The amaranth extract also provides anti-aging and anti-inflammatory properties. The other amaranth extracts has found applications in food supplements, aromatics and in high grade lubricant additives. The cosmetics and other personal care industry and the food industry are the largest consumers of amaranth extracts which account for a large share of the total global amaranth extract market. These segments are also expected to grow and strengthen the global amaranth market because of the increasing demand for the cosmetics and personal care products and food additives obtained from the natural sources. The pharmaceutical segment is expected to have the highest growth rate in the global market of amaranth extract.
One of the greatest contributors to the global amaranth extract market in the past was Europe and is expected to escalate its demand for the amaranth extract within the forecasted period. Cultivated by Aztecs 8,000 years ago in Peru, the ancient history of amaranth can be traced to Mexico and Yucatan Peninsula. It is sometimes referred to as a ‘Pseudo Cereal’ because its nutritional profile is very much similar. Amaranth extracts are one of the best sources for omega series fatty acids. Amaranth extract also consists of 5-9% squalene in it which is well known for its several immune benefits like immune system strengthening, cell rejuvenation and anti-oxidant properties.
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Global amaranth extract market: Segmentation
Global amaranth extract market can be segmented on the basis of form, application, sales channel
On the basis of form, global amaranth extract market can be segmented into Liquid extract and Powder extract. Liquid extract can be further sub segmented into oils and dyes.
On the basis of application, global amaranth extract market can be segmented into Cosmetics, Foods and Pharmaceuticals. Cosmetics can be further sub segmented into anti-skin aging, perfumery. The pharmaceuticals can be further sub segmented into antiburn, antitumor, bactericide, wound healing.
On the basis of sales channel, Global amaranth extract market can be segmented into direct and retail sales. Direct sales refers to direct selling amaranth extract as an ingredient to other industries. Retail sales is further segmented into modern trade, convenience stores, grocery retailers, health stores, online retailers, and other retailing formats.
Global amaranth extract market: Drivers, Restraints, and Trends
The global amaranth extract market is primarily driven by its health benefits such as high nutritional value, temperature versatility, skin identical nature and high squalene content.
Secondly, the increasing demand for the amaranth extracts in various industrial sectors such as the cosmetics and pharmaceutical is also believed to be a key igniter in the market of global amaranth extract.
One of the major challenges which stands in the face of the global amaranth extract market is the government support since the amaranth extract market is getting negligible support from the government globally, it is becoming one of the major restraints for the global amaranth extract market.
Global amaranth extract market: Regional Outlook
Depending on the geographic regions, global amaranth extract market is segmented into seven key regions: North America, Latin America, West Europe, East Europe, and Asia pacific excluding Japan, Japan and MEA.
Because of the strong cosmetic and pharmaceutical industrial base coupled with health aware consumer base, Europe is expected to dominate the manufacturing market of global amaranth extract among all the regions.
Europe is expected to be followed by North America, which was the supreme market of Amaranth extract in the past and is more likely to remain a significant market for the usage of amaranth extract in cosmetics, food and pharmaceutical industry.
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Asia Pacific is however expected to be the largest growing market in terms of CAGR within the forecasted period.
Latin America is expected to have a moderate growth within the forecasted period.