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Maqui Berries Market Size, Share, Trends, Growth, Outlook 2024-2033
Maqui Berries Market Size
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According to The Business Research Company's, The maqui berries market size has grown rapidly in recent years. It will grow from $22.18 billion in 2023 to $24.44 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to the growing population, expansion of distribution networks, rising demand for clean-label products, support for immune health, and consumer education initiatives.
The maqui berries market size is expected to see rapid growth in the next few years. It will grow to $36.21 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to the increasing popularity of functional foods, growth in the functional beverage, growing trend of vegan and vegetarian diets, shift towards preventive healthcare practices, and growing investment in research and development. Major trends in the forecast period include a growing focus on anti-aging solutions, advancements in agricultural practices, innovations in food processing technologies, integration into gourmet cuisine, and integration into beauty and skincare products.
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Market Drivers and Trends:
The rapidly growing cosmetic industry is expected to propel the growth of the maqui berries market going forward. The cosmetic industry refers to the sector focused on the development, production, and marketing of beauty and personal care products. The growth of the cosmetic industry is attributed to increasing consumer demand for personal care products, rising beauty consciousness, and advancements in product formulations. Maqui berries are incorporated into cosmetics for their potent antioxidant properties, which aid in neutralizing free radicals, reducing signs of aging, and enhancing overall skin vitality. For instance, in July 2022, according to a report published by the International Trade Administration, a US-based Department of Commerce that promotes exports of nonagricultural U.S. goods and services, in 2021, the Canadian cosmetics market generated around USD 1.24 billion, with projected annual growth of 1.45% expected to elevate revenue to USD 1.8 billion by 2024. Therefore, the rapidly growing cosmetic industry is driving the growth of maqui berries market.
Major companies operating in the maqui berries market are focusing on introducing innovative products such as soft-gel capsules for convenient consumption. Soft-gel capsules refer to a type of oral dosage form that encases liquid or semi-liquid substances in a gelatin-based shell, commonly used for vitamins, supplements, and medications. For instance, in March 2023, NovaBay Pharmaceuticals Inc., a US-based pharmaceutical company, launched the OTC Avenova Eye Health Support oral supplement. Avenova Eye Health Support is an antioxidant-rich oral supplement that combines MaquiBright maqui berry extract and high-quality omega-3 oils to alleviate dry eyes and support overall eye health.
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Major Key Players of the Market:
Evonik Industries AG, NOW FOODS PRIVATE LIMITED, Life Extension Foundation Buyers Club Inc., Mountain Rose Inc., Sunfood Corporation, Terrasoul Superfoods, Navitas LLC, Vitapia, CK Ingredients Inc., Bayas d el Sur SA, Seventhills Wholefoods Ltd., Paradise Herbs & Essentials Inc., Jeeva Organic Private Limited, HP Ingredients Corp., Keva Kaipo Industries Pvt Ltd., Rainforest Supply LLC, Vita Forte Inc., Food to Live, Noomadic Herbals, Koyah, Fitness Health, SB Organics, Vivid Health Nutrition, SouthAm Freeze Dry
Maqui Berries Market 2024 Key Insights:
• The maqui berries market size is expected to see rapid growth in the next few years. It will grow to $36.21 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Growth Of The Cosmetic Industry Driving The Expansion Of The Maqui Berries Market
• Introduction Of Innovative Soft-Gel Capsules In The Maqui Berries Market
• North America was the largest region in the maqui berries market in 2023
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