Blueberry ingredients are extensively utilized as natural ingredients in food and beverages manufacturing owing to their high nutritional profile and various health benefits. Blueberries contain very high levels of antioxidants like anthocyanins, vitamins, and fiber that offer numerous health advantages like reduced risk of heart disease and diabetes, enhanced brain function, and improved eye health. Rising awareness about the health benefits of blueberries among consumers is fueling the demand for blueberry ingredients in various food products such as smoothies, yogurts, cereals, and bakery products.
The global blueberry ingredients market is estimated to be valued at US$ 2,227.4 million in 2023 and is expected to exhibit a CAGR of 7.30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The growing demand for functional and healthy food and beverages offers potential opportunity for increased utilization of blueberry ingredients in various product formulations. Manufacturers are increasingly focusing on incorporating high-value fruits like blueberries in their products to offer associated wellness benefits to health-conscious customers. The nutritional and antioxidant properties of blueberry ingredients provide functional benefits that enhance product attributes. Hence, the demand for new product launches with blueberry ingredients is expected to rise significantly over the forecast period among food and beverage producers targeting the growing healthy consumers base. This will augment the overall growth of the blueberry ingredients market.
Porter's Analysis
Threat of new entrants: The blueberry ingredients market has moderate threat of new entrants due to the required capital investments and established distribution channels of existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but demand for blueberry ingredients is increasing.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives and established suppliers play in the market.
Threat of new substitutes: Threat from substitutes is moderate as demand is shifting towards natural ingredients.
Competitive rivalry: The market has high competitive rivalry between established players.
SWOT Analysis
Strength: Increasing demand for natural ingredients, various health benefits of blueberry.
Weakness: Seasonal availability, vulnerable to climate changes, price fluctuations.
Opportunity: Growing food processing industry, innovations in encapsulation technology, rising health-conscious population.
Threats: Stringent government regulations, threat from substitutes like acai, cranberry etc.
Key Takeaways
The global blueberry ingredients market is expected to witness high growth during the forecast period of 2023-2030. The global blueberry ingredients market is estimated to be valued at US$ 2,2277.4 million in 2023 and is expected to exhibit a CAGR of 7.30% over the forecast period 2023-2030.
North America dominates the market with the largest share due to increasing cultivation and production of blueberries in the region majorly in the US and Canada. Regional analysis related content: North America accounts for the largest share in the global blueberry ingredients market majorly driven by the US and Canada. Both countries are the largest producers and exporters of blueberries worldwide. The Asia Pacific blueberry ingredients market is expected to grow at the fastest rate during the forecast period supported by rising health-conscious population and increasing awareness.
Key players operating in the blueberry ingredients market are Ingredion Incorporated, Dohler GmbH, Sensient Technologies Corporation, Tianjin Jianfeng Natural Product R&D Co. Ltd, Givaudan SA, FutureCeuticals, Scenic Fruit Company, Atlantic Blueberry Company Inc., and Jasper Wyman & Son Inc.
Key players operating in the blueberry ingredients market are focusing on new product launches, expansions and mergers & acquisitions to strengthen their global presence. For instance, in 2020, Dohler acquired Ingredient Solutions, a leading supplier of natural fruit ingredients to expand its product portfolio in North America.
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