Fact.MR, a market research and competitive intelligence provider, goes on record to state that the global Amaranth market would be worth US$ 9.2 Billion in 2022 and witness a remarkable CAGR of 10.3% from 2022 to 2032. Amaranth products are being combined with exclusive ingredients, so as to add to skin’s smoother functioning, thereby enabling removal of wrinkles. As such, personal care & cosmetics segment is expected to dominate the amaranth market.
Amaranth falls in the category of “pseudo-cereal” as it has nutritional profile analogous to the other grains like rice and wheat. It is pretty similar to quinoa as both of them are free of gluten and proper sources of protein.
Amaranth’s flowers are made out of small grin-like buds. Amaranth helps in fighting against cancer, low blood pressure and cholesterol levels. It is abreast with lysine in comparison with the other vegetables and has an ample of vitamins & minerals. It thus helps in boosting the immune system.
It has been extensively adopted for skin care applications, both personal care and cosmetics, on the back of its micronutrient and antioxidant abilities. Versatility in terms of results and effectiveness remains one of the key attributes of amaranth that is immensely responsible for its surge in popularity.
How is the Amaranth Market Performing on a Regional Level?
“Rising Demand for Vegan Supplements and Growing Awareness about Benefits of Amaranth Driving Market Growth across Regions”
North America is dominating the global amaranth market with 26.2% share. The rising consumer demand for naturally derived and organic products coupled with the rising demand for vegan supplements is propelling the market growth.
Furthermore, the escalating consumption of functional foods/drinks by consumers owing to less consumption of sugary carbonated drinks is to support market growth in the region over the coming years.
Europe accounts for 23.3% share of the global amaranth market. The growing awareness about the benefits of amaranth coupled with the burgeoning trend in the cosmetics industry leading to the development of innovative products has further boosted the market growth in the region.
Key Segments Covered in the Amaranth Industry Survey
- Amaranth Market by Product Form :
- Amaranth Seeds
- Amaranth Leaves
- Amaranth Flour
- Amaranth Oil
- Amaranth Market by Category :
- Organic Amaranth
- Conventional Amaranth
- Amaranth Market by Application :
- Food and Beverages
- Bakery and Confectionery
- Cosmetics and Personal Care
- Food and Beverages
- Amaranth Market by Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The key participants are using product enhancements as a key strategy for sustaining themselves amidst fierce competition.
- Epicurean Dairy UK Ltd., in the year 2019, did launch “Brekkie”. It comes across as a new option for breakfast. It constitutes unsweetened yogurt combined with puffed buckwheat, amaranth, fruit compote, linseed granola grains, and quinoa seeds. It is being floored under the brand name “The Collective”, and made available in 3 flavors – passion fruit, raspberry, and mango.
- Heartbest is a food technology start-up based out of Mexico. It does specialize in various plant-based dairy products. It is into milk, dairy-free cheese, spreads, and yogurt using amaranth and quinoa. Butter substitute is also on the cards. The other plan on the anvil is creation of online community revolving around vegan dairy products.
Key players in Amaranth Market
- Van’s International Foods Inc.
- Pure Inc.
- Mary’s Gone Crackers Inc.
- Natures Bakery
- Luke’s Organic
- Mukushi Foods
- Nova-Lux Group LLC
- Organic Products India
Key Takeaways from Amaranth Market Study
- By the end of 2022, the market is projected to achieve a global market size of US$ 9.2 Bn.
- Globally, North America accounted for over 26.2% of revenue in 2022.
- The global amaranth market is expected to reach US$ 24.6 Billion by the year 2032.
- Growing demand for vegan supplements is expected to keep up the momentum for amaranth market.