The global Quinoa Grain Market is estimated to be valued at US$ 910.8 Mn in 2023 and is expected to exhibit a CAGR of 10.8 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Quinoa is a pseudo-cereal crop that is high in protein, fiber, iron, magnesium, calcium, phosphorus and potassium. It provides 20 types of amino acids that are essential for building muscles and supporting immune system. Quinoa is gluten-free and easily digestible making it suitable for people with gluten sensitivity and celiac disease. High nutritional profile and gluten-free nature of quinoa makes it an excellent substitute for rice and other grains. It is a good source of plant-based proteins and is gaining popularity among health-conscious consumers.
Market key trends:
Growing adoption of vegan and vegetarian diets is projected to drive the demand for quinoa grain over the forecast period. According to The International Livestock Research Institute, global vegan population is estimated to reach 250 million by 2050 from 50-150 million in 2016. Quinoa offers vegan and vegetarian consumers with a healthy plant-based protein option. Rising health consciousness among consumers especially in developed regions is fueling the demand for organic and highly nutritious foods like quinoa. Introduction of innovative product varieties such as quinoa flakes, pasta and bread are further expanding the application scope of quinoa. Top quinoa producing companies are engaging in new production geographies to ensure steady supply and cater to increasing global demand.
Porter's Analysis
Threat of new entrants: Low cost structures and brand loyalty make it difficult for new companies enter the quinoa grain market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products in the market.
Bargaining power of suppliers: Suppliers have moderate-high bargaining power due to scarce availability of quinoa grains and dependence of buyers on key growing regions.
Threat of new substitutes: Alternatives like rice, oats, millets pose low threat as quinoa offers unique nutritional properties.
Competitive rivalry: Intense competition exists among existing players to gain market share through product innovation, brand building and regional expansion.
Key Takeaways
The Global Quinoa Grain Market Share is expected to witness high growth, exhibiting CAGR of 10.8 % over the forecast period, due to increasing demand for plant-based protein foods. The market size for 2023 is estimated to be US$ 910.8 Mn.
The South America region currently dominates the quinoa grain market owing to higher production. Countries like Peru, Bolivia and Ecuador account for over 80% of global quinoa supply. However, North America is projected to be the fastest growing market during the forecast period supported by rising health consciousness.
Key players operating in the quinoa grain market are Ancient Harvest, Andean Valley Corporation, Andean Naturals, Quinoa Foods Company, Northern Quinoa Production Corporation, The British Quinoa Company, Inca Organics, Alter Eco, COMRURAL XXI, Irupana Andean, Organic Food. These players are focused on enhancing their production capacities and introducing value-added quinoa products to cater to changing consumer preferences.
Read More:
https://www.dailyprbulletin.com/quinoa-grain-market-trends-size-and-share-analysis/
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