Home > Food & Beverages > Nutraceuticals > Vitamins > Amaranth Market
Amaranth Market size crossed USD 342.1 million in 2023 and is anticipated to witness over 18.3% CAGR from 2024 to 2032, given the rising consumer inclination toward healthier food alternatives.
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.
Report Attribute | Details |
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Base Year: | 2023 |
Amaranth Market Size in 2023: | USD 342.1 Million |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 18.3% |
2032 Value Projection: | USD 1.82 Billion |
Historical Data for: | 2018 – 2023 |
No. of Pages: | 425 |
Tables, Charts & Figures: | 590 |
Segments covered: | Product, Nature, Application, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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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.
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.
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.
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.
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.
Prominent enterprises operating in the amaranth market are
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.
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.
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