by Quinoa is a gluten-free ancient grain crop primarily grown in South America. It is known for its high nutritional value as it contains more protein than any cereal grain including wheat, rice, maize or oats and is rich in vitamins, minerals and antioxidants. It is a complete protein containing all essential amino acids. Quinoa can be consumed as a breakfast cereal, used in baked products such as breads and pastas or can be added to salads, soups and casseroles. It has a mild, nutty and slightly crunchy texture when cooked. Due to the multiple health benefits, increasing population of health-conscious consumers are opting for quinoa as a substitute for rice and other cereals.
The global Quinoa Grain Market is estimated to be valued at US$ 1,867.2 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising awareness about the health benefits of quinoa such as high fiber, protein, and nutrient content is driving its demand globally. Furthermore, changing lifestyle and eating habits coupled with increasing preference for gluten-free foods is also fueling the quinoa grain market growth. Growing demand from food manufacturing and processing industries where quinoa is used as a key ingredient in various food products including chips, puffs, flakes and bars is creating new market opportunities. However, high production costs compared to traditional cereal grains act as a major challenge for widespread adoption of quinoa. Product innovations in the form of ready-to-eat quinoa breakfast cereals, pasta and snacks could further boost market revenues over the forecast period.
Porter’s Analysis
Threat of new entrants: The quinoa grain market has moderate entry barriers as it requires large capital investments for production and processing facilities. Strong brand loyalty and economies of scale enjoyed by existing players also deter entry of new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like rice and other grains. However, health benefits and high nutritional value of quinoa helps reduce impact of substitution.
Bargaining power of suppliers: Quinoa grain producing countries have significant bargaining power due to their unique position as largest suppliers. Fluctuations in crop yield also impact prices.
Threat of new substitutes: Emergence of newer substitute grains with similar nutritional profile can increase competitive pressure. However, quinoa’s distinct nutritional profile and popularity as superfood offers some protection.
Competitive rivalry: The market sees fierce competition among existing players characterized by launch of new varieties, investment in R&D and international expansion.
Key Takeaways
The global quinoa grain market size is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing health consciousness and demand for superfood grains with high nutritional value. The market size for 2023 is estimated at US$ 1,867.2 Mn.
Regional analysis: South America dominates quinoa grain production, led by Peru, Bolivia, Ecuador and Chile. However, North America is the fastest growing regional market driven by increasing popularity of quinoa among health conscious consumers in USA and Canada. Europe and Asia Pacific also offer lucrative growth opportunities.
Key players operating in the quinoa grain market are Ancient Harvest, Andean Valley Corporation, Andean Naturals, Quinoa Foods Company, Northern Quinoa Production Corporation (NorQuin), The British Quinoa Company, Inca Organics, Alter Eco, COMRURAL XXI, Irupana Andean and Organic Food. Key players are focusing on new product launches, partnerships with farmers and global expansion to leverage growth opportunities.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
