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Amaranth Market Size By Product (Whole Seeds, Oil, Flour, Leaves), By Nature (Organic, Conventional), By Application (Food & Beverage Industry, Pharmaceuticals & Nutraceuticals, Cosmetics & Personal Care], & Forecast 2023-2032

  • Report ID: GMI3836
  • Published Date: Mar 2023
  • Report Format: PDF

Industry Drivers

Amaranth Market size crossed USD 300 million in 2022 and is anticipated to witness over 18% CAGR from 2023 to 2032, given the rising consumer inclination toward healthier food alternatives.
 

Amaranth Market

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Autoimmune disorders, such as Celiac disease that impacts hereditarily predisposed individuals, have become increasingly prevalent in recent years. According to the National Institute of Diabetes and Digestive and Kidney Diseases, around 2 billion people in the U.S. and around 1% of the global population have Celiac disease. Gluten consumption can harm the small intestine of individuals suffering from this disease. Therefore, the need for gluten-free and nutritious food is critical to ensuring a healthy lifestyle, which, in consequence, will augment the amaranth market share.
 

Amaranth flour is extensively utilized in a range of bakery and confectionery items and several regional delicacies due to its rich nutritional, healthier, and gluten-free composition. As consumer transition toward more natural and plant-based alternatives, the demand for amaranth and its derivatives is set to grow substantially in the foreseeable future.
 

Increased cognizance of negative impacts of chemical residues to impede the market growth

However, the rising consumer awareness about the ill effects of chemical residues may hamper the industry progression. As amaranth is resilient to extreme weather conditions and is a perfect crop in the context of global warming, it has witnessed a huge growth in demand in recent years. The ongoing farming practices involve the use of chemical pesticides and fertilizers such as metalaxyl, chlorpyrifos, fluazifop-P-butyl, and lambda-cyhalothrin that accumulate on the plant surface. According to experts, the levels of pesticides in amaranth have recently increased to dangerous levels. This may damage consumers' health and impede product adoption rate, thus, hampering the commercialization of amaranth.
 

Widespread industrial usage to increase the uptake of amaranth oil

Global Amaranth Market Revenue Estimates & Forecasts, By Product, 2021-2032 (USD Million) 

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With respect to the product, the amaranth market size from the amaranth oil segment is expected to reach 1.1 billion by 2032, credited to the widespread usage of amaranth oil across several commercial verticals, including cosmetics, foods, shampoos, and intermediaries for the manufacture of pharmaceuticals, lubricants, rubber chemicals, surface active agents, and aromatics. Besides, the high squalene content in the amaranth oil makes it suitable for a range of skincare and haircare formulations due to its exceptional absorption properties and ability to detoxify, hydrate, soothe, reduce wrinkles, and improve elasticity.
 

Increasing penetration across the wellness sector to boost the demand for conventional amaranth

The amaranth market share from the conventional segment is poised to grow at 17.5% CAGR through 2032. Conventional amaranth is a rich source of vitamin C that aids the formation of blood vessels, repair muscle tissues, process iron, and maintain collagen, thus finding widespread applications across the fitness and wellness industry. In addition, the product has gained recognition as a pseudocereal, given its similarity with cereal grain grasses such as oats and wheat, which will favor the market demand.
 

Exceptional nutritional composition to foster amaranth adoption across the food & beverages industry

Global Amaranth Market Revenue Share By Application

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In terms of application, the amaranth market from the food & beverage industry applications will attain a valuation of over USD 740 million by 2032. Amaranth has a rich composition of phenolic compounds, high-quality proteins, dietary fibers, flavonoids, unsaturated oils, tocotrienol, squalene, vitamins, and minerals, which will increase its acceptance across the food & beverages sector. This apart, the increasing product usage as a high-protein flavoring grain in beverages will spur the market performance.
 

Rising inclination toward nutritional food products to drive business growth across the Asia Pacific

Asia Pacific Amaranth Market Revenue Estimates & Forecasts, 2020-2032 (USD Million)

Asia Pacific amaranth market is estimated to showcase around 16.5% growth rate during the forecast period. The flourishing food & beverage industry and the growing consumption of bakery & confectionary items will propel the market revenues. The product is extensively utilized as a significant fasting food and in numerous nutritional delicacies in countries such as China, India, and Japan.
 

Technological innovations to define the competitive landscape

Prominent enterprises operating in the amaranth market are Arrowhead Mills, Ardent Mills, Apollo Agro Industries Ltd., Pure India Foods, Archer Daniels Midland Company, Proderna Biotech Pvt. Ltd., Nature Bio-Foods Ltd, A.G.Industries, Organic Products India, Kilaru Naturals Private Limited, Flavex Naturextracte Gmbh, NOW Foods, and Bob’s Red Mill Natural Foods.
 

These companies have been consistently focusing on improving their technological landscape as part of their key growth strategy. For instance, in April 2021, Flavex Naturextracte GmbH introduced a new website, increasing the company’s customer reach and improving sales.
 

Impact of COVID-19 on the amaranth market

The COVID-19 pandemic had a favorable impact on the amaranth industry as the demand for indigenous and cultural foods with additional medicinal benefits gained considerable traction due to their positive impacts on human immune health. People became increasingly inclined towards fresh fruits and vegetables owing to their nutritional benefits. Alongside, the consumption of natural and plant-based products grew substantially among the health-conscious populace, further bolstering the industry adoption during the crisis.
 

This amaranth market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons revenue in USD million from 2018 to 2032 for the following segments:

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Market, By Product

  • Amaranth Seeds
  • Amaranth Leaves
  • Amaranth Flour
  • Amaranth Oil

Market, By Nature

  • Conventional
  • Organic

Market, By Application

  • Food & Beverage Industry
    • Bakery & Confectionery
      • Bread
      • Cakes
      • Cookies
      • Others
    • Condiments
    • Snacks
    • Others
  • Pharmaceuticals & Nutraceuticals
  • Cosmetics & Personal Care
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    •  Italy
    • Spain
    • Russia
    • Poland
    • Netherlands
    • Switzerland
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Indonesia
    • Vietnam
    • Thailand
  • Latin America
    • Brazil
    • Argentina
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

 

Authors: Kiran Pulidindi

Frequently Asked Questions (FAQ) :

The market value of amaranth surpassed USD 300 million in 2022 and is poised to expand at 18% CAGR from 2023 to 2032, attributed to the increasing consumption and growing consumer inclination toward nutritional food products.

The amaranth oil segment is expected to amass over 1.1 billion in revenues by 2032, given the increasing product utilization in several personal care and cosmetic formulations due to its remarkable hydration, absorption, and detoxifying properties.

The food & beverage industry applications is set to be worth over USD 740 million by 2032, due to the rich nutritional composition and ample health benefits offered by amaranth.

Notable players in the market are Arrowhead Mills, Ardent Mills, Apollo Agro Industries Ltd., Pure India Foods, Archer Daniels Midland Company, Proderna Biotech Pvt. Ltd., Nature Bio-Foods Ltd, and A.G.Industries.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 14
  • Tables & Figures: 590
  • Countries covered: 20
  • Pages: 425
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