by Blueberries are known for their rich antioxidant compounds like anthocyanins, which provide various health benefits. Blueberry ingredients like concentrates, juices, and powders are obtained from processing whole blueberries. These ingredients find applications in various food and beverage products to impart a characteristic blueberry flavor as well as nutritional value. The increasing health-consciousness among consumers has augmented the demand for functional foods with perceived benefits. Blueberry ingredients are commonly added to cereals, snacks, dairy products, bars, and beverages to enhance their nutrient profile. Many consumers choose products with natural blueberry ingredients over artificial flavors.
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 key trends:
The rising awareness about the health advantages of consuming blueberries has spurred the interest of research and development teams in this market. Many new product innovations focused on enhancing or delivering blueberry’s functional properties are expected to launch over the coming years. For instance, companies are engaged in developing value-added ingredients like blueberry fiber powder which can be incorporated into bakery items like muffins for additional nutritional value. Another key trend is the utilization of non-GMO blueberry ingredients by majority of manufacturers due to shifting consumer preferences towards clean label products. Standardization of protocols for testing antioxidant levels in blueberry products is also anticipated to benefit all stakeholders.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the blueberry ingredients industry requires substantial R&D investments and manufacturing infrastructure. However, the growing demand provides opportunities.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes. Buyers can switch between blueberry and other fruit ingredients easily based on price variations.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as blueberry production is consolidated among a few countries and companies. However, suppliers still have some control over prices.
Threat of new substitutes: The threat of substitutes is high as other fruit ingredients such as cranberry, raspberry, and blackberry can replace blueberry ingredients in various applications.
Competitive rivalry: The competitive rivalry is high due to the presence of many global players offering similar product portfolios. Companies strive to differentiate through innovation.
Key Takeaways
The global blueberry ingredients market is expected to witness high growth over the forecast period. The market is driven by factors such as increased health awareness, growth of functional foods industry and versatility in applications. 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.
Regional analysis: North America dominates the global blueberry ingredients market and is expected to continue its lead over the forecast period. This is attributed to increased consumption of blueberries and growing demand for plant-based ingredients in the region. Europe is also a major market driven by demand from Germany, UK, and Italy. Asia Pacific is expected to be the fastest growing region with developing countries like India and China presenting lucrative opportunities.
Key players: 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. Players strategy for growth involves expansions, acquisitions, partnerships, and new product launches. For example, Futureceuticals launched antioxidant complex powder from wild blueberry.
