The global blueberry market is forecasted to reach USD 4.5 billion by 2024 growing at a CAGR of 6.7% during the forecast period (2019
NEW YORK, Sept. 11, 2019 /PRNewswire/ --
Market Overview
The global blueberry market is forecasted to reach USD 4.5 billion by 2024 growing at a CAGR of 6.7% during the forecast period (2019 - 2024).
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- About half of the blueberries produced are utilized for processed ingredients, such as purees, concentrates, juices, and dried blueberries, which will continue to support the market growth in the upcoming years. Increase in the production of blueberries in recent years has minimized the demand-supply gap.
- However, the supply of blueberries is still limited, which affects the market growth, especially in the Asia-Pacific and African region. The growing demand for dried blueberry in the breakfast cereal and frozen dessert industries has triggered the growth of the market studied. The growing demand for fresh blueberries is globally affecting the supply of processed blueberries. In recent years, the demand for fresh blueberries has increased globally, especially in the European Union.
Scope of the Report
The scope of the blueberry ingredient market includes frozen blueberry, dried blueberry, blueberry juice concentrate, blueberry puree and others. Dried blueberries are sweet, chewy, and delicious, and are mainly available in Native America and First Nations in Canada. By application, the market is segmented as Pharmaceutical, Food and Beverage and Nutraceutical/Dietary Supplement.
Key Market Trends
Increased Trend of Healthy Snacking
Blueberries are among the most nutrient-dense berries as they are high in fiber, vitamin C, vitamin K, and manganese. Health conscious consumers are preferring blueberry contained food products, as blueberries decrease the risk of obesity, diabetes, heart disease, and overall mortality. Blueberries also promote hair and skin health, increased energy, and overall lower weight, which have triggered the demand for food products containing blueberry ingredients. For instance, according to Agriculture and Agri-food Canada, between 2007 and 2016, 1,007 food products containing blueberry ingredients were launched in Canada. Increasing application of blueberry in healthy snack bars and Greek yoghurt is expected to boost the market growth as the consumers are more preferring these products for healthy snack option, as they are low in fat and contains real fruit bits and is a rich source of calcium and protein.
North America Held the Maximum Share in the Market
The U.S blueberry ingredient market is the major revenue contributor in the North American region. The country continues to grow significantly in terms of production acres and farming and processing efficiencies. Rising public awareness regarding the health benefits attributed to the berry is driving the market's growth. Mexico is one of those exporters of blueberries to Japan, China, Singapore, the Netherlands, Canada, Belgium, Italy, the United Arab Emirates, and Saudi Arabia, however, the United States is the major exporter. The rising demand for healthy eating habits and the inclusion of fruits as a part of daily nutrition is driving the European market.
Competitive Landscape
The global blueberry ingredient market is highly fragmented, with many local and international players competing for market shares. Major players, like Agrana Beteiligungs-ag., Sensient Technologies, Tianjin Jianfeng Natural Product R&D Co ltd, and Futureceuticals, hold a significant position in the global blueberry ingredient market. There are various small and medium local players holding a significant share in the market. Nestlé, Danone, and Kellogg were the top companies to launch products containing blueberry ingredients. Owing to the highly fragmented nature of the market, the major companies hold a share of approximately 7%, in the global market.
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