Global Buckwheat Market - 2022-2029

Global Buckwheat Market - 2022-2029

Market Overview

Buckwheat is basically a fruit seed used as a cover crop. Buckwheat is considered as a great source of manganese, copper, magnesium, dietary fiber, phosphorus, etc. It also contains flavonoids such as rutin and quercitin which play an important role in health-promoting actions. Buckwheat is a healthy food ingredient that has health benefits such as reducing cholesterol, lowering the risk of high blood pressure, and diabetes helps prevent gallstones, protecting against heart disease, helps in preventing breast cancer, asthma etc. Along with this buckwheat is also known for its high vitamin content such as vitamin A, vitamin D and vitamin B12, vitamin B6, niacin, etc.

In addition, buckwheat is rich in protein which contains all eight essential amino acids including lysine. Furthermore, buckwheat does not contain gluten and is considered a substitute for wheat, oats, rye, and barley in healthy foods. Moreover, buckwheat is also used in preparation of several nutraceuticals which helps in preventing blood clots, and lowers production of histamine which intern improve airborne allergies and food intolerances. Thus, owing to these benefits, buckwheat is constantly demanded by consumers. Furthermore, rise in number of health-conscious people is helping the market to grow in coming years.

The global buckwheat market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of YY% during the forecast period (2022-2029).

Market Dynamics: Rising awareness about the health benefits of buckwheat is driving market growth

The change in diet patterns and shift of consumers towards healthy diet has increased the demand for healthy natural food ingredients such as buckwheat.

In addition, due to changing lifestyle, work patterns, hectic work schedules and sedentary lifestyle, eating habits have changed and consumers are becoming aware about the health benefits of buckwheat. Increasing awareness about various diseases such as heart related diseases, diabetes, and obesity is enabling consumers to shift towards the healthy eating patterns which include natural food ingredients which are gluten free and natural such as buckwheat and its products.

Furthermore, the diversified use of buckwheat & its extract in herbal formulations offering various health benefits such as strengthening the blood vessel and increasing blood flow, added health benefits in bone health management, and more are expected to accelerate the market growth in the forecast period.

Buckwheat extract or flour can also be combined with the various majority of the food items that can be used in the food and beverage sectors for further use. Thus, another major driver for the growth of the global buckwheat industry is the rising use of its extract in a variety of food products as an additive.

Moreover, changing consumer dietary preferences and inclination toward nutritious food products are increasing the demand for buckwheat and buckwheat-based products. Buckwheat is also used in various food & beverage products such as snacks, and various healthy convenience food and also acts as a substitute for various flours such as wheat, jowar and others.

However, the side effects associated with buckwheat such as allergies, sensitivities, and inflammation may change the consumer preference toward other healthy options which may restrain the growth of the market.

Market Segmentation: Organic segment accounted for the highest share in the global buckwheat market

In 2021, the organic buckwheat segment had the highest revenue share of YY percent. Organic buckwheat has been the most preferred choice of consumers due to the growing demand for organic and chemical-free food products globally, coupled with a rise in demand for healthy & nutritious products along with good taste.

In 2021, the food & beverage segment had the highest revenue share of YY percent. The food & beverage segment includes restaurants, cafes, hotels, and others. The key manufacturing companies focus on establishing online product availability. Various companies also offer products on their own websites and through various channels. In addition, various companies are introducing buckwheat-based products such as snacking items, breakfast and others with innovative flavors to attract consumers which act as a driver for the market.

Geographical Penetration: North America is the dominating region during the forecast period

In 2021, North America had the highest revenue share of YY percent. The region has well-developed food service sectors such as bakery, confectionary, and others, where the demand for healthier and nutritious food is increasing. Consumers in the U.S. prefer to consume nutrition-rich food, primarily natural products with no additives & chemicals. The growing industries and applications in the region such as food & beverages, animal feed, personal care & cosmetics, and others, buckwheat is used primarily as a healthier& natural alternative. This is due to the increased inclination of consumers towards healthy alternatives and the increasing trend to stay fit & healthy is increasing the demand for buckwheat in North America, thereby adding to the growth of the market.

For instance,

• In 2020, according to Dwaraka Organic, the company itself launched buckwheat flour called happy new flour. This flour has a lot more nutty and earthy flavor and tastes extremely rich which gives a new balance to strongly-flavoured recipes and adds a lot more depth to mildly flavoured foods like pasta, crepes, and pancakes.

Competitive Landscape:

The global buckwheat market is competitive and comprises players such as Archer Daniels Midland Company (ADM), Wilmar International Limited, Skvyrskyi Grain Processing Factory Ltd, Bob’s Red Mill Natural Foods, Minn-Dak Growers Ltd., Bulk Barn Foods Limited, and The Birkett Millsamong others. The buckwheat market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as agreements and product innovation for various applications. Moreover, rising research and development activities of product innovation for vegan people and consumers’ preference for natural forms of products are also expected to propel market growth.

For instance,

• In February 2022, ADM, acquired the South African Business Comhan, by establishing ADM’s Position as Leading Flavour Distributor in South Africa. This development will open up opportunities for customers in the region.

COVID-19 Impact: Negative impact on the buckwheat market

The import-export restrictions imposed by various governments in almost all the regions such as North America, Asia, and Europe are hindering geographical expansion, business collaboration, and partnership opportunities. Thus, these factors are hindering the growth of the buckwheat market in the food and beverage industry.

However, there has been a shift towards natural& plant-based food as well as personal care, and animal feed products during & after covid-19 pandemic which has increased the demand for buckwheat globally.

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