Maqui Berry Market: Introduction
A recent study published by Transparency Market Research on the maqui berry market includes global industry analysis and opportunity assessment for 2020-2030. The revenue generated from the global maqui berry market was valued at ~US$ 864 Mn in 2020, which is estimated to rise at a CAGR of 9.5%, to cross US$ 2.1 Bn by 2030.
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Rising Global Demand for Functional Foods to Drive Market
The functional beverages industry continues to grow annually at a growth rate of ~9% during the forecast period. Moreover, it is expected that sports, nutritional, and protein drink sales will increase at an accelerated rate during the forecast period. With increased focus toward health and wellness, beverage ingredients play a vital role. Maqui berry beverages are gaining traction in the market, as consumers are preferring nutritional drinks, which are rich in nutrition value without added sugars or other artificial ingredients. Consumers also incline toward beverages that deliver more than just refreshment. Furthermore, there is a lot of innovation in the healthy beverage space with new product launches focused on functional and value added drinks.
e-Commerce Increasing Transparency and Product Penetration
Increasing sales through e-Commerce websites have led to product penetration in the global maqui berry market. Conventional shopping ways are also being used to purchase maqui berries, but factors such as busy life schedules, demand for convenient food products, and ease of purchasing are leading to an increase in online sales. Through e-Commerce websites, consumers have the choice of a wide range of products, and there is also an ease in selecting the best products. Apart from these factors, increasing use of the Internet is also expected to contribute to the increasing demand for maqui berries during the forecast period.
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Increased Demand for RTD/RTE to Fuel Market Growth
Ready-to-eat (RTE) food and ready-to-drink (RTD) beverages sector has been experiencing robust growth due to increasing acceptance by consumers globally. Flavoring for food and beverages and nutritional benefits of exotic fruits are the most appealing and influencing factors, which lead to increased demand for RTE and RTD products worldwide. Consequently, rising demand for RTE and RTD has a direct effect on increasing demand for maqui berries in the global market.
Environmental Changes Affecting Maqui Berry Production— Big Challenge for Market Players
The challenging environmental conditions are pushing food supply toward negative growth, which is widening demand-supply gap and creating issues in the food safety program of various countries. In 2016, frost in Europe and Latin America destroyed a significant portion of crop in Germany, Austria, Croatia, and Slovenia. Severe climatic conditions such as excessive rainfall, extreme hot and cold weather, limited rainfall, and others affect the maqui berry production. However, due to its higher nutritional value, the fruit has caught attention of international consumers assuring a consistent demand even at high price.
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Today customers mainly prefer convenient, safer, refreshing and healthy beverages relatively more that are free of artificial ingredients, calories and caffeine. In addition, surge in demand for green beverages will further witness a surge in the coming years. Moreover, manufacturers operating in the global cold pressed juice market are offering flavors such as green juice with cucumber, coconut water, splash pineapples and leafy greens. The global cold pressed juice market is expected to witness a growth of 7.2% CAGR over the forecast period, 2016-2026.
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Market Dynamics
Use of vegetables and mixed fruits in cold pressed juice will witnesses surge in demand due to growing awareness regarding various benefits for health on consuming such juices. In addition, manufacturing process of cold pressed juice includes application of hydraulic press, due to which nutrients remain preserved. Such factors are further propelling demand for the cold pressed juice market significantly. Moreover, due to growing concerns and awareness regarding health will fuel demand for the cold pressed juice market in the span of next nine years. Additionally, surge in demand for juice made from range of super fruits including Blueberry, Acai, Black Currant, Pomegranate, Baobab, Maqui Berry, Black Currant, Goji and Cranberry is further likely to contribute towards growth of the global cold pressed juice market over the coming years.
Segmentation Analysis
Retail stores are likely to retain dominance and represent the largest distribution channel for cold pressed juice market over the coming years. Mixed fruits & vegetables among various types of produce will witness relatively more preference by consumers globally. Organic among various types of produce will witness relatively more demand as compared to the production of conventional juice in the span of next nine years. Moreover, combined nutrition availed from a mix of vegetables and fruits treads along the health trends globally that impact the choice of consumers globally in the coming years. Such factors are likely to contribute towards growth of the global cold pressed juice market in the coming years.
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Regional Analysis
North America among various regions will account for US$ 311 million by the end of 2024. In addition, the cold pressed juice market in Europe will witness an upsurge in demand over the coming years. The cold pressed juice market will witness a growth of 7% CAGR in the span of next seven years. Whereas, MEA and Latin America will collectively witness modest revenue growth in the coming year. APAC’s revenue contribution is likely to witness slight decline in the span of next seven years.
Leading Players
Leading players operating in the global cold pressed juice market include Evolution Fresh, Inc., Liquiteria LLC., Hain Blueprint, Inc., Juice Generation and Juice Press. Presha Food (Australia), Juice Warrior (UK), Suja Life LLC (US) and RAW Pressery (India).
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