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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Cranberry Extract Market Analysis by Region
North America is anticipated to hold a dominant position in the market as the United States is one of the major suppliers of cranberry extract for the food and beverage industry. Cranberries are consumed by Americans in nearly 400 million pounds annually, with Thanksgiving week accounting for 20% of total consumption. In 2021, American farmers harvested cranberries on 16,000 hectares, producing 0.3 million metric tonnes.
The Europe cranberry extract market is driven by the significant production of cranberries in countries such as Lithuania, Bulgaria, Poland, and the Netherlands. Naturex, a part of Givaudan and headquartered in France, along with Canada-based Fruit d'Or, stands as one of the prominent suppliers of cranberry extracts within the European market. In response to the increasing demand, these companies are introducing organic cranberry extracts to strategically address this growing market segment.
The Asia Pacific also holds a prominent cranberry extract market share, driven by rising consumer health consciousness. In the region, the penetration rates of cranberry products in bakeries and convenience stores have risen rapidly, climbing to 50% and 29%, respectively. China, India, and South Korea are among the major producers. With the growing popularity of healthier snacks, drinks, and dietary supplement options that contain cranberries, food manufacturers such as Del Monte Foods and Dabur Ltd. are capitalising on this trend.
Cranberry Extract Market Report Snapshots
Cranberry Extract Market Trends
Cranberry Extract Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market value was approximately USD 729.14 million.
The market is projected to grow at a CAGR of 5.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 1203.08 million by 2032.
The major drivers include the increasing application of cranberry extract in the food and beverage sector and the pharmaceutical sector for the development of urinary tract infection supplements.
The key trends aiding the market include growing consumer demand for natural food colours and clean-label products as well as rising applications of cranberry extract in the cosmetics industry.
The different sources of cranberry extract include organic and conventional.
Major distribution channels of cranberry extract include direct and indirect.
The major players in the market include Ocean Spray, Nexira, Ethical Naturals, Inc., Naturex, Artemis International, Diana Food, Decas Cranberry Products, Inc., and Northland Cranberries, Inc.
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