Goji Berries Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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With a growing focus on healthier lifestyle choices and well-being, the goji berries market has demonstrated appreciable growth in recent years. The market is anticipated to escalate from $1.47 billion as of 2023 to $1.54 billion by 2024, reflecting a strong compound annual growth rate CAGR of 5.0%. This robust growth is primarily attributable to several factors, including an increase in vegan and vegetarian trends, celebrity endorsements and influencer marketing, broadening reach into niche markets, and favorable regulatory changes supporting superfoods.
How Should We Interpret Future Growth Projections for the Goji Berries Market?
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The market for goji berries is poised to demonstrate robust growth in the next few years. The experts predict it to escalate to $1.89 billion by 2028, with a steady compound annual growth rate CAGR of 5.1%. This forecasted growth can be traced back to a variety of factors, including the increasing demand for natural and organic products, growing inclination towards the cosmetic industry, the escalating incidence of lifestyle diseases, a surge in packaged food consumption, and heightened demand for functional foods in diets. Future trends such as product innovations, sustainable farming methods, game-changing research and development investments, an overall preference for organic and naturally sourced products, and sustainable sourcing will further bolster the market's projected growth.
What is Propelling the Growth of the Goji Berries Market?
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The driving force behind the goji berries market can be attributed to the growing demand for natural and organic products. With a growing consumer awareness about health, sustainability, and environmental impact, there is a heightened demand for natural and organic products. Goji berries, being nutrient-rich and packed with antioxidants, enhance organic products and act as excellent ingredients for health-conscious, sustainably farmed produce. The Organic Trade Association, a U.S. based non-profit organization, states that organic product sales reached $69.7 billion in 2023, a noticeable increase from $67.6 billion in 2022. Therefore, one can assert that the increasing demand for natural and organic products is a significant driving force of the goji berries market.
How Can We Chart the Emerging Trends in the Goji Berries Market?
The goji berries market is fraught with innovation and expansion. Major companies operating in this sector are focusing on increasing their offerings through product innovations such as goji berry drinks. These drinks aim to cater to the increasing demand for healthy, natural beverages and thereby capitalize on the rising trend of functional foods and wellness products. Goji berry drinks, made from goji berries or blended with other ingredients, are designed to offer the nutritional benefits of these berries, including their antioxidants, vitamins, and minerals.
What are the Key Segments of the Goji Berries Market?
The report discusses the goji berries market in terms of various segments:
1 By Product Type: Fresh, Dried, Juice, Powdered, Frozen
2 By Distribution Channel: Supermarkets And Hypermarkets, Specialty Stores, Online Retail, Other Distribution Channels
3 By End-Use: Food And Beverage, Pharmaceuticals, Nutraceuticals, Personal Care And Cosmetics, Other End-Uses
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