The global amaranth seed oil market is anticipated to witness growth over the forecast period. Amaranth seed oil consists of elements such as squalene, oleic acid, linoleic acid, stearic acid, and tocopherols. It has high quantities of squalene and protein-rich acids, making it desirable in end industries like fragrance, personal care products, food supplements, pharmaceuticals, and cosmetics. It forms an important part of advanced cancer therapies.
The amaranth crop has sixty species, out of which only 3 contain high quantities of oil. Crop physiology plays a major role in the quality of the oil produced. Amaranth is extracted from 2 major species, namely A. cruentus and A. hypochondriacus. It has been valued and grown in the regions of South America, Africa, North America, Russia, China, and India.
The crop is valued on account of its health benefits. It has been known to boost bone strength, reduce inflammation, grow and repair tissues, reduce varicose veins, lower blood pressure, improve the immune system, maintain healthy hair, ease weight loss, and prevent diseases. The key aspect of the seed oil is that it’s gluten-free.
Amaranth seed oil is protein-rich and allows for breaking down food easily. It can alleviate conditions like gout, arthritis, and other inflammatory diseases owing to a special peptide in its physiology. It prevents cells from mutating into cancerous cells. It has been known to increase bone strength and prevent osteoporosis and reduce the effects of arthritis.
The oil has a significant amount of vitamin K which reduces cholesterol and prevents heart-related diseases. The potassium can reduce lower blood pressure levels and lowers the chance of atherosclerosis. It also contains copious amounts of vitamin C and flavonoids which can strengthen the capillary walls. This reduces the possibility of varicose veins. Carotenoids and vitamin A can reduce the stress on the eyes. It aims to improve ocular strength and keep the vision stable and healthy. It acts as a dietary fiber, reducing the appetite and keeping the weight constant. This is one of the reasons, it is preferred by the food supplement and dietary supplement industries.
The amaranth seed oil market is poised to grow over the forecast phase (2015-2022) on account of demand for fragrances and cosmetic & personal care products. Characteristics of amaranth seed oil like temperature versatility, high nutritional value, and high squalene content are estimated to increase market growth over the next 7 years. But low availability of raw materials, lack of government support, and high production costs can hamper the market growth.
But innovation and novel technologies to produce the product at a lower cost will create opportunities for the amaranth seed oil market. Major players involved in the market are currently updating their product portfolio according to customer requirements. Companies have decided to invest in R&D (research and development) to decrease product costs and retain customers in the long run. Respective governments of China and India have established numerous institutes related to biotechnological research to increase market scope during the forecast phase.
The amaranth seed oil market is valued at USD 700 million in 2019. Production depends on the extraction process. These techniques determine the quality of oil being squeezed. Cold pressing, organic solvent extraction, and supercritical fluid CO2 extraction are the techniques used. Cold pressing is the most popular technique on account of low technology costs and high oil quality production. Supercritical fluid CO2 extraction will gain market share over the next 7 years on account of a better yield of oil produced.
The amaranth seed oil market is divided by applications and regions. Food supplements, aromatic products, pharmaceuticals, and cosmetics & personal care comprise the applications of the market. Cosmetics & personal care obtained the lion’s share of the market in 2014. It occupied close to 40% market share in the same year. It will continue to reign over the forecast phase due to its properties of cellular rejuvenation, anti-inflammation, strengthening the immune system, and anti-aging. It is likely to experience demand from naturally-derived personal care products segment in Europe and North America.
Health-consciousness in the region of Asia Pacific, particularly China, India, and Indonesia is expected to fuel amaranth seed oil market demand. Pharmaceuticals will experience significant demand on account of herbal medicines being used in medical formulations. Other applications are chemical rubber additives, feed additives, and high-grade lubricants.
Regions covered in the market are North America, Europe, Asia Pacific, and RoW (Rest of the World). Europe led the amaranth seed oil market on account of growing Amaranthus crops in 2013. It will experience moderate growth due to the demand for natural cosmetics and personal care products. This massive growth rate can be attributed to Amaranthus crops, which are an essential element to manufacture amaranth seed oil. North America is anticipated to have the fastest growth rate over the next 7 years. Demand for the product in medicinal products and dietary supplements in Asia Pacific and North America can spur the amaranth seed oil market during the projected period. Most companies operate within a small region and have their market growth restricted due to minimal government support and high technology and infrastructure costs.
Major producing countries include Korea, China, India, France, Germany, Canada, Italy, and the United States of America (USA). Key players of the market are Irel, Proderna Biotech Pvt. Ltd., Nans Products Pvt Ltd., Amaranth Nord, AMR Amaranth A.S., Dk Mass S.R.O, RusOliva Pvt. Ltd., Nu-World Foods, Flavex Naturextracte Gmbh, Spol S.R.O, Saar, Flaveko Trade Spol. S.R.O, and Amaranth Bio Company.
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Demand across the organic chemicals sector shall register a slump in growth albeit increasing demand for certain chemicals that find end applications in healthcare and food. Furthermore, China, a major supplier of chemicals to the world, registered a considerable decline in manufacturing in the first quarter of 2020, following the trajectory unfolded by COVID-19's escalation to a pandemic. This has led to an imbalance in supply-demand dynamics, forcing manufacturers and customers alike to renegotiate supply agreements. The report will account for Covid19 as a key market contributor.