Red Berries Market Poised to Rake US$ 24.9 Mn by 2026
Red berries are gaining popularity as a natural ingredient, with global demand growing by 1.9% volume in 2016. The all-pervasive, ‘health and wellness’ trend will continue to influence demand positively, as global revenues are expected to surpass US$ 18.5 Mn in 2016, up from US$ 18.1 Mn in 2015.
Beverages will remain the largest application segment for red berries, accounting for 5.3 Mn tonnes of demand in 2016. This is an increase of over 3.5% over 2015. Dairy products, the second largest application segment will grow by 2.8%.
By berry type, grapes will continue to witness highest demand from end-use industries, growing by 3.2% in 2016. This will represent a market value of over US$ 8.9 Mn.
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By product type, juice concentrates will maintain their dominance in 2016 as well, representing over 34.3% revenue share of the market. Juice concentrates volume will grow by 3.6% in 2016, and total US$ 6.4 million in revenues.
Western Europe, the largest market for red berries, will increase its revenue share of the market to 25.5%. North America the second largest market will register impressive growth in 2016.
Ocean Spray Cranberry Inc., Döhler Group, SunOpta, Inc., Hortex Group, Milne Fruit Products, Fruit d’Or, Townsend Farms, Inc., Kerr Concentrates Inc., Maberry & Maberry Berry Associates, Pacific Coast Fruit Products Ltd., NorthWest Berry Co-op and Berryhill Foods Inc. are some of the key players in this market. Leading companies are focusing on expanding their production capacity and launching new product offerings to meet the growing demand for red berries. Developing economies, where there is rapid growth in demand for natural ingredients, are expected to remain a key target market for red berry manufacturers.
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Long-term outlook: FMI maintains a positive long-term outlook on the global red berries market, estimating global revenues projected to reach US$ 24.9 Mn by 2026.
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