Amaranth Market Size, Regional Outlook, Application Growth Potential, COVID-19 Impact Analysis, Competitive Market Growth & Forecast, 2021 – 2027
Report ID: GMI3836
Amaranth Market size would gain considerable returns over 2021-2027, driven by the rising demand for healthier food options and a significant surge in the vegan population. Amaranth is known to offer intrinsic medicinal benefits such as it is high in protein, rich in antioxidants, calcium, and carbohydrates. Moreover, an expanding geriatric populace is also supporting the market progression, as the product’s medicinal properties have been demonstrated to have positive effects on relieving old age ailments.
Owing to the amaranth’s positive attributes for skin including supporting the skin’s ability to function normally, smoothening wrinkles, fighting environmental stress, and defending skin’s barrier function, the product demand is projected to rise considerably in the cosmetics industry over the course of time.
The need for organic amaranth is gradually surging worldwide due to the increasing inclination of consumers toward organic and clean-label products. Organic products are considered to be free from any synthetic pesticides, thus emerging as a healthier option amongst conventionally grown products.
However, the increased cost associated with amaranth production has produced challenges for new entrants in the global amaranth market. Moreover, the yield generated is relatively less which has subsequently increased the overall price, impeding the sales of the product. The presence of low-cost traditional food colorants in the market and their easy availability, has as well brought hindrance to the market expansion.
Based on the product type, amaranth oil segment would record notable gains through 2027. This can be attributed to the oil’s beneficial properties like food squalene content, temperature versatility, skin-identical nature, and exceptional nutritional value. Squalene in the amaranth oil is useful for pharmaceutical purposes as a result of its cell-rejuvenating, immune system strengthening, and anti-oxidation characteristics. In addition, the product is also used for treatment therapies of cancers and is further incorporated in medicinal purposes to subside the side effects raised by drug overdose.
Amaranth market share is touted to reap substantial returns from the thriving food and beverages industry. This is because of the rising demand for the product in ground form or as flour in bread, cookies, granola, cereals, noodles, and pancakes. Alongside, amaranth is also traditionally consumed during fasts and given to patients recuperating from illnesses. Essentially, the product is an excellent substitute for consumers who are gluten allergic.
Asia Pacific amaranth market is characterized by the rising disposable incomes and expanding population-based, particularly in countries like China and India. Furthermore, rising inclination toward healthy eating is also supporting the regional market progression. Anti-aging products have emerged as the most popular personal care product segment, mainly due to the slating consumption amongst adult age groups in the developing economies. Thus, these factors, in line with high R&D advancements in the space, and the introduction of innovative and advanced products are touted to support the APAC amaranth market expansion over the forthcoming years.
Prominent leaders operating in the global amaranth market space are Nans Products, Apollo Agro Industries, Taj Foods, Proderna Biotech, Health Valley, RusOliva, Arrowhead Mills, and Flaveko, amongst others.
These conglomerates are engaged in various industry tactics like acquisitions, collaborations, partnerships, product launches, and more to gain a competitive edge in the global market.
Impact of COVID-19 on global amaranth market forecast
The global outbreak of coronavirus pandemic during 2020 is claimed to have had a significant impact on the overall growth of amaranth market in the coming years. With people laying major focus on healthy eating and the geriatric population being highly vulnerable to infection, the demand for amaranth has increased considerably over the past year. Also, amaranth is rich in vitamin C and hence its consumption mounted during the pandemic.
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