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Amaranth, is a broad leaf plant belonging to cosmopolitan genus of annual or short-lived perennial plants and often referred to as pigweed. The amaranth is cultivated as leaf vegetable, pseudocereal and as ornamental plants. Amaranth offers many medicinal benefits such as it is rich in antioxidants, high in protein, carbohydrates, calcium, and others, hence also known as a superfood. The rising geriatric population has supported the amaranth market growth as its medicinal properties have shown to have positive effects on relieving old age ailments. Amaranth and its products market have gained momentum due to its increasing popularity and consumption by the mainstream population that aids its market growth.
Amaranth leaves, oil, seeds are extensively utilized for preparing many Indian, American, and other regional delicacies. Amaranth flour is a specialty flour utilized in multigrain baking mixes along with being an alternative to wheat flour as its naturally gluten-free. The consumption of amaranth and its derived products have increased among the consumers due to their growing health consciousness and inclination towards plant-based products. The demand for amaranth as a colouring agent from the non-food application industries has also grown in the recent years which fuels its market growth.
The rising consumer demands for healthy superfoods to suffice their daily intake of essential nutrients is a major factor that drives the global amaranth market. Increasing consumer interest in leading a healthy lifestyle and the growing awareness about the health benefits of amaranth has led to its wide incorporation in various processed foods. Moreover, the growing food processing industry has also benefitted the amaranth market. Further, the strong food supply chain has made the availability of amaranth and its derived products easily available to the consumers, thus fuelling its market growth.
Key Market Driver -
Increasing Consumers Demand for Healthy Superfoods
Key Market Restraint -
High Price of Amaranth Products
The high production cost of amaranth has led to only few manufacturers operating in this market, which hampers its market growth. The yield generated is comparatively less to the crop being cultivated that has increased the overall price of the amaranth and its derived products. The uncertain climatic condition is also a major factor contributing to its high price. Further, the presence of low-cost conventional food colorants in the market and their easy availability, also has impeded the amaranth market growth.
The key companies operating in the global amaranth market are, Apollo Agro Industries Limited, Irel Nans Products Pvt Ltd., Arrowhead Mills, AMI Operating, Inc., Proderna Biotech Pvt. Ltd., Organic Products India, Nu-World Foods Inc., RusOliva Pvt. Ltd., Flavex Naturextrakte Gmbh and Amaranth Bio Company
The global amaranth market is segmented by form, category, application and geography. The form segment is led by the amaranth leaves as its widely consumed as salad and as a delicacy across the world. Amaranth leaves also work as an astringent and, hence is used in treating skin problems like eczema and acne. Amaranth oil is also growing popular owing to its high amount of fatty acids content and delicate taste, which leads to its utilization for food preparation.
The category segment is led by the organic variant of amaranth due to the rising inclination of consumers towards organic and clean-label products. The organic products are free from any synthetic pesticides and are perceived to be healthier than the conventionally grown products.
The food and beverage segment is accounted for holding a major share in the amaranth market due to the soaring consumers demand for nourishing plant-based food products. The wide utilization of amaranth flour in bakery products such as cookies, breads, noodles, pancakes and others are contributing in its market growth. Amaranth is traditionally consumed in countries such as India during fast as it is a good energy source. The cosmetics and personal care industry widely utilize amaranth oil for formulating beauty products as it is held to confer anti-aging, antioxidant and anti-inflammatory properties, contributing in the market growth.
North America is witnessing a robust growth in the amaranth sector due to the increasing consumer demands for naturally derived and organic products. Amaranth is widely used for producing vegan protein powder coupled with the rise in vegan trend in the region has contributed in its market growth. The consumption of functional foods/drinks have increased as consumers prefer them over sugary carbonated drinks which has fuelled regional market growth of amaranth.
Europe is expected to witness a moderate growth in the upcoming years due to the presence of major amaranth consuming countries in the region such as Germany, Italy and France. Amaranth mixed with chocolate and puffed-rice is a popular snack in Mexico and also is widely consumed in other parts of Europe. The rise in healthy snacking trend among the consumers have influenced the amaranth market growth. The burgeoning trend in cosmetics industry to develop innovative products incorporated with natural ingredients has propelled its market growth.
Asia Pacific region is anticipated to exhibit a significant growth in the upcoming years due to high consumption rate of amaranth as a delicacy in countries such as India, China and Japan. China and India are among the largest producers of amaranth in the year 2019 due to the favourable climatic conditions in the region. The rise in millennial population and their increasing awareness about the potential benefits of amaranth has further boosted its regional market growth.
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