The goji berries market has grown steadily in recent years and is expected to increase from $1.47 billion in 2023 to $1.54 billion in 2024, representing a CAGR of 5.0%. This growth is attributed to trends favoring vegan and vegetarian diets, celebrity endorsements and influencer marketing, the expansion of niche markets, and regulatory shifts supporting superfoods.
The goji berries market is expected to grow steadily, reaching $1.89 billion by 2028 at a CAGR of 5.1%. The growth is driven by the increasing demand for natural and organic products, the growing cosmetic industry, rising lifestyle diseases, higher packaged food consumption, and the rising demand for functional foods. Trends include product innovations, sustainable farming practices, R&D investments, organic preferences, and sustainable sourcing.
Major Driver In The Goji Berries Market
The growing demand for natural and organic products is set to propel the growth of the goji berries market in the coming years. This demand is on the rise due to heightened consumer awareness regarding health, sustainability, and environmental impact. Goji berries contribute to organic products by offering a nutrient-dense, antioxidant-rich ingredient that supports health-conscious, sustainably farmed options. According to the Organic Trade Association, organic product sales reached $69.7 billion in 2023, an increase from $67.6 billion in 2022. As the demand for natural and organic products rises, the goji berries market is expected to grow from $1.3 billion in 2023 to $1.5 billion by 2024, with a forecasted value of $2.2 billion by 2028.
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Goji Berries Market Competitive Landscape
Sunfood Superfoods, Starwest Botanicals, The Berry Company, Tierra Farm, Organic Traditions, Navitas Naturals, Shiloh Farms, Ningxia Red Power Goji Co. Ltd., Dragon Herbs, Naturya, Alovitox, Earth Circle Organics, Feel Good Organics, Gojix Ltd., Indigo Herbs, Keva Kaipo Industries, King Nuts and Raaphorst B.V., Mattisson BV, Plantogram, Seven Hills Wholefood, Sunrise Botanics, The Tibetan Goji Berry Company, Viva Naturals, Wildly Organic
Key Goji Berries Market Trend
Key players in the goji berries market are working on expanding their product offerings, such as goji berry drinks, to meet the rising demand for healthy, natural beverages and capitalize on the growing trend of functional foods and wellness products. Goji berry drinks are beverages made from goji berries, either as juice or blended with other ingredients, offering health benefits like antioxidants, vitamins, and minerals. For example, in September 2022, Luxe Beauty and Wellness Group, a US-based health company, launched the Tipsy Goji Berry drink, combining the health benefits of goji berries with a refreshing taste, providing a guilt-free indulgence with a mild buzz, appealing to consumers looking for healthier alternatives.
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Global Goji Berries Market Segmentation
The goji berries market covered in this report is segmented –
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
By Geography:The regions covered in the goji berries marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the goji berries market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Goji Berries Global Market Report 2024 furnishes information about the global goji berries market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
