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Amaranth Market

Amaranth Market

Amaranth Market Trends & Analysis By Product Form (Amaranth Seeds, Amaranth Leaves, Amaranth Flour & Amaranth Oil) By Category (Organic & Conventional) By Application, By Region till 2032.

Amaranth Market
FACT1046MR

Global Amaranth Market Snapshot

The global amaranth market is estimated at USD 9.2 Billion in 2022 and is forecast to surpass USD 24.6 Billion by 2032, growing at a CAGR of 10.3% from 2022 to 2032.

Report Attributes

Details

Base Year Value (2021A)

USD 8.4 Billion

Estimated Year Value (2022E)

USD 9.2 Billion

Projected Year Value (2032F)

USD 24.6 Billion

Global Growth Rate (2022-2032)

 CAGR 10.3%

North America Market Share in 2021

~26%

North America Growth Rate (2022-2032)

CAGR ~10.4%

Collective Value Share (US, China, India) 2022: Top 3 Countries

~43%

Top 5 Companies Market Share in 2021

~21%

Key Companies Profiled

  • Van’s International Foods Inc.
  • Pure Inc.
  • Mary’s Gone Crackers Inc.
  • Natures Bakery
  • Luke’s Organic
  • Mukushi Foods
  • Nova-Lux Group LLC
  • Organic Products India
  • Kilaru Naturals Private Limited
  • NOW Foods
  • Bob’s Red Mill Natural Foods
  • Other Market Players

The global amaranth market is likely to create an absolute dollar opportunity of USD 15.4 Billion by the end of 2032. The global amaranth market holds 20% of the global pseudo cereals market.

2017-2021 Global Amaranth Market Outlook in Comparison to 2022-2032 Growth Forecast

Amaranth is classified to be as a pseudo cereal as its nutritional profile is similar to that of other grains such as wheat and rice, and this has increased its worth. The grains are ground to make amaranth flour that acts as a substitute for other flours. This flour provides a variety of nutrients, proteins, amino acids, vitamins and minerals as compared to other grains. It is similar to quinoa in some ways as both are naturally gluten free and good sources of protein. Amaranth is considered to be as a grain because its flowers are made up of miniscule grain-like buds.

There are several health benefits of amaranth, which include gluten-free, lowers cholesterol levels, anti-inflammatory properties, fights against cancer, lowers blood-pressure, a rich source of protein, has a good amount of lysine as compared to other vegetables, high fibre, rich source of minerals & vitamins, and it boosts the immune system. Owing to above benefits, they are likely to provide a gain of 130 BPS to the amaranth market.

Fact.MR projects the amaranth market is expected to witness exhibiting growth at 10.3% CAGR during 2022 and 2032 in comparison to a CAGR of 7.6% with which it grew from 2017 and 2021.

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Enhanced Applications and Benefits Driving Market Growth

Amaranth has numerous health benefits and is used as a dietary staple. In the recent years, amaranth has been gaining immense popularity as a health food and this popularity is likely to trigger adoption of amaranth in functional food applications. Impressive nutrient profile and association with multiple health benefits have been highly instrumental in boosting adoption of amaranth in food and beverage industry.

The amaranth market growth is estimated to rise by 2.2X during the forecast years of 2022-2032 as it has been extensively adopted for skin care applications, both personal care and cosmetics, on the back of its micronutrient and antioxidant abilities. Versatility in terms of results and effectiveness remains one of the key attributes of amaranth that is immensely responsible for its surge in popularity.

Gluten-free Nutritional Profile and Bone and Brain Health Fueling Market Demand

Amaranth is also being widely acknowledged by the gluten intolerants, owing to its gluten-free nutritional profile. Moreover, amaranth is rich in proteins and is rapidly being adopted in case of dietary foods and supplements to cater to the needs of health-savvy demographic.

Competency of amaranth in promoting bone and brain health has fostered its prominence as one of the widely celebrated ancient grains. The market demand is estimated to witness growth by 1/5th of current levels owing to the rising trend of consuming natural and organic products promoting health and wellness is likely to create favorable circumstances for adoption of amaranth in the upcoming years.

An Adaptive Approach to Modern-day Research Needs

Organic and Natural Products Supporting Market

People have become extremely health conscious and are consuming organic & natural products instead of chemically treated products. For more than 8,000 years, people have consumed cereals and grains in order to satisfy their nutritional requirements. There are different types of grains available with unique nutrients such as wheat, oats, rice, maize, millet, barley and rye. Though amaranth is considered as a weed by most of the world, it is being grown like a vegetable and a grain-like seed for more than thousand years. The demand for amaranth is growing owing to the number of nutrients that are present in it.

There are certain valuable phenolic compounds, antioxidants, minerals, fibre and vitamins that are present in these grains that are highly beneficial for human health. All the above listed factors are estimated to enhance consumption of amaranth by 3.1X during the forecast years of 2022-2032.

Region-wise Insights

Which region accounts for more enhanced demand for Amaranth Market?

North America amaranth market accounts for the largest market share of 25.7%. The region is projected to register a CAGR of 10.4% during the forecast years. The rising consumer demand for naturally derived and organic products coupled with the rise in vegan trend is propelling market growth. Furthermore, the escalating consumption of functional foods/drinks by the consumers owing to less consumption of sugary carbonated drinks is to support market growth in the region in coming years.

What is the market scenario in East Asia and South Asia & Oceania Amaranth Market?

The Asia Pacific region comprising of South Asia & Oceania and East Asia amaranth market holds 20.1% and 21.2% of the overall amaranth market, and holds 41.3% market share together. The East Asia and South Asia & Oceania amaranth market is projected to grow at a CAGR of 10.7% and 11.2% during the forecast period of 2022-2032.

The high consumption rate of amaranth in countries like Japan, China and India is anticipated to exhibit significant growth in the regions. The rising awareness about the benefits of amaranth coupled with the burgeoning trend in the cosmetics industry leading to the development of innovative products has further boosted the market growth in the region.

Category-wise Insights

Which category type holds dominant market share and is likely to show higher growth in Amaranth Market over the assessment period?

The amaranth under category type is segmented into organic and conventional. The organic segment dominates the market by holding 56.7% market share and is projected to register CAGR of 10.5% in the coming years. Consumers becoming more conscious of consuming organic and natural products is what driving growth in this segment. Whilst, the conventional segment holds 43.3% of the overall amaranth market share and is projected to grow at a CAGR of 10.1% during the forecast years of 2022-2032.

Which application segment is estimated to support market growth in the Amaranth Market during the forecast period?

Under the application segment, the amaranth market is segmented into cosmetics & personal care, food & beverage, pharmaceuticals, and others. Amongst them, the cosmetics & personal care segment holds the largest market share of 41.2%. The segment is projected to grow at a CAGR of 11.4% over the years. This is attributed to the products being combined with distinguished ingredients supporting the normal functioning of the skin and aid in smoothening wrinkles is supporting growth in this segment.

Additionally, the segment of food and beverages and pharmaceuticals holds 25.4% and 21.3% of the market share and are projected to grow at a CAGR of 10.9% and 10.5% during the forecast years of 2022-2032.

Competitive Landscape: Top Companies in Amaranth Market

The global amaranth market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the manufacturing of amaranth.

Fact.MR has provided detailed information about price points of key manufacturers in amaranth market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

  1. Epicurean Dairy UK Ltd. in 2019 launched Brekkie, a new breakfast option with split pot yogurts. It comprises of unsweetened yogurt combines with puffed buckwheat, fruit compote, and amaranth, quinoa, and linseeds granola grains. This product launched under the brand name of The Collective is available in three flavors mango, raspberry, and passion fruit
  2. Marico Ltd. in 2019 launched healthy gourmet products under Saffola FITTIFY Gourmet. This range consists of high-protein slim meal shakes and high-protein meal soups with a blend of five superfoods like buckwheat, amaranth, turmeric, quinoa, and moringa. They are preservatives-free, gluten-free and do not contain any artificial flavors and colors

Global Amaranth Market by Category

  • By Product Form, Global Amaranth Market is segmented as:

    • Amaranth Seeds
    • Amaranth Leaves
    • Amaranth Flour
    • Amaranth Oil
  • By Category, Global Amaranth Market is segmented as:

    • Organic
    • Conventional
  • By Application, Global Amaranth Market is segmented as:

    • Food and Beverage
      • Bakery and Confectionery
      • Snacks
      • Condiments
      • Beverage
    • Pharmaceuticals
    • Cosmetics and Personal Care
    • Others
  • By Region, Global Amaranth Market is segmented as:

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

The global value of amaranth market is estimated to be worth over USD 9.2 Billion in 2022.
The demand is anticipated to surpass USD 24.6 Billion by 2032 end.
During 2017-2021, global amaranth market grew at 7.6% CAGR.
Some of the prominent players in amaranth market are Van’s International Foods Inc., Pure Inc., Mary’s Gone Crackers Inc., Natures Bakery, Luke’s Organic, Purely Elizabeth, etc.
North America tops the global amaranth market accounting for 25.7% of global market share in 2022.
Organic amaranth under the category type contributes 56.7% of market share in global consumption of amaranth.

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