Global Blueberry Extract Market - Growth, Trends and Forecast (2018 - 2023)
The global blueberry extract market is anticipated to record a CAGR of 12% from 2018-2023. Blueberry extract has observed an increased demand from the nutraceutical industry, due to its inherent nutritional profile. Blueberry is rich in antioxidants, which makes its extract a preference for companies in supplements and product manufacturing. Blueberry extract has the highest value among its ingredients, due to its costly extraction process and high ingredient cost.
Rising Organic Blueberry Demand
Increased demand for dietary supplement and nutraceutical products, growing aging population, and rising demand for organic blueberry extract, are the various factors driving the market. The United States is the largest market for organic blueberry extract, owing to consumer preference for organic fruits. The trend is growing at a faster rate in Europe as well. Blueberry extract has a rich phytochemical profile and contains high antioxidant content, which makes it ideal for the pharmaceutical and supplement industries. In pharmaceuticals, blueberry extract is used for cognitive health and immunity.
Market segmentation by product types includes liquid, powder, and pill/capsules. Blueberry extract in liquid form holds a significant share in the market, owing to the ease of industrial product formulation, as compared to powder form. Dietary supplement/Nutraceutical, pharmaceutical, and food & beverage are the various industrial applications of blueberry extract. The less strict regulatory requirement for dietary supplement, as compared to the pharmaceutical industry has supported the blueberry extract market growth. A pharmaceutical drug based on blueberry extract requires OTC drug approval, which is not the case with nutraceutical products. The demand of blueberry extract in the food & beverage industry is growing, due to the growing demand for functional food products.
The North American region has the largest share in the blueberry extract market, followed by Europe. The United States dominates the market for blueberry extract, driven by the increased health and wellness consumers and growing demand for organic blueberry extracts. The growing demand of blueberry extract from Asia-Pacific offers a great opportunity to the market growth.
April 2017 - Naturex launched wild blueberry extract that is associated with memory improvement”.
The major players include - FUTURECEUTICALS, BERRICO, NUTRAGREEN BIOTECHNOLOGY CO. LTD, CARRUBA INC., SHAANXI GUANJIE BIO-TECHNOLOGY CO. LTD, LIFE EXTENSION, JF NATURAL, BIO-BOTANICA INC., MAZZA INNOVATION LTD, amongst others.
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