The global quinoa seeds market is projected to register a CAGR of 5.1% during the forecast period (2021-2026).
The year 2020 was not to be very promising for the quinoa market due to COVID-19. The COVID-19 has affected the global quinoa seeds market in three main ways (i.e) by directly affecting production and demand in the domestic as well as international market, by disrupting the supply chain and trade movements in terms of export-import, and by its financial impact on firms and financial markets operating in the segment. This trend is anticipated to hamper the market growth further if the pandemic restrictions are to be extended to the third quarter of 2021.
The changing consumption patterns and increasing health awareness, especially in European countries, are resulting in higher demand for quinoa seeds. However, price fluctuations and pesticide residue levels are holding back the growth of quinoa seeds. Due to its nutritional value, gluten-free nature, and its potential of being a functional food ingredient, quinoa has captured the attention of consumers around the world. The grain is very similar to rice and can be cooked and used in the same way. Currently, the seed is used as a health food and a tasty alternative to rice. However, the limited production of quinoa is subsequently limiting the growth of this market.
Key Market Trends
Changing Consumption Patterns and Increasing Health Awareness are Driving the Market
The nutritional characteristics of quinoa seeds are especially attractive, due to its high protein content, gluten-free property, and high fiber content. The demand for organic quinoa is particularly on the rise in Europe, as well as North America, as awareness regarding both health and environment is increasing among the consumers.Quinoa is particularly considered as a health food, and increasing awareness regarding its nutritional properties, has led to higher demand for quinoa in Europe. Recent technological developments and research into seed varieties have led to the development of varieties that can be cultivated in temperate climates. The King Abdullah University of Science and Technology (KAUST) in Saudi Arabia has been successful in mapping the genetic structure of quinoa, thus, allowing genetic modification, which may prove crucial in increasing the crop productivity of quinoa. Hence, the change in the consumption pattern across the globe followed by increased awareness about the seed is anticipated to drive the market during the forecast period.
South America Dominates the Market
South America is the leading producer of quinoa seeds where; Peru and Bolivia are leading the charge. Quinoa is consumed as a staple food in South America. For many years, the local-level of consumption and cultivation rates have been changing. Most of the quinoa production occurs in Southern Peru and Northern Bolivia. The consumption of quinoa is expected to increase in Brazil as the number of vegan consumers opting for non-animal product-based foods has increased by 40.0% over last year. This could drive the demand for healthier cereals comprised of brown rice, quinoa, amaranth etc. Going forward, the other segment of Quinoa might witness the demand of its husk across the cosmetics industry in the region, where brands such as Loreal Luxury Range have launched the Kiehl’s Nightly Refining Micro-Peel Concentrate that is used as a night treatment and refines the texture of skin.
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