Home > Pressrelease > Amaranth Market size to exceed USD 1.7 billion by 2032
Amaranth Market size to exceed USD 1.7 billion by 2032
- Published Date: March 16, 2023
Amaranth Market size is predicted to surpass USD 1.7 billion by 2032, according to a new research report by Global Market Insights Inc.
As per the report, the increasing utilization of amaranth across the pharmaceutical and nutraceutical industries will favor the industry growth. Cold-pressed amaranth oil is conventionally used in regions such as Latin America and Southeast Asia for treating different types of ulcers. Amaranth oil boasts an 8% squalene concentration, and exceptional antiseptic, anti-inflammatory, and healing effects, which makes it ideal for increasing blood circulation, relieving pain, enhancing joint lubrication, and treating several gynecological problems, hemorrhoids, osteochondrosis, arthritis, and gout.
The increasing burden of chronic diseases across the globe, aggravated due to changing sleep cycles, lifestyles & eating habits, and the growing geriatric population, has propelled the demand for products with rich nutritional composition with added health benefits. This, in turn, with have a favorable impact on the amaranth market. This apart, the noticeable surge in pharmaceutical production will further transform the market dynamics.
The increasing strategic exchanges among companies, advanced manufacturing processes, and technological innovations have further created optimistic scenarios for the amaranth market. To illustrate, in June 2021, the government of India announced a funding of USD 26,578.3 million, which will be utilized in 13 pharmaceutical sectors, such as key starting materials, active pharmaceutical ingredients, and drug intermediaries. The increasing drug developments worldwide will significantly boost pharmaceutical production, thus, creating lucrative opportunities for amaranth manufacturers.
Amaranth seeds to gain traction due to their positive health impacts
With respect to product, the amaranth industry from amaranth seeds segment is expected to exhibit a CAGR of 19% between 2023 and 2032, credited to the increasing demand for amaranth seeds globally due to their antioxidant composition, comprising gallic and vanillic acid. These helps fight free radicals that harm normal cellular activities, thereby aiding in curing heart diseases, which, in consequence, will stimulate segment gains.
Browse key industry insights spread across 425 pages with 556 market data tables and 34 figures & charts from the report, “Amaranth Market Size By Product (Whole Seeds, Oil, Flour, Leaves), By Nature (Organic, Conventional), By Application (Food & Beverage Industry [Bakery & Confectionery, Condiments, Snacks], Pharmaceuticals & Nutraceuticals, Cosmetics & Personal Care], & Forecast 2023-2032” in detail along with the table of contents:
Increasing popularity of gluten-free food products to drive the sales of organic amaranth
With respect to nature, the organic segment is poised to reach USD 165 million by 2032. Organic amaranth is a rich source of protein, iron, and fiber and has a gluten-free composition. Owing to these attributes and its sweet and earthy taste, it is used in a variety of hot breakfasts, cookies, and savory soups, which will drive product sales in the forthcoming years.
Exceptional medicinal properties to foster product adoption in pharmaceuticals & nutraceuticals applications.
Based on the application landscape, the amaranth market from pharmaceuticals & nutraceuticals application segment will witness over 17.5% CAGR from 2023 to 2032. Amaranth helps cure issues such as atherosclerosis, stomach ulcers, and tuberculosis, which is why finds extensive usage in a range of antiseptic, antifungal & anti-inflammatory preparations. In addition, its increasing popularity among the health-conscious populace due to its positive impacts on human health will propel the industry growth.
Increased adoption of organic products to support market expansion in North America
North America amaranth market is slated to cross USD 390 million by 2032. The positive outlook of the bakery and food & beverage industries in North America and the increasing usage of amaranth flour and seeds in several food and bakery items will fuel regional revenues. Customers in the region are adopting naturally-derived, vegan, gluten-free, and organic products, which will further enhance market performance in the coming years.
Capacity expansion remains the key growth strategy
Some of the leading players in the amaranth market include 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.
Enterprises operating in this business have been consistently undertaking R&D initiatives in a move to introduce new sustainable formulations and strengthen their market standing. For instance, in September 2021, Proeon, an Indian start-up, raised seed capital funding worth US$2.4 million to scale new plant proteins sourced from mung bean, amaranth, and Indian chickpea. With the investment, the company aims to file patent applications, scale production, set up a research lab in the Netherlands, and expand its team.