them an excellent addition to meals. Their rich nutritional profile, including vitamins, minerals, fiber, and antioxidants, contributes to overall health and drives global market growth.

Culinary Trends and Food Innovations

Consumers are increasingly seeking diverse and flavorful ingredients for their meals. Parsnips, known for their unique sweet and nutty flavor, are gaining popularity among chefs and home cooks alike. This distinct taste profile enhances the overall flavor of a variety of dishes, making parsnips an attractive culinary choice. Their versatility in the kitchen allows for creative and satisfying meal preparations. As a result, parsnips are becoming a sought-after ingredient in modern cuisine.

Food manufacturers are developing innovative parsnip-based products such as parsnip chips, snacks, and pre-packaged parsnip dishes. In November 2022, Brakes launched a new line of frozen soups under its Sysco Classic brand. Four other varieties are offered, including Spiced Winter Vegetable Soup, which combines potatoes, carrots, onions, and parsnips with notes of maple syrup, coconut, thyme, and cinnamon. This rising product launch by manufacturers due to the growing demand from the food industry is driving the parsnips market growth.

Consumer Preferences For Other Root Vegetables

Consumer preferences for vegetables like carrots, potatoes, and broccoli pose a challenge to parsnips in gaining market share. These familiar and favored vegetables have already secured their place in consumer diets and recipes. As a result, parsnips face stiff competition in trying to break into established culinary preferences and habits.

Parsnips are a seasonal crop, available only at specific times of the year. This seasonality restricts year-round production and sales. Seasonal fluctuations can influence pricing and consumer access to this root vegetable, making it less accessible outside of its peak season.

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Parsnip Market Segment Analysis

The global parsnip market is segmented based on product, nature, distribution channel, application and region.

Rising Demand for Parnsnips for its Versatility in Culinary Applications

Parsnips are highly versatile in the kitchen, lending themselves to roasting, mashing, and pureeing, and as additions to soups, stews, and casseroles. Their unique mild and subtly sweet flavor enhances a broad spectrum of culinary creations. Parsnips' versatility appeals to both professional chefs and home cooks as a preferred option for enhancing the flavor of their dishes.

Food and beverage manufacturers have introduced a wide range of parsnip-based products, such as parsnip chips, soups, and vegetable blends, and increasing their market presence. In January 2020, So Sweet, a Southland-based vegetable producer, unveiled its Frozen Parsnip Gems, the first ready-to-cook parsnip product of its kind.

Parsnip Market Geographical Penetration

Europe’s Growing Parsnips Production

Parsnips have a long history of cultivation and consumption in European countries. They are part of traditional European cuisine, often used in classic dishes, which contributes to sustained demand. According to Eurostat, in 2020, in the UK, the total production of parsnips was 72 thousand tons.

Parsnips thrive in temperate climates, making them well-suited for European growing conditions. This results in consistent and high-quality parsnip production in the region. European consumers have a preference for root vegetables like parsnips, appreciating their earthy and slightly sweet flavor. This preference drives consumption and market growth.

Parsnip Market Companies

The major global players include Alfred G Pearce Ltd., RRW Bartlett, Yora, Terra Canis, Strawson Ltd, GESA Gemüsesaft GmbH, Baxters, Lemonconcentrate S.L.U, BCFoods and Hearthy Foods

COVID-19 Impact on Parsnip Market

COVID Impact on Parsnip Market

With more people staying at home, there was a surge in home cooking and baking. This has led to increased demand for fresh ingredients, including parsnips, as consumers experimented with new recipes. The pandemic heightened awareness of the importance of a healthy diet. Parsnips, known for their nutritional value, may have gained popularity as consumers sought out wholesome, nutrient-rich foods.

However, lockdowns, restrictions on movement, and disruptions in transportation networks affected the supply chain for many agricultural products, including parsnips. This resulted in logistical challenges and delays in getting parsnips to market. The closure of restaurants, hotels, and catering services during lockdowns significantly reduced demand for parsnips in the food service sector, impacting sales.

Russia- Ukraine War Impact

The conflict disrupted transportation routes, logistics, and trade relations in the region, it affected the supply chain for various agricultural products, including parsnips. Supply interruptions or delays in transportation led to fluctuations in parsnip prices and availability.

Political instability and economic uncertainty affected consumer confidence and purchasing power. Changes in consumer behavior influenced the demand for various food products, including parsnips.

Key Developments

• In February 2023, Smugglers, an ice cream brand launched in Waitrose. The company initially provided two flavors: Vanilla with hidden parsnip and Chocolate with hidden beetroot.
• In August 2022, Tozer launched a Sabre, a new parsnip variety. Sabre has a smooth-skin white finish that discolors notably more slowly than other finishes. The flavorful roots with smooth skin are highly resistant to root canker.
• In September 2020, as part of a significant new national listing, Mash Direct’s great taste award-winning carrot & and parsnip launched into Morrison's.

Why Purchase the Report?

• To visualize the global parsnip market segmentation based on product, nature, distribution channel, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of parsnip market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global parsnip market report would provide approximately 69 tables, 66 figures and 176 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies