Wolfberry Extract Market Size & Growth Analysis to 2030

The global wolfberry extracts market size is accounted to grow at a significant CAGR of 8.7% during the forecast period from 2021 to 2027 and estimated to reach USD 1,200 million by 2027. The rising prevalence of infectious diseases in immunocompromised patients worldwide primarily drives the wolfberry extracts market growth. Furthermore, rising public health awareness regarding the therapeutic efficacy of herbal medicines in treating chronic diseases further accelerates the market growth.

Wolfberry extracts also known as goji fruit or lycii fruit has diverse clinical application and is categorized as Chinese herbal medicine as it is an evergreen shrub native to Mongolia, China, Tibet and the Himalayan forests of India. They are rich in nutrients and provides vitamin B, manganese, copper, magnesium, and selenium, being a red-colored fruit it contains a sufficient quantity of carotenoids and zeaxanthin. Technological advancement in the nutrition science and technique in gaining extracts of vital phytochemicals having therapeutic significance provides positive thrust to the wolfberry extracts market growth.

Market Drivers:

Increasing Consumer Awareness of Health Benefits: Wolfberry extract, derived from the fruit of the Lycium barbarum plant, is known for its potential health benefits. It is rich in antioxidants, vitamins, and minerals, and is believed to have immune-boosting, anti-aging, and eye health properties. As consumer awareness of these health benefits grows, the demand for wolfberry extract as a dietary supplement or functional ingredient in food and beverages increases.

Growing Interest in Natural and Plant-Based Products: There is a rising preference among consumers for natural and plant-based products, driven by the desire for healthier options and sustainable choices. Wolfberry extract, being a natural ingredient derived from a plant source, aligns with this trend. The increasing demand for natural and plant-based products contributes to the growth of the wolfberry extract market.

Expansion of the Nutraceutical Industry: The nutraceutical industry, which includes dietary supplements, functional foods, and beverages, is experiencing significant growth globally. Wolfberry extract is widely used in the nutraceutical sector due to its nutritional and health-enhancing properties. The expanding nutraceutical industry creates opportunities for the utilization of wolfberry extract in various product formulations.

Rising Demand for Antioxidant-Rich Ingredients: Antioxidants are known for their ability to combat oxidative stress and protect the body against cellular damage. Wolfberry extract is a rich source of antioxidants, including various flavonoids and carotenoids. The increasing consumer awareness of the importance of antioxidants and their role in promoting overall health is driving the demand for wolfberry extract as a natural antioxidant ingredient.

Growing Aging Population and Health Concerns: With a growing aging population worldwide, there is an increased focus on health and wellness. Wolfberry extract is associated with potential benefits for age-related conditions, such as improved vision, immune support, and cognitive health. The aging population’s desire for preventive healthcare and natural solutions contributes to the demand for wolfberry extract.

Expansion of the Functional Food and Beverage Industry: The functional food and beverage industry is witnessing significant growth, driven by the demand for products that offer additional health benefits beyond basic nutrition. Wolfberry extract is incorporated into functional food and beverage products due to its nutritional profile and potential health-promoting properties. The expansion of the functional food and beverage industry drives the demand for wolfberry extract.

Increasing Research and Development Activities: Ongoing research and development activities focused on understanding the bioactive compounds and potential health benefits of wolfberry extract are contributing to market growth. The findings of these studies help build scientific evidence and support the use of wolfberry extract in various applications, driving its market demand.

Market Outlook:

Market Insights:

Immunity boosters is representing the largest market share in the clinical application segment for the wolfberry extracts market. As per the latest research findings provided by the World Health Organization (WHO), it is estimated that about 5 million cases of influenza are reported each year throughout the globe. The looming threat of microbial resistance to antibiotics and the growing incidence of viral infection pandemics worldwide tighter increases the demand for the wolfberry extracts market. Dietary supplements are going to register rampant market growth in the near future owing to the significant increase in lifestyle disorders worldwide and constant growth observed in the nutraceutical industry.

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The supermarket is presently leading the distribution channel segment for the wolfberry extracts market. It serves as a lucrative opportunity for consumers opting for a one-stop shopping experience on weekends and getting exposure to a diverse product portfolio pertaining to the wolfberry extracts market. Retail stores serve as the most preferred shopping destination for consumers receiving prescription form either a dietician or nutritionist to gain access to the right choice of dietary supplement. E-commerce is expected to showcase exemplary market performance during the forecast period on account of the availability of products at affordable prices and attractive discount coupons.

The wolfberry extracts comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2020 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market, and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The wolfberry extracts market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Clinical Application:

• Immunity Booster
• Dietary Supplement
• Others

By Distribution Channel:

• Supermarket
• Retail Stores
• E-commerce

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

North America is presently dominating the geography segment for the wolfberry extracts market. Growing incidence of infectious disease in immunocompromised patients primarily drives the market growth in the region. According to the latest statistics provided by the Center for Disease Control and Prevention (CDC), approximately 61,000 deaths occur each year associated with influenza infection in the United States. Furthermore, the supportive regulatory environment provided by the USFDA for the sale and distribution of herbal medicines accentuates the market growth in the region. Europe is placed in the 2^nd position in the regional segment on account of the increasing public health awareness regarding the therapeutic efficacy of wolfberry extract in the treatment of chronic lifestyle disorders such as hypertension and diabetes etc. The Asia Pacific is anticipated to be the fastest-growing regional segment for wolfberry extracts market. Presence of niche environment for Chinese herbal medicines and proactive role adopted by government agencies to nurture traditional medicines and naturopathy clinics further accelerate the wolfberry extracts market growth in the region.

Market Competition Assessment:

Key players operating in the global wolfberry extracts market are Swanson Health Products, Navitas Naturals, Ayurish, Natierra, and Botanical Cube, Inc. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Swanson Health Products
• Piping Rock Health Products
• Navitas Naturals
• Ayurish
• Natierra
• Shaanxi NHK Technology Co., Ltd.
• Ningxia Red-Goji Berry Trade Co., Ltd.
• Bolise Co., Limited
• Parchem
• Botanical Cube, Inc.

Key Questions Answered by Wolfberry Extracts Market Report:

• Global wolfberry extracts market forecasts from 2021-2027
• Regional wolfberry extracts market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Wolfberry extracts submarket forecasts from 2021-2027 covering the market by clinical application, by distribution channel, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to wolfberry extracts market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level wolfberry extracts markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the wolfberry extracts market