Quinoa Market Forecast 2023 - 2031
Report ID : CBI_1342 |
| Published Date:
| Format :
| Base Year: | 2022 |
|---|---|
| CAGR: | 9.1% |
| Forecast Year: | 2023 - 2031 |
| Revenue 2022: | $1,004.86 Mn |
| Revenue 2023: | $1,091.71 Mn |
| Revenue 2031: | $2,186.57 Mn |
Quinoa Market Forecast 2023 - 2031
Market Overview :
Consegic Business Intelligence analyzes that the quinoa market is growing with a CAGR of 9.1% during the forecast period (2023-2031), and the market is projected to be valued at USD 2,186.57 million by 2031 and USD 1,091.71 million in 2023 from USD 1,004.86 million in 2022.
Market Definition :
Quinoa is a seed of the chenopodium quinoa plant. It is native to South America, where it has been cultivated for thousands of years. Quinoa was a staple food of the Incas, which means mother of all grains. It is a highly nutritious food. Quinoa is a good source of protein, fiber, vitamins, and minerals. It is also gluten-free, making it a good choice for people with celiac disease or gluten intolerance. Quinoa is a versatile food that can be eaten in a variety of ways. It can be cooked as a side dish, used in salads, or added to soups and stews. It can also be ground into flour and used to make baked goods.
Market Dynamics :
Drivers :
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Increasing awareness of the health benefits of quinoa is driving the market growth.
Quinoa is a nutrient-rich food that is high in protein, fiber, vitamins, and minerals. It is also gluten-free, making it a good choice for people with celiac disease or gluten intolerance. As consumers are becoming more aware of the health benefits of quinoa, demand for the product is increasing drastically. Furthermore, quinoa is a complete protein, meaning that it contains all nine essential amino acids that one's body cannot produce on its own. This makes quinoa a good source of protein for both meat-eaters and vegetarians alike. Quinoa is a good source of vitamins such as vitamins B1, B2, B3, B6, and E, as well as minerals such as magnesium, iron, and phosphorus. Overall, increasing awareness of the health benefits of quinoa is driving the growth of the quinoa market globally.
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Expanding applications of quinoa is boosting the growth of the quinoa market.
Quinoa is a versatile food that can be used in a variety of dishes, including salads, soups, stews, and baked goods. This is driving innovation in the quinoa market, as new products are being developed to meet the needs of different consumers. Also, increasing demand for quinoa pasta, quinoa flour, and quinoa snacks is driving the market growth further. Furthermore, increasing awareness of the link between diet and health, and rising obesity rates is impacting the growth of the market positively. For instance, according to a recent report by the Centers for Disease Control and Prevention in 2022, The U.S. obesity prevalence was around 41.9% between 2017 to March 2020. Hence, wide applications of quinoa in different dishes and the increasing demand for healthy diets due to rising health concerns such as obesity, among others is driving the growth of the quinoa market.
Restraint :
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Limited supply is hampering the growth of the quinoa market.
Quinoa is a relatively new crop in many parts of the world, and its production is limited. This is due to several factors, including the fact that quinoa is a delicate crop that requires specific climatic conditions to grow. Limited supply is thus leading to higher prices for quinoa, which is deterring some consumers from purchasing it. Also, quinoa is generally more expensive than other grains, such as rice and wheat. Hence, due to the aforementioned factors, the quinoa market growth is being hampered to a large extent.
Opportunities :
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The growing popularity of plant-based diets is expected to propel the market growth.
A large number of consumers across the globe are choosing to follow plant-based diets, either for ethical or health reasons. Quinoa is a good source of protein for consumers who are following plant-based diets, as it is known as a complete protein. Plant-based diets can be beneficial for health in several ways, including reducing the risk of heart disease, stroke, type 2 diabetes, and some types of cancer. Furthermore, increasing concerns of diabetes, strokes and other health concerns is forecasted to increase the market growth in the upcoming years. For instance, according to a report by the Centers for Disease Control and Prevention in 2022, 37.3 million Americans are suffering from diabetes and 96 million American adults are suffering from prediabetes. Hence, due to the increasing popularity of plant-based diets owing to advantages in mitigating major health concerns, the quinoa market is expected to flourish in the forecast period.
Quinoa Market Report Coverage :
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 2,186.57 Million |
| CAGR (2023-2031) | 9.1% |
| By Type | White, Red, Black, and Others |
| By Product Type | Organic and Conventional |
| By Distribution Channel | Online (E-Commerce, Company Owned Website), and Offline (Hypermarkets/Supermarkets, Convenience Stores, and Others) |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | Grain Millers, Inc., ARDENT MILLS, Jiwa, Culingo, Andeangrain, The British Quinoa Company, Impact Foods International Ltd., Blue Lake Milling, Morning Foods Ltd, and Avena Foods Limited |
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Download Sample ReportMarket Segmentation :
By Type :
The type segment is categorized into white, red, black, and others. In 2022, the white segment accounted for the highest market share of 41.10% in the quinoa market. White quinoa is the most common type of quinoa and is known for its mild flavor and fluffy texture. This quinoa also has a mild, nutty flavor that makes it versatile and easy to use in a variety of dishes. It is also a good all-purpose quinoa, meaning that it can be used in both hot and cold dishes. White quinoa is a nutritious food that is high in protein, fiber, vitamins, and minerals. It is also gluten-free, making it a good choice for people with celiac disease or gluten intolerance. Furthermore, increasing numbers of celiac diseases is enforcing larger demand for the product. For instance, according to a recent report by Celiac Disease Foundation in 2023, people with a first-degree relative with celiac disease have a 1 in 10 risk of developing celiac disease. Furthermore, the report also mentions people with celiac disease have a 2x greater risk of developing coronary artery disease and a 4x greater risk of developing small bowel cancers. Hence, due to the wide health benefits of white quinoa, the segment is experiencing significant growth in the quinoa market.
Moreover, the red segment is expected to grow at the fastest CAGR over the forecast period in the quinoa market. It is growing rapidly as consumers are becoming more aware of the unique flavor and texture of red quinoa. Also, the growth of the red quinoa segment is being driven by the increasing popularity of plant-based diets. Red quinoa is a good source of protein and is highly beneficial for people who are following plant-based diets. Hence, due to the aforementioned advantages of red quinoa, the segment is experiencing positive growth in the quinoa market.
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Download Sample ReportBy Product Type :
The product type segment is categorized into organic and conventional. In 2022, the organic segment accounted for the highest market share and is expected to grow at the fastest CAGR over the forecast period in the quinoa market. Organic quinoa is produced without the use of synthetic pesticides, herbicides, and fertilizers. This makes it a more sustainable option and a better choice for consumers who are concerned about the health effects of synthetic chemicals. The organic quinoa market is also being driven by the growing popularity of organic food and the increasing awareness of the health benefits of organic food. It is becoming increasingly popular as consumers are becoming more aware of the health and environmental benefits of organic food. Organic quinoa is a nutritious food that is high in protein, fiber, vitamins, and minerals. It is also gluten-free, making it a good choice for people with celiac disease or gluten intolerance. It is a more ethical choice than conventional quinoa as organic quinoa is produced in a way that is better for the environment and for the health of farm workers. Hence, due to the aforementioned factors, the segment is witnessing significant growth in the quinoa market.
By Distribution Channel :
The distribution channel segment is categorized into online and offline. In 2022, offline segment accounted for the highest market share in the quinoa market. This is due to the fact that quinoa is a relatively new food product and consumers prefer to purchase it from physical stores where they can see and check the product before purchasing it. Also, the wide availability of different hypermarkets and convenience stores are driving larger demand for the product through an offline channel. Hence, due to the aforementioned factors, the segment is experiencing significant growth in the quinoa market.
Moreover, the online segment is expected to grow at the fastest CAGR over the forecast period in the quinoa market owing to various consumers preferring the online method of purchase. The growth of the online distribution channel is also being driven by the increasing availability of quinoa on e-commerce websites and online marketplaces. Online shopping is convenient for consumers, as they can purchase quinoa from the comfort of their own homes. Furthermore, online websites often offer competitive prices on quinoa products and many online retailers offer free shipping and returns on quinoa products. Hence, due to the advantages of online distribution channel, the segment is witnessing positive growth in the quinoa market.
By Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Regional Growth Insights
Download Sample ReportIn 2022, North America accounted for the highest market share at 35.10%, was valued at USD 352.71 million in 2022 and USD 383.74 million in 2023, it is expected to reach USD 770.77 million in 2031. In North America, the U.S. accounted for the highest market share of 62.30% during the base year 2022. This is due to the increasing awareness of the health benefits of quinoa and the growing popularity of plant-based diets in the region. The introduction of new and advanced quinoa products that are tailored to the specific needs and preferences of consumers in the region is further driving the growth of the market in North America. Furthermore, increasing cases of heart disease, obesity, and others in the region are driving the market growth further. For instance, according to a report by the Centers for Disease Control and Prevention in 2022, heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the U.S. About 695,000 people in the U.S. died from heart disease in 2021.
Hence, due to the aforementioned factors, the quinoa market is experiencing significant growth in North America.
Moreover, Asia Pacific is expected to witness significant growth over the forecast period, growing at a CAGR of 9.6% during 2023-2031 owing to rising demand for healthy and nutritious food products in the region. Rising disposable incomes and growing urbanization are acting as catalysts for the growth of the quinoa market. Also, consumers in Asia Pacific are becoming more exposed to international cuisines, which is leading to an increased demand for new and exotic food products, such as quinoa. Thus, due to the aforementioned factors, the quinoa market is witnessing positive growth in the region.
Details Countries Growth Insights
Download Sample ReportQuinoa Market Competitive Landscape:
The quinoa market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
- Grain Millers, Inc.
- ARDENT MILLS
- Jiwa
- Culingo
- Andeangrain
- The British Quinoa Company
- Impact Foods International Ltd.
- Blue Lake Milling
- Morning Foods Ltd
- Avena Foods Limited
Recent Developments :
- In June 2021, Ardent Mills, the premier flour-milling and ingredient company, in partnership with Nutrien Ag Solutions, the retail division of the world's largest crop inputs company, announced the advancement of its regenerative agriculture program. The program is aimed at strengthening the soil ecosystem and helping producers improve their farms' productivity and profitability.
- In April 2021, Morning Foods Ltd expanded its oat milling factory in Crewe. The company aims to boost output over the next four years by more than 50% owing to the major expansion of its oat milling capabilities at its sites in Crewe.
Frequently Asked Question
What was the market size of the quinoa industry in 2022?+
In 2022, the market size of quinoa was USD 1,004.86 million.
What will be the potential market valuation for the quinoa industry by 2031?+
In 2031, the market size of quinoa will be expected to reach USD 2,186.57 million.
What are the key factors driving the growth of the quinoa market?+
Increasing awareness of the health benefits of quinoa is fueling market growth at the global level.
What is the dominating segment in the quinoa market by type?+
In 2022, the white segment accounted for the highest market share of 41.10% in the overall quinoa market.
Based on current market trends and future predictions, which geographical region is the dominating region in the quinoa market?+
North America accounted for the highest market share in the overall quinoa market.
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