Quinoa, also known as chenopodium quinoa, is a member of the goosefoot family. It is a seed-producing flowering plant, similar to beet, swiss chard, sugar beet, spinach and other species. Quinoa seeds have a variety of beneficial properties such as gluten-free, low calories, cholesterol-free, low fats and high in protein.
Global quinoa protein market is about to witness a projecting growth in the upcoming years due to an increase in demand for nutritional food, rising awareness amongst consumers about health benefits of quinoa, and growing gluten-free consumers globally. The global quinoa protein market Growth is expected to witness a healthy CAGR during the forecast period.
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Quinoa Protein Market: Market Dynamics
The quinoa protein market is mainly driven by increased usage of quinoa in the food industry. Health-conscious consumer and increase the importance of food security due to the advent of climate change growth in metabolic diseases, and rising geriatric population has led to the growth of global quinoa protein market.
Also, health benefits associated with quinoa protein has further increased the demand for quinoa protein globally. Quinoa is rich in amino acids, and hence, growing awareness about the health benefits of quinoa has projected the growth of quinoa protein market.
Benefits served by quinoa protein includes low cholesterol, boosts heart and liver conditions, prevents anemia, improves digestion, manages diabetes and improves gastrointestinal function. Rising demand form emerging countries such as India and China has brought immense opportunity for the global quinoa protein market to grow.
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However, the only factor which hampers the growth of quinoa protein is climate change and the price of quinoa. Quinoa generally requires low temperature for cultivation, and rising global warming across the globe has an adverse effect on the global quinoa protein market.
Also, the price has significantly tripled since 2002, which has further dampened the demand as conventional bread and cereals are available in comparatively lower price.
Quinoa Protein Market: Segmentation
Based on product type, the global quinoa protein market is segmented as:
- Quinoa Grain
- Intermediate Products
- Processed Products
Intermediate products end-use application accounts for a majority of the share in the global quinoa protein market. Moreover, processed products remain one of the major hotspots in the global quinoa protein market.
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Based on region, the global quinoa protein market is segmented as:
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Quinoa Protein Market: Regional Outlook
Latin America accounts for a majority of the share in the global quinoa protein market as quinoa is predominately cultivated in this region, majorly due to its extremely low-temperature condition. It is mainly cultivated in Peru, Ecuador and Bolivia, which are the major quinoa producing countries in the region.
North America is anticipated to witness steady growth in the global quinoa protein market, due to the increasing geriatric population and health-conscious consumers. However, extreme climate changes in the region have hampered the global quinoa protein market in the region.
Asia Pacific region is expected to witness fastest growth in the global quinoa protein market, mainly due to an increase in demand from developing regions, such as China and India.
In Europe, the demand for quinoa protein is expected to witness a steep growth, due to an increase in vegan and gluten-free products consuming population in the region. The Middle East & Africa is expected to witness a single-digit growth in the global quinoa protein market.
Quinoa Protein Market: Prominent market stakeholders
Key market stakeholders in the global quinoa protein market are Quinoa Foods Company, Northern Quinoa Production Corporation, Andean Valley Corporation, Quinoa Corporation, Keen One Quinoa, The British Quinoa Company, Hain Celestial Group, Andean Naturals Inc., European Quinoa Group, Inca Organics etc., amongst others. The quinoa protein market consists of consolidated players with a majority of them situated in the Latin America region.
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