Amaranth Market to be Driven by the Rising Application of the Product in the Food Industry
The new report by Expert Market Research titled, ‘Global Amaranth Market Share, Report and Forecast 2022-2027’, gives an in-depth analysis of the global amaranth market, assessing the market based on its segments like products, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 10.4%
The growth of the global market for amaranth can be associated with the expanding food industry. The growing consumer inclination towards health and fitness, coupled with the rising awareness regarding the benefits of green leafy vegetables is propelling the growth of amaranth. In addition, the rise in per capita disposable incomes and the increase in demand for clean-label products are further stimulating the growth of the market. Additionally, the changing preference of the young population towards a high protein diet is likely to propel the demand for the product in the forecast period. Moreover, amaranth crops can withstand harsh growing conditions and can be cultivated in limites areas. Hence, the high productivity of the product is anticipated to augment the market growth in the coming years.
Industry Definition and Major Segments
Amaranth refers to the species of plants that live for a short duration of time and are majorly cultivated as food and often for foliage for decoration purposes. Amaranth is native to the Andean region in South Africa, which includes Peru, Bolivia, and Argentina. The major applications of the product include food and pharmaceuticals.
By product, the market can be segmented into:
• Amaranth Seeds
• Amaranth Oil
• Amaranth Leaves
• Amaranth Flour
Based on application, the market is segmented into:
• Food and Beverage
• Personal Care
The regional markets for amaranth include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The growing research and development activities in the pharmaceutical industry owing to the rising cases of chronic diseases and increasing healthcare expenditure are likely to be the key trends supporting the market growth. This can be attributed to the several health benefits associates with amaranth, including decreased inflammation, weight loss, lower cholesterol levels, and better brain function. In terms of region, the Asia Pacific accounts for a significant share in the market owing to the thriving personal care industry coupled with the augmented sales of cosmetics in India, China, and South Korea, among other countries. The growing demand for natural ingredient-based cosmetic products, such as amaranth oil, owing to the the rising standards of living and increasing disposable incomes in the region is expected to further support the market growth.
Key Market Players
The major players in the market are Flaveko Trade spol. s.r.o., Nature Bio-Foods Ltd, and A.G.Industries, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.