The scope of our recent study, titled "Maqui Berries Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Form, Category, and Application," includes the description of factors fueling the maqui berries market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with market share analysis.
The maqui berries market is expected to grow from US$ 33.76 million in 2022 to US$ 83.70 million by 2030; it is expected to record a CAGR of 12.0% from 2022 to 2030.
Chile is one of the largest producers of maqui berries. Maqui berries are native to the Patagonia region of Chile and are highly consumed by the locals. Chile is also one of the largest exporters of maqui berries globally. The high importance of the health benefits of maqui berries among Chilean consumers is driving maqui berries market growth. Moreover, these companies are focusing on expanding their operations across different geographies to cater to a large number of consumers and create awareness about their local produce. This factor is expected to open attractive opportunities in the market over the forecast period.
Based on form, the maqui berries market is segmented into fresh and processed. The processed segment held a significant market share in 2022; however, the fresh segment is projected to register the highest CAGR during the forecast period due to its shopping and product delivery convenience. Maqui berry is a wild fruit that grows mainly in South American countries such as Chile and Argentina. It is mainly harvested in the Patagonia region of Chile. It has multiple health benefits, owing to which it is regarded as a superfruit. It contains antioxidants, especially anthocyanins, that reduce the risk of diabetes, cancer, heart disease, and other chronic diseases. The dark purple color of the berries is because of the anthocyanin content. Maqui berries also support eye health due to the presence of beneficial antioxidants. The increasing awareness regarding the health benefits of maqui berries is driving its consumption among people.
Based on geography, the maqui berries market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). North America accounted for the largest share of the market. Maqui berries are in high demand across the nutraceuticals sector in North America. Manufacturers of nutraceuticals and dietary supplements include maqui berries and extracts as one of the active ingredients in their products due to the associated health benefits such as regulating blood sugar levels, neutralizing free radical activities, boosting immunity, and strengthening bones and joints. In January 2022, CK Nutraceuticals, a supplier of natural ingredients for food & beverages and nutraceuticals industries, signed a distribution agreement with Maqui New Life, a manufacturer of maqui berry-derived delphinol, to distribute MaquiBright, a standardized maqui berry extract, to its customer base within the North American nutraceuticals sector. Thus, the upsurging demand for maqui berries in the pharmaceuticals & nutraceuticals industry in North America drives the maqui berries market growth in the region.
Impact of COVID-19 Pandemic on Maqui Berries Market
Many businesses recovered as the governments of various countries eased the restrictions after the initial months of lockdown in 2020. The introduction of the COVID-19 vaccine offered further relief from the distressing pandemic situation, leading to a rise in business activities. The resumption of operations in the manufacturing units positively impacted the maqui berries market in the globe. Manufacturers overcame the demand and supply gap as they were permitted to operate at total capacity. Moreover, the strategic initiatives adopted by the key players fuels the demand for the maqui berries. For instance, in August 2023, Canada-based CK Nutraceuticals has extended its North American distribution agreement with Chile-based Maqui New Life for the promotion and distribution of the Maqui berry-derived Delphinol and MaquiBright ingredients.
The report segments the maqui berries market as follows:
The maqui berries market is segmented into form, category, and application. Based on form, the market is segmented into fresh and processed. Based on category, the global maqui berries market is categorized into organic and conventional. Based on application, the market is segmented into functional food and beverages, pharmaceuticals and nutraceuticals, personal care and cosmetics, and animal nutrition. By geography, the maqui berries market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
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