The maqui berries market is projected to expand from US$ 33.76 million in 2022 to US$ 83.70 million by 2030, reflecting a compound annual growth rate (CAGR) of 12.0% during this period.
The increasing demand for maqui berries in the pharmaceuticals, nutraceuticals, and food and beverage sectors is a significant factor propelling the market's growth. Anklam Extrakt GmbH, a manufacturer based in Germany specializing in natural extracts and powders, has introduced MaquiBright, a standardized extract of maqui berries aimed at enhancing eye health and alleviating dry eye issues by naturally boosting tear production and minimizing oxidative stress in the eyes. Additionally, the company has launched JustMaqui, a concentrated maqui berry juice rich in anthocyanins, which serves as a functional ingredient in various products such as milkshakes, smoothies, yogurts, glazing sauces, and cereal bars. The active involvement of key players in the production of maqui berry powders and extracts worldwide is anticipated to create substantial growth opportunities in the near future.
In terms of form, the maqui berries market is categorized into fresh and processed varieties. The processed segment is expected to capture the largest market share throughout the forecast period. Maqui berries are transformed into various forms, including frozen, dried, and powdered, to enhance their shelf life. Fresh maqui berries are primarily sourced from South American nations like Chile and Argentina. However, due to their perishable nature and susceptibility to damage during transport, fresh berries often lead to wastage and elevated transportation costs. Consequently, industries utilizing maqui berries tend to favor processed options to mitigate waste and reduce costs. These considerations significantly contribute to the growth of the processed segment within the market.
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Geographically, the maqui berries market is divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2022, North America dominated the market share, while Europe emerged as the fastest-growing region. The personal care industry in Europe is experiencing a surge in demand for maqui berries, attributed to their high antioxidant properties that combat skin damage, enhance skin tone, and offer anti-aging benefits. Manufacturers of skincare and personal care products are increasingly incorporating maqui berries into their formulations to cater to the growing consumer interest in maqui berry-infused products. For example, Coos Cosmetics, a company based in the Netherlands, markets an antioxidant cream featuring fermented maqui berry extract, claiming it provides anti-inflammatory, anti-aging, and skin regeneration benefits that enhance skin texture, firmness, and overall quality. Therefore, the rising incorporation of maqui berries and their extracts in personal care items is likely to present significant growth potential for the maqui berries market in Europe during the forecast period. The European market is further segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Europe stands as a major importer of berries and fresh fruits, with the demand for maqui berries rapidly increasing across EU countries due to heightened awareness of their health advantages. Functional food and beverage products containing maqui berry extract are gaining popularity in Europe, thanks to their distinctive flavor, vibrant color, and rich nutritional content. The growing consumer preference for organic, vegan, clean, GMO-free, and all-natural food and beverages is also driving the demand for organic maqui berries, as these products are perceived to be healthier than conventional alternatives.
Key players in the maqui berries market include HP Ingredients Corp, Shaanxi LonierHerb Bio-Technology Co Ltd, Rainforest Supply LLC, CK Ingredients Inc, Jeeva Organic Pvt Ltd, Ferreiro & Co Inc, Abbott Blackstone Co, Vita Forte Inc, Nature's Power Nutraceuticals Corp, and Xi'an Herb Bio-Tech Co Ltd. These companies are actively developing a range of products to meet the increasing consumer demand.
The market size for maqui berries has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Furthermore, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in the maqui berries market.