Maqui Berries Market Scope and Analysis by 2030
Maqui Berries Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2022 | US$ 33.76 Million |
Market Size by 2030 | US$ 83.70 Million |
Global CAGR (2022 - 2030) | 12.0% |
Historical Data | 2020-2021 |
Forecast period | 2023-2030 |
Segments Covered |
By Form
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
COVID-19 Impact:
The outbreak of COVID-19 significantly disrupted the agricultural supply chains. Lockdowns, trade bans, and border restrictions hampered the production and supply of raw materials such as fresh and dried maqui berries worldwide. The agricultural yield reduced significantly due to lockdown restrictions, labor shortage, and nationwide business shutdown. Initially, in 2020, consumers started panic buying due to the fear of lockdown which created massive shortage of maqui berries. Moreover, as international trade was banned, the import volume of exotic fruits such as maqui berries also decreased which created supply shortage. This factor also resulted in price hikes, which hampered the sales of various exotic fruits manufacturers operating in the globe.
Many businesses recovered as the governments of various countries eased the restrictions after the initial months of lockdown in 2020. The introduction of the COVID-19 vaccine offered further relief from the distressing pandemic situation, leading to a rise in business activities. The resumption of operations in the manufacturing units positively impacted the maqui berries market in the globe. Manufacturers overcame the demand and supply gap as they were permitted to operate at total capacity. Moreover, the strategic initiatives adopted by the key players fuels the demand for the maqui berries. For instance, in August 2023, Canada-based CK Nutraceuticals has extended its North American distribution agreement with Chile-based Maqui New Life for the promotion and distribution of the Maqui berry-derived Delphinol and MaquiBright ingredients.
Competitive Landscape and Key Companies:
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 are among the prominent players operating in the global maqui berries market. These maqui berries manufacturers offer cutting-edge maqui berry-based products with innovative features to deliver a superior experience to consumers.