Global shift in trend towards decreasing dependency on petrochemical-based products is expected to remain a key driving factor for amaranth oil market growth over the next six years. Increasing demand for bio-based products from personal care and cosmetic industries is expected to significantly augment amaranth market growth over the forecast period. Amaranth oil has significant beneficial properties such as high nutritional value, temperature versatility, high squalene, and skin-identical properties. Squalene based in amaranth oil imparts anti-inflammatory, anti-oxidation, and anti-aging properties. Positive outlook on pharmaceutical industries for developing novel medicines based on bio-based raw materials is expected to fuel the amaranth oil market over the next six years. Amaranth oil-based pharmaceutical formulations reduces side effects and drug dosages. Squalene proves beneficial in medical applications for immune strengthening and cell rejuvenation properties. Growth in the food supplementary industry is expected to fuel market growth over the next six years. Amaranth oil has applications in the food industry as dietary corrective supplements and dietary capsule foodstuff coupled with high-grade nutrition for animal feed additive. Amaranth oil contains omega fatty acid which proves for a rich source of vitamins and proteins in the diet. Amaranth oil used in other end-user industrial applications includes fragrance, lubricant additives, and rubber chemical additives.
Factors such as technology, high infrastructure & production costs, minimal government involvement, less developed markets, and low production volumes are expected to hinder amaranth oil market growth. These factors also expected to restrain amaranth oil industry participants from entering the market. Investments in R&D for increasing production volumes coupled with the introduction of new manufacturing technology is expected to provide a key opportunity for industry participants. Growth in the amaranth oil market requires constant innovation at the micro level to meet the industry requirements which have largely contributed industry participants to focus on R&D.
Three major technologies are used by industry participants for the extraction process in the production of amaranth oil that includes supercritical fluid CO2, organic solvent, and cold pressing extraction. Cold pressing although has lower yield rates, is commonly used for amaranth oil extraction owing to lower costs and preservation of nutrients. In comparison to cold pressing, supercritical CO2 has higher extraction yield rates and is expected to grow at higher rates over the forecast period.
Europe, followed by North America, are expected to be key regional amaranth oil markets. Europe has dominated the amaranth oil market over the past few years and is expected to continue the same trend over the forecast period owing to increasing demand from applications in food supplementary North America is expected to witness steady growth rates over the next six years. Major demand is expected from emerging economies of Asia Pacific. Countries such as China and India are expected to witness higher growth rates owing to increasing demand from the personal care and pharmaceutical industry. The market is segregated within a few industry participants with a majority of the companies supplying products domestically. Major players in the market include Amaranth Bio Company, Flavex Naturextracte GmbH, Proderna Biotech, RusOliva, and AMR Amaranth A.S.,
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Weaker consumer demand for lifestyle and wellbeing products due to social restrictions and lockdown policies shall have a negative impact on the demand patterns of cosmetic ingredients and certain categories of food additives. However, easing restrictions and public discourse about restarting economic activities in the consumer goods marketspace indicates that, the recovery of demand is imminent. The report will account for Covid19 as a key market contributor.