Growing demand for healthy food and skin is driving the global acai berry market, which was valued at US$6.3 billion in 2022 and is on a solid growth trajectory to reach US$21.7 billion by 2032 with a CAGR of 12.4 per cent, according to Prophecy Market Insights. With a vast range of health benefits attributed to acai berries, businesses across industries are tapping into this superfood and getting creative with how they serve it up to consumers. Similarly, the global matcha market in 2024 was va
was valued at US$4.25 billion and is projected to reach US$6.68 billion, largely driven by the Asia-Pacific market and North America. Against the backdrop of the broader global wellness economy, which was valued at US$5.6 trillion in 2022, an increase of nearly 14 per cent from 2019, the growing demand for antioxidant-rich products like acai and matcha is not surprising, especially given the rise in chronic disease and overall importance placed on healthcare in the wake of Covid. Retail plans a global trend The acai market is segmented into dried and pulp forms, which are sold across industries, including cosmetics, dietary supplements and pharmaceuticals. In beauty, Australian brand Eco Tan has several different acai-centric skincare products, and the matcha skincare market has quickly become saturated. A prominent player in the global acai market is Organique, which in 2019 launched a range of acai-based health-boosting supplements including freeze-dried capsules, coffee, chocolate and children’s products. The same year, the UK gained its first frozen scoopable acai product, while in 2021, Redbull India launched a limited-edition acai flavour, proving the huge demand on the global market for the ‘superberry’. In Australia, several DTC brands are capitalising on the acai craze, covering everything from supplements to frozen food offerings. The Brazilian acai bowl concept Oakberry, which claims to be the number one acai brand in the world with 500 global stores, including 45 in Australia, recently rolled out a new product, acai tubs, enabling customers to experience its bowls at home. The sales of Oakberry’s new offering have been consistent and show strong demand. Australia can look forward to more new products from the brand, including Oak Protein Bars, Oak Matcha Energy Tea, and vegan take-home offerings. The strategy of focusing on introducing new products to the Australian and global markets is Oakberry’s way of diversifying its offering to attract a wider customer base and meet the preferences of both existing and potential customers. The company has confirmed it is seeking investment in Australia, New Zealand, the US and Portugal. This is in addition to the recent $100 million investment it received, which will be allocated to accelerate the business’ expansion plans. It aims to have 1000 locations globally by the end of 2024 and a target of $300 million in revenue with the backing from the largest investment bank in Latin America BTG Pactual. How did Oakberry pop-up in Australia Oakberry entered the Australian market in 2018 after the chain’s current ANZ CEO, Renan Fretes-Pinto, identified a gap in the market and worked with global Oakberry founder and CEO Georgios Frangulis to bring the business to Australia. The brand launched its mobile app, My Oak, in the Australian market in October 2023, to provide an easy-to-use loyalty program. It has also improved the customer experience by enabling users to order ahead, decreasing wait time. The overall aim of the app is to provide a greater value proposition to the customer and streamline the journey through tech integration. Pop-up partnerships and celebrity endorsements Further cementing its position in the health and wellness space, Oakberry has brought on board professional athletes as its ambassadors, signing 2023 AO women’s singles winner Aryna Sabalenka to a two-year partnership, in addition to Formula 1 team Moneygram Haas. The reigning AO champion said that Oakberry has become a staple in her pre-match routine and is excited to share her love of acai and the brand on a global level. The brand sees Sabalenka as the future of tennis and an ambassador who transcends the sport to connect with the youth market. This endorsement is part of the brand’s growth strategy to capture a young and diverse consumer base, Frangulis told Inside Retail, “Oakberry is more than just an acai brand, we are a lifestyle brand dedicated to aligning our partnerships with the interests and passions of our target consumers. Because of this, we’re becoming more integrated with the most exciting sports and the world’s best athletes.” This summer Oakberry has secured the popular beach-front real estate at North Bondi, which was prior held by Messina. It will be remotely filling up cups all summer long.