Global Amaranth Market Grows at a Staggering CAGR of 10.7%

Introduction

The term "Amaranth" pertains to perennial plant species that belong to the Amaranthus family. Amaranth is a grain with historical roots, exhibiting similarities to quinoa. Quinoa is a pseudo-cereal abundant in protein and lacking gluten, making it a suitable dietary option. It is also distantly related to chard and spinach. Amaranth seeds possess the capability to undergo boiling, similar to rice or oats, thereby rendering them suitable for inclusion in pilafs or porridges.

Additionally, it is pulverized into a fine powder and employed as an ingredient in baking recipes that do not contain gluten. Amaranth possesses a subtle, nutty, and malty taste profile, which can be traced back to its extensive historical significance. This grain was revered by ancient civilizations such as the Aztecs and Incas, who attributed supernatural qualities to it.

Market Dynamics

Growing Demand for Food Processing Industry and Associated Nutritional Benefits Drives the Global Market

Amaranth has garnered substantial attention as a dietary staple due to its remarkable nutritional composition and diverse health advantages. The anticipated rise in its utilization within functional food applications is expected to occur. Amaranth is utilized in skincare products and cosmetics due to its possession of micronutrient and antioxidant properties. It also serves as a suitable dietary option for individuals who have gluten intolerance. The lack of gluten renders these products highly suitable for individuals with gluten intolerance, while their elevated protein content makes them well-suited for incorporation into dietetic foods and supplements. Such factors drive market growth.

Resiliency in Harsh Climatic Conditions Creates Tremendous Opportunities

The resurgence of amaranth in contemporary agriculture can be attributed, in large part, to its remarkable ability to withstand and adapt to a wide range of climatic conditions. Recent research has substantiated this longstanding knowledge, acknowledging the distinctive capacity of the crop to flourish in undulating landscapes and expansive grasslands, as well as its remarkable resilience to arid conditions, saline soils, and freezing temperatures. This attribute makes it a crop with great adaptability for mitigating the effects of increasing seasonal unpredictability, in contrast to many other crops that require specific environmental conditions for optimal growth.

Regional Analysis

North America is the most significant global amaranth market shareholder and is expected to grow at a significant rate over the forecast period. Consumer awareness of the benefits of using amaranth products has grown, which is primarily responsible for the growth. The introduction of new product developments in the area also creates significant opportunities for market expansion. In the United States, amaranth grain is present in over 40 products in some capacity. The domesticated plant is very tolerant of the agricultural climates of the Midwest and Western United States. The late spring is the best time to cultivate the plant because it has a high tolerance to drought.

Canada also has one of the biggest economies in the world and is one of the richest countries. People are increasingly embracing a vegan diet and choosing healthier products as a result of the rising prevalence of obesity in Canada. Such factors propel market growth.

Key Highlights

• The global amaranth market size was valued at USD 7.78 billion in 2022. It is projected to reach USD 16.23 billion by 2031, growing with a CAGR of 10.7% during the forecast period (2023–2031).
• Based on type, the global amaranth market is segmented into amaranth grains, amaranth seeds, amaranth flour, amaranth oil, and amaranth snacks. The amaranth flour segment is the highest contributor to the market and is expected to grow at a significant rate over the forecast period.
• Based on category, the global amaranth market is segmented into organic and conventional. The organic segment dominates the global market and is expected to grow significantly over the forecast period.
• Based on application, the global amaranth market is segmented into food and beverage, animal feed, nutraceuticals and supplements, cosmetics, and personal care. The cosmetic and personal care segment owns the highest market share and is expected to grow at a significant rate over the forecast period.
• Based on distribution channels, the global amaranth market is segmented into online and offline. The online segment is the highest contributor to the market and is expected to grow significantly over the forecast period.
• North America is the most significant global amaranth market shareholder and is expected to grow at a significant rate over the forecast period.

Competitive Players

Competitive Players

The key companies in the global amaranth market include 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, Kilaru Naturals Private Limited, NOW Foods Bob's Red Mill Natural Foods.

Recent Developments

Market News

• In February 2023, TRI-K Industries, Inc., a leading beauty and personal care manufacturer, launched EssentiaTeinTM Protect, a new multi-benefit protein technology designed to protect, hydrate and shine hair. This vegan product uses natural proteins from upcycled rice, baobab, and sustainably sourced amaranth to protect hair from pollution and repair UV damage and oxidative stress.
• In January 2023, Russian scientists developed a new deep-processing technology for amaranth that yields 30% more protein than conventional methods.

Segmentation

Global Amaranth Market: Segmentation

By Type

• Amaranth Grains
• Amaranth Flour
• Amaranth Oil
• Amaranth Leaves
• Amaranth Snacks

By Category

• Organic
• Conventional

By Applications

• Food and Beverage
• Animal Feed
• Nutraceuticals and Supplements
• Cosmetics and Personal Care

By Distribution Channel

• Online
• Offline

By Regions

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa