Global Blueberry Extract MarketGrowing Demand for Dietary Supplement and Nutraceutical Products, Rising Aging Population, and Increasing Demand for Organic Blueberry Extract, Are the Various Factors Driving the Market.
Global Blueberry Extract Market size is estimated to reach $394.92 million by 2026 and is poised to grow at a CAGR of 10.09% during the forecast period 2021-2026. Blueberries are a North American fruit that has multiple health benefits. It has been used since ancient times as a medicine for various diseases and disorders like cataracts, urinary tract infections, diarrhea, and others. Blueberries are often consumed as fruits as well as in extract form. Blueberry extract has applications in various industries such as pharmaceuticals, food and beverage industries, nutritional supplements, and others. Owing to these factors, growing health concern among consumers is estimated to drive the demand for blueberry extract market, which in turn, is enhancing the growth of market. Blueberry possesses different chemicals like anthocyanins, polyphenols, and others that are responsible for many health benefits. It is estimated that the high antioxidant content in blueberry extract is driving the growth of sales in the cosmetic and skincare industry as well. These are the factors that are estimated to boost the blueberry extract market growth during the forecast period 2021-2026.
Global Blueberry Extract Market Segment Analysis - By Form
The global Blueberry Extract Market based on form can be further segmented into Liquid, Powder, and Pills. The protein powder segment registered for the highest revenue in 2020. This is owing to the increasing manufacturers preference towards the production of blueberry extracts in a liquid form owing to the ease of industrial product formulation. Further, the liquid form of blueberry extract is widely used in production of various foods and beverage items, as well as nutraceuticals to grant taste and flavor, in addition to the nutritional benefits. The powder segment is estimated to be the fastest-growing segment with a CAGR of 10.67% during the forecast period 2021-2026. This is owing to its increasing usage for various health benefits offered by the blueberry extract powder.
Global Blueberry Extract Market Segment Analysis - By Application
The global Blueberry Extract Market based on Application can be further segmented into Pharmaceutical, Food & Beverage, Nutraceutical, and others. The Food & Beverage segment registers for the highest market share in 2020. The food and beverage manufacturers are turning their focus on blueberry extracts products owing to the growing awareness regarding their nutritional benefits, leading to an increase in their demand all over the globe. The Nutraceutical segment is estimated to be the fastest-growing segment owing to inherent nutritional profile of blueberry extract.
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Global Blueberry Extract Market Segment Analysis - By Geography
The global Blueberry Extract Market based on Geography can be further segmented into North America, Asia-Pacific, Europe, and the Rest of the World. North America held the largest share of 34.4% in 2020. The health benefits associated with the increased consumption of organic products and the increasing demand of blueberry extract from the food industry is driving the demand for blueberry extract in this region. Asia-Pacific is estimated to be the fastest-growing segment. The growing awareness among consumers regarding healthy and natural products is driving the demand for blueberry extract in the region.
Global Blueberry Extract Market Drivers
Rising demand for organic blueberries
The growing demand for dietary supplement and nutraceutical products, rising aging population, and increasing demand for organic blueberry extract, are the various factors driving the market. The demand for organic blueberry extract is growing at a steady pace owing to consumer preference for organic fruits. Blueberry extract has rich phytochemical properties and is high in antioxidants, making it ideal for the pharmaceutical and supplement industries. In addition, organic blueberry extract is used for cognitive health and immunity. These factors are estimated to boost the market during the forecast period 2021-2026.
Growing awareness about benefits associated with blueberry extracts
Blueberry extract is well-known for its rich nutritional profile and rich source of antioxidants and beneficial plant compounds, such as flavanols, anthocyanins, and other vital nutrients. Food and nutritional supplement manufacturers are shifting their focus to blueberry extract products owing to the growing awareness regarding their nutritional benefits, which is leading to an increase in their demand across the globe.
Global Blueberry Extract Market Challenges
No standard dosage for consumption of blueberry extracts
The usage of blueberry extracts coupled with other medications is harmful, which is restraining the global blueberry extract market. As blueberry extract lowers blood sugar levels, consumers taking diabetes medications prefer to use caution when using a blueberry extract supplement. Moreover, there is no standard dosage for consumption of blueberry extract, which is estimated to restrict the market growth during the forecast period 2021-2026.
Global Blueberry Extract Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Global Blueberry Extract Market. Key companies of this market Bio Botanica, Nutragreen Biotechnology, INI Farms, Berrico, FutureCeuticals, Inc., Carrubba Inc., Life Extension, HerboNutra, Naturalin, Mazza Innovation, and Shaanxi Guanjie Technology Co., Ltd.
Acquisitions/Product Launches:
In June 2020, Blueberries Medical Corp. has announced a collaboration with Medcann to develop, and produce blueberry cannabis extracts.
In February 2020, The Van Drunen Family of companies has announced partnership with Folium company. This partnership helped folium to increase its sales in food & beverage, and supplements category.
In September 2019, INI Farms announced a joint venture with Munger Farms to create a global-value-chain for blueberry extracts in India.
Key Takeaways
Geographically, North America is poised to see extraordinary development owing to the increasing demand of blueberry extract from the food industry in the region and is set to continue during the forecast period 2021-2026.
Based on Form, liquid segment is gaining demand owing to the increasing manufacturers preference towards the production of blueberry extracts in a liquid form.
There is no standard dosage for consumption of blueberry extract, which is estimated to restrict the market growth during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Global Blueberry Extract Market report.
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