Blueberry ingredients are extracts obtained from blueberries that are used as flavors, colors, and nutritional supplements in food and beverages products. Blueberries are a rich source of antioxidants like anthocyanins and other polyphenols that help manage chronic diseases and provide several health benefits. The blueberry ingredients offer advantages like natural colors and flavors, along with nutritional and functional properties. The increasing demand for plant-based healthy ingredients in functional beverages is driving the growth of the blueberry ingredients market.
The global blueberry ingredients market is estimated to be valued at US$ 2,227.4 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing health consciousness among consumers and rising demand for functional beverages provides lucrative growth opportunities for blueberry ingredients. Blueberry extracts offer various health benefits like improved heart health, anti-aging properties, enhanced brain function, and boosted immunity. They can be used to develop innovative functional beverages with nutritional and wellness attributes. The unique flavors and antioxidant-rich composition make blueberry extracts suitable for developing herbal teas, energy drinks, probiotic drinks and other health drinks. The stabilizing and natural coloring properties further support beverage formulations. The opportunity in functional beverages is driving increased application of blueberry ingredients in the beverage industry.
Porter's Analysis
Threat of new entrants: The blueberry ingredients market is moderately difficult to enter due to requirements for specialized equipment, established relationships with suppliers and buyers, and technical expertise.
Bargaining power of buyers: Buyers in the blueberry ingredients market have moderate bargaining power due to the availability of substitutes and undifferentiated products offered by competitors.
Bargaining power of suppliers: Suppliers of blueberries have moderate bargaining power due to their specialty nature and limited number of suppliers that can meet the standards required for food grade blueberries.
Threat of new substitutes: The threat of substitutes is moderate as other fruits such as cranberries can be used in similar applications as blueberries.
Competitive rivalry: The competitive rivalry in the market is high due to many companies offering similar products.
SWOT Analysis
Strengths: Blueberries have strong antioxidant properties and are considered a superfood. The bright blue color also allows for appetizing product formulations.
Weaknesses: Blueberry crops are vulnerable to weather and pests. Price competition can reduce profit margins.
Opportunities: Growth in demand for natural ingredients is driving new product development. Emerging markets offer substantial growth potential.
Threats: Volatility in berry prices impacts raw material costs. Stringent food safety regulations increase compliance costs.
Key Takeaways
The global blueberry ingredients market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to be USD 2,277.4 Mn, growing at a CAGR of 7.3% thereafter.
Regional analysis indicates that North America currently dominates the market, accounting for over 30% share globally. This is attributed to heavy production and consumption of blueberries in the US and Canada. Europe follows in second position, driven by heightened health awareness among consumers in Western nations. Meanwhile, Asia Pacific is emerging as the fastest growing regional market for blueberry ingredients, with China and India recognized as key growth markets.
Key players operating in the blueberry ingredients market are Ingredion Incorporated, AGRANA Beteiligungs-AG, 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. These leading companies are focusing on new product developments and capacity expansions to strengthen their foothold in the industry.
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