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.
Rising demand for maqui berries in the pharmaceuticals & nutraceuticals, and food & beverages industries is one of the major factors driving the growth of maqui berries. Anklam Extrakt GmbH, a Germany-based manufacturer of natural extracts and powder, has developed MaquiBright, which is a standardized extract of maqui berries used to support eye health and dry eye problems by naturally restoring the production of tears and reducing oxidative stress in the eyes. The company has also manufactured JustMaqui, a standardized maqui berry juice with high anthocyanin concentration, which can be used as a functional ingredient in milkshakes, smoothies, yogurts, glazing sauces, and cereal bars. The presence of key players of maqui berry powders and extracts operating actively across the globe is expected to open significant growth opportunities in the foreseeable future.
Based on form, the maqui berries market is segmented into fresh and processed. The processed segment is projected to register the largest share during the forecast period. Maqui berries are processed into different forms, such as frozen, dried, and powdered, to increase their shelf-life. Fresh maqui berries are available majorly in South American countries such as Chile and Argentina. However, fresh maqui berries are highly perishable and are exposed to damage during transportation, resulting in wastage and high transportation costs. Therefore, end use industries of maqui berries usually prefer processed berries to reduce wastage and huge transportation costs. These factors significantly drive the market growth for the processed segment. All these factors positively influence the maqui berries market growth for the processed segment.
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. In 2022, North America held the largest market share during the forecast period. However, Europe is a fastest growth region. Maqui berries are witnessing high demand across the personal care sector in Europe due to their high antioxidant content that reduces skin damage, brightens skin tone, and provides antiaging effects. Skin care and personal care product manufacturers are using maqui berries in their products to meet the rising demand for the maqui berry-infused products. For instance, Coos Cosmetics, the Netherlands-based company, offers an antioxidant cream containing the extract of fermented maqui berries. The company claims that the cream provides anti-inflammatory, antiaging, and skin regeneration effects that improve the overall texture, firmness, and quality of the skin. Thus, the rising use of maqui berries or their extracts in personal care products is expected to provide strong potential to the maqui berries market in Europe during the forecast period. The maqui berries market in Europe is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Europe is one of the major importers of berries and fresh fruits. The demand for maqui berries is increasing rapidly across the European Union (EU) countries owing to growing awareness regarding their health benefits. Functional food and beverages with maqui berry extract are becoming popular in Europe due to their unique flavor, vibrant color, and rich nutritional profile. Increasing preference for organic, vegan, clean, GMO-free, and all-natural food and beverages in the region as consumers perceive these products to be healthier than conventional ones is driving the demand for organic maqui berries.
The leading players in the maqui berries market are 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 players are developing various products to address consumers' growing demand.
The size of the maqui berries market has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. Participants of this process include industry experts such as VPs, 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.