The Quinoa grain is a pseudo-cereal crop that originates from the Andes region of South America. It comes with various nutritional and texture advantages over traditional cereal grains like wheat and rice. Quinoa is high in protein, dietary fiber, vitamins and minerals making it a highly nutritious gluten-free alternative to other grains. The rising awareness about nutritional benefits of quinoa among health conscious consumers is driving the demand for quinoa products globally.
The 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:
One of the major trends driving the quinoa grain market growth is the rising health consciousness among consumers worldwide. The rising prevalence of lifestyle diseases like diabetes, obesity etc. has made consumers more focused on improving their dietary habits and wellness. Quinoa offers a nutritious and gluten-free alternative to regular grains and appeals to health-conscious consumers. Its high protein content makes it a popular choice for athletes and fitness enthusiasts as well. The versatile application of quinoa in various food products like breakfast cereals, snacks, pasta etc. is also fueling its demand. Manufacturers are developing innovative quinoa-based product offerings to cater to the growing demand, which is expected to support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier to entry however established brands have economy of scale advantage.
Bargaining power of buyers: High as buyers have many substitute options like rice, wheat, millets etc.
Bargaining power of suppliers: Moderate as key suppliers have established network and contract farming.
Threat of new substitutes: Moderate threat from substitute grains and pseudograins like amaranth, buckwheat.
Competitive rivalry: High as the market is dominated by few regional and global players.
SWOT Analysis
- Strengths: Nutritional profile, gluten-free nature, adaptability to various climate conditions.
- Weaknesses: Lack of awareness, higher prices compared to staples, dependency on few growing regions.
- Opportunities: Increasing health conscious population, growth in vegan diet, product innovation.
- Threats: Climate change impacting crop yields, price volatility due to supply constraints.
- Key Takeaways
- The global quinoa grain market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing preference for plant-based protein. North America represents largest regional market for quinoa. Europe is the fastest growing region growing at a CAGR of 12%.
- Regional analysis South America dominates global production led by Peru, Bolivia and Ecuador. These countries account for over 80% of global supply. However, North America and Europe are largest importers.
- 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, Organic Food. Key players are focusing on new product launches, mergers and acquisitions to strengthen market presence.
