Climate-hero ingredients

July 2023

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Introduction
Climate-hero ingredients are sustainable, nutritious, and have agricultural benefits
including restoring soil health aiding in crop sustainability
What are Climate-hero ingredients?
Climate hero ingredients are emerging crops which are produced and/or sourced in a manner that promotes sustainability, environmental stewardship, reduces the carbon
footprint and simultaneously have nutritional value; these ingredients are also associated with various climatarian agricultural practices, such as regenerative agriculture, organic
farming and local sourcing that are in line with the growing trend of sustainable and eco-friendly food choices of consumers, that aim to mitigate monoculture and biodiversity loss
– eventually supporting a more environmentally conscious food system

Traditional crops – Current challenges ► The 5 climate-hero ingredients in-focus (Fonio, Lupin beans, Bambara nuts, Amaranth and Moringa) are the key
emerging, underutilised and nutritious grains that hold great opportunity for future use
• Moreover, the rise of climatarian1 and regenetarian2 diets have created increased need and opportunity for
► More than 40% of daily human calories come climate-hero ingredients, across the globe, as they are best alternatives to traditional ingredients
from three staples – rice, wheat and maize;
higher consumption of these staples has led to
the practice of monoculture, which in turn is ► Climate-hero ingredients, such ► Various crops, such as Lupin, are
majorly responsible for biodiversity loss and soil as Fonio, Amaranth and Moringa used as a rotational crop, in
degradation/erosion require less fertilisers and water between other crops, to reduce
to grow, as compared to pests, which eventually aids in
 Additionally, traditional crops are highly
traditional crops, thereby aiding biodiversity protection
susceptible to challenging environmental
in water conservation and 2
conditions, such as drought, floods, high
preventing soil degradation 1 ► The crops like Bambara
temperatures, etc., which can directly affect crop
yields nuts can restore soil
► These crops have a health by adding
► According to the United Nations (UN), damage Climate Hero variety of applications in
5 3 environmental nitrogen
to the land caused by current agricultural Ingredients various sectors, such as back into the soil
practices (e.g., for traditional crops) is F&B, personal care and naturally
accelerating and resulting in ~40% of the – as a solution agriculture; for example
world’s land being considered degraded or unfit
4
– bakery products,
for agricultural use ► All these crops provide essential
beverages, gluten-free
alternatives, vegan macronutrients such as
 Moreover, according to the Food and Agriculture carbohydrates, proteins, fibre and
Organization (FAO), over 90% of earth’s soil meat, organic skin
could become degraded by 2050 lotions, organic fat, and many micronutrients as well
fertilizers, etc.
Source: TSC-subscribed databases; Publicly available data 2023 © The Smart Cube | A WNS Company. All Rights Reserved 2
Content
► Fonio 03
► Lupin Beans 06
► Bambara Nuts 09
► Amaranth 12
► Moringa 15

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Fonio
► Market Overview

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Market Overview (1/2)
Demand for fonio (a super grain) from the EU and US is increasing due to its
unique nutritional value and various end-use applications

The global gluten-free flours (including fonio flour) market is

Native to West Africa, fonio is a type of small-seeded cereal that is highly nutritious and
expected to grow at a CAGR of ~8% during 2023–2030 to reach
serves as a gluten-free alternative to rice and wheat; as fonio grains offer a wholesome,
USD 4.11 billion in 2030; this is expected to be driven by rising
nutritional option for individuals with dietary restrictions related to wheat and other gluten-
consumer demand for gluten-free and nutritional products,
containing grains, they have earned the designation of a ‘super grain1’
especially in the EU and US

Market Trends Recent Market Updates Applications

► New applications of fonio in F&B products (such as
pasta and beer), along with rising consumer demand for
healthy superfoods and gluten-free grain alternatives,
is driving the market for the grain
► Increasing partnerships with NGOs and F&B
companies are helping producers/processors of fonio
optimise crop yields by using sustainable farming
practices, husking machines, etc.
► In May 2023, Brewgooder – a UK-based charity beer
brand – teamed up with Brooklyn Brewery to launch a
new beer made with fonio
► In February 2023, Sustainable African Foods (an
organisation that connects regenerative smallholder
farms with global organisations), in partnership with
Yolélé (a US-based African food company), announced
its plans for establishing the world’s first industrial-
scale fonio processing plant in Mali, Africa, for
production of fonio grains and fonio flour
► F&B: It is used to develop heathier alternatives to
traditional flours, cakes, crackers, puddings, biscuits,
breads, sourdoughs, cookies, noodles, pasta and
alcoholic products
► Healthcare: Fonio consumption can be beneficial for
the health of patients suffering from diabetes, obesity,
colorectal and colon cancers, cardiovascular diseases,
celiac disease and other metabolic diseases

Key Market Players Utilising Fonio

4.4– 1.1– 0.5–
>80% 8.5% 4.7% 18%
Nutritional
Composition of Fonio
Starch Protein Lipids Fibre

Source: TSC-subscribed databases; TSC analysis; Publicly available data; Supplier websites 2023 © The Smart Cube | A WNS Company. All Rights Reserved 5
Market Overview (2/2)
Fonio production in Africa (the sole producer) increased 1.1% Y-o-Y in 2021,
primarily due to rising local and international demand
African Fonio Production – by Volume Production Global Fonio Imports
(‘000 MT, 2018–2022)2,3
Imports
(‘000 MT, 2018–2021)1,2 Production of fonio in Africa – the only The global fonio imports3 grew at a CAGR of
producer – experienced a 1.1% Y-o-Y 40% during 2018–2021 – with France being
increase in 2021 on the back of rising local 707.6 the largest importer, followed by the US, the
and international demand 479.9 Netherlands and Italy (the 4 countries
357.4 338.4
► Fonio production in African countries is
257.6 together accounted for 81% of the global
primarily driven by their dry and humid fonio imports during 2022); moreover, French
596.0 602.8 imports increased ~175% during 2018–2021,
climatic conditions, which are suitable for
583.6 the ideal growth of fonio grains
2018 2019 2020 2021 2022 following the authorisation of fonio in the EU
573.1 Source: ITC Trade Map
market in 2018
Global Fonio Exports
(‘000 MT, 2018–2022)2,3 ► However, in 2022, the Russia–Ukraine war
2018 2019 2020 2021 Exports weakened trade by creating logistical
524.4 challenges, resulting in ~52% Y-o-Y drop in
Source: FAOSTAT The global fonio exports3 grew at a CAGR the global fonio imports
of 57.1% during 2018–2021; the growth was 378.3
264.9 282.1 ► In contrast, demand for native wheat
African Fonio Production – by Country led by Guinea (a country in West Africa), alternatives (fonio and teff) in Africa
135.2
(2021)1,2 followed by Burkina Faso, Senegal and Mali increased in 2022 to cover the supply–
Burkina (the 4 countries collectively accounted for demand gap created by tanked wheat
Others 81% of the global fonio exports by volume
Faso 2018 2019 2020 2021 2022 imports amid the Russia–Ukraine war
1.6% during the year 2022) Source: ITC Trade Map
2.7%
Côte Q1 Q2 Q3 Q4
d'Ivoire Sowing & Harvesting Time – Fonio is the world’s Sowing Period Harvesting
4.3% fastest-maturing cereal and is also easy to grow (May or Jun) Period (Sep)
Mali 100% = because it is highly resilient and low-maintenance
602.8 Guinea Jan Mar Jun Sep Dec
8.8% 65.6%
‘000 MT
Takeaway

Demand for fonio is increasing due to rising awareness of its nutritional and environmental benefits, especially as a gluten-
Nigeria free grain; furthermore, fonio's consumption is expected to increase in the future due to new applications of the grain in the
Key

17.0% F&B, healthcare and agriculture sectors as well as increasing usage of technologies to optimise crop yields (for instance,
Source: FAOSTAT
husking machines are used for efficiently de-husking small grains)
Note: 1) Production data refers to ‘Fonio’ as per availability on the FAOSTAT platform
2) All calculations related to shares, CAGRs, Y-o-Y, etc. changes have been performed on actual values instead of the mentioned rounded-off values
3) Exports/Imports refer to HS Code – 100840 – Fonio ‘Digitaria spp’
2023 © The Smart Cube | A WNS Company. All Rights Reserved 6
Source: FAOSTAT; Publicly available data; TSC-subscribed databases; TSC analysis
Lupin Beans
► Market Overview

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Market Overview (1/2)
Lupin beans are gaining popularity in global markets amid rising demand from the
F&B and animal feed sectors due to their high-protein and low-fat composition
The global lupin market is estimated to reach USD 9 billion by
Lupin beans (the Lupinus genus) are one of the main legumes primarily produced in
2033, posting a CAGR of 5.1% over 2023–2033, on the back of
Australia (locally known as sweet lupin); they are known as a ‘nutritional powerhouse’ as
rising demand from the F&B and animal feed sectors for low-fat
they contain essential nourishments, such as vitamins, minerals, polyphenols [including
and high-protein foods, as well as rapid launch of innovative F&B
flavonoids and phenolic acids (such as apigenin, caffeic and gallic)], and are a perfect
products based on lupin beans; moreover, APAC is expected to
substitute for soybean due to their high protein and fibre content
account for 69% of the market's growth

Market Trends Recent Market Updates Applications

► Increasing R&D activities focussed on lupin beans (to
improve quality and yield), fuelled by rising consumer
demand for high-protein and -fibre products, are
driving various innovative F&B applications worldwide
► Rising demand for vegan products is driving the meat
alternatives market; for instance, in 2022, Eighth Day
Foods launched an alternative meat product (Lupreme
meat) made with lupin beans
► Usage of lupin beans as a feedstock for animal feed is
growing because they are easy to digest and have a
higher protein content as compared with soy
► At the Natural Products Expo – one of the leading
healthy products expos in the world – held in March
2023, Brutal Foods and SuperFat showcased their new
lupin beans-based products called Brutal Puffs and
Super Fat Keto Mac & Cheese, respectively
► In August 2022, Lupii, a female-founded snack start-up,
based in the US, announced that it was expanding its
portfolio by entering the pasta category with the
launch of its lupin beans-based boxed pasta products
► Animal Feed: They are used as an alternative to
traditional animal feed due to their high protein and low
fat content
► F&B: They are used to make lupini flour (for bread, cakes,
biscuits, keto-friendly products and scones), plant-based
protein bars, gluten-free alternatives (bread, pasta and
cookies) and plant-based meat alternatives
► Agriculture: Lupin crops require less water and enrich the
soil, are usually used as rotation crops to increase soil
fertility and can be grown in high-altitude locations as
they are more drought- and frost-tolerant than crops such
as soybean

Key Market Players – Lupin Beans

40% 37% 6% 4%
Nutritional
Composition1 of Lupin
Beans Protein Fibre Fats Carbohydrates

Source: TSC-subscribed databases; TSC analysis; Publicly available data; Supplier websites 2023 © The Smart Cube | A WNS Company. All Rights Reserved 8
Market Overview (2/2)
Lupin beans production in Australia increased 82.4% Y-o-Y in 2021 due to rising
demand for animal feed from local and international markets
Global Lupin Beans Production – by Volume Production Exports Imports
(‘000 MT, 2018–2021)1,2 The global lupin beans production grew The global lupin beans exports3 grew at The global lupin beans imports3 grew at a
at a CAGR of 5.3% during 2018–2021, a CAGR of 5.6% during 2018–2021, led CAGR of ~1% during 2018–2021, led by
primarily due to increased demand from by the US, Australia, Canada and Italy Japan, China, Sri Lanka and the UAE,
1,199.4 1,256.4 international markets (such as the EU, (together accounting for ~86% of the (together accounting for ~65% of total
1,075.3 imports in 2022), due to increase in demand
946.1 Japan and South Korea) and local global exports by volume in 2022)
markets – because of the use of the for animal feed and gluten-free products
► Out of the total exports, >80% are used
beans as high-protein and -fibre animal for stock animal feed and crop rotation ► Moreover, the global imports have been
feed (planted between crops such as wheat increasing since 2021 due to a decline in
to reduce the negative impact of weeds the logistical constraints created by
► Moreover, the global lupin beans
and insects) COVID-19-related restrictions
production increased 32.8% Y-o-Y in
2018 2019 2020 2021

(‘000 MT, 2018–2022)2,3

(‘000 MT, 2018–2022)2,3

2021, primarily due to increased

Global Lupin Exports

Global Lupin Exports

9,025.6
Source: FAOSTAT production in Australia (rose 82.4% Y-o- 8,924.4 7,083.6 7,009.0 6,780.2 7,255.5
Y in 2021) – which is the leading lupin 7,981.2 7,922.4 8,054.7
beans producer – amid suitable weather 7,569.8
Global Lupin Beans Production – by Country
conditions and the development of
(2021)1,2 disease-resistant lupin beans variants
through increasing R&D 2018 2019 2020 2021 2022
Others 2018 2019 2020 2021 2022
Germany Source: ITC Trade Map Source: ITC Trade Map
8.5%
3.9%
Sowing & Harvesting Time – Lupin crops are Q1 Q2 Q3 Q4
planted between other crops, such as wheat, Sowing Period Harvesting
Morocco usually during the spring season and harvested as (Mar–May) Period (Sep)
4.1% soon as the moisture content reaches the 14–15%
100% = Australia
1,256.4 mark (any delay can cause a drop in crop yields) Jan Mar Jun Sep Dec
Russian ‘000 MT 62.5%
Takeaway

Federation Demand for lupin beans is increasing due to rising awareness of their nutritional value; increased adoption of plant-based and
5.0% protein-rich products; and versatile applications in F&B products, animal feed and crop sustainability; moreover, the production of
Key

Poland
lupin beans will likely increase in future due to rising awareness of its nutritional benefits, growing usage of advanced machinery in
16.0%
Source: FAOSTAT the production process, and better quality and yields amid increasing R&D initiatives in end-use sectors
Note: 1) Production data refers to ‘Lupins’ as per availability on the FAOSTAT platform
2) All calculations related to shares, CAGRs, Y-o-Y, etc. changes have been performed on actual values instead of the mentioned rounded-off values
3) Exports/Imports refer to HS Code – 121490; (continued in slide note)
2023 © The Smart Cube | A WNS Company. All Rights Reserved 9
Source: ITC Trade Map; FAOSTAT; Publicly available data; TSC-subscribed databases; TSC analysis
Bambara Nuts
► Market Overview

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Market Overview (1/2)
The growth of the Bambara nuts market is driven by the agricultural sector as it is
used to improve the soil fertility, along with the growing adoption of these grains
in Africa and other regions for various end-use applications
Bambara groundnuts or Bambara nuts – an underutilised crop – are a part of the staple
The global Bambara beans/nuts market is expected to reach USD
legume-based dish of Africa and are filled with plenty of healthy nutrients that make them a
199 million by 2028 and post a CAGR of 5.8% during 2023–2028;
‘complete food’; additionally, Bambara is also an ideal source of dietary fibre, polyphenols,
this is because of the increasing demand from the F&B, agriculture
prebiotics, polyunsaturated fatty acids and antioxidants; moreover, these crops are drought-
and healthcare sectors (led by increasing awareness regarding
resistant and high-temperature tolerant – this makes sub-Saharan Africa an ideal production
vast applications of bambara nuts in these sectors)
hot-spot

Market Trends Recent Market Updates Applications

► Rising R&D for the cultivation of improved and more
drought-resistant strains of Bambara will likely help
improve food security in rural regions and lead to a
surge in local demand; it will also increase the
application of Bambara nuts in various sectors across
the globe
► Robust demand from the agricultural sector for
sustainable crops due to the decreasing biodiversity
and soil fertility caused by rigorous exploitation of
agricultural soil will likely support the growth of
Bambara nuts in global markets
► In March 2023, WhatIf Foods – a Singapore-based F&B
company – announced their plans to bring sustainably
sourced Bambara nut products (plant-based milk and
noodles) into global markets
► In December 2022, Synthite – an India-based oleoresin
manufacturer – announced the commencement of
BamNut milk production, targeting global markets
► F&B: The usage of Bambara nuts flour instead of
traditional flour, bambara nuts in protein bars or
boiled/roasted nuts as a snack, in bakery products, such
as bread, dough, biscuits and other products (such as
noodles, pasta and infant food)
► Agriculture: The cultivation of Bambara nuts naturally
increases soil nutrients, such as fixing atmospheric
nitrogen, which improves the soil fertility, aiding crop
sustainability; planted to increase soil fertility as well
► Healthcare: As a probiotic source of minerals and
dietary fibre, which can help/aid in reducing weight

Key Market Players – Bambara Nuts

64.4% 23.6% 3–5% 2–5%
Nutritional
Composition of
Bambara Nuts Carbohydrates Protein Fats Fibre

Source: TSC-subscribed databases; TSC analysis; Publicly available data; Supplier websites 2023 © The Smart Cube | A WNS Company. All Rights Reserved 11
Market Overview (2/2)
The global Bambara nuts production grew steadily during 2017–2021 on account of
the growing Bambara-based R&D initiatives and steady international demand
Africa Bambara Nuts Production – by Volume Production Exports Imports
(‘000 MT, 2017–2021)1,2 The production of Bambara nuts in The global Bambara nuts export3 The global Bambara nuts import3 grew at a CAGR
Africa (the largest producer) grew at a grew at a CAGR of 26.4% during of 56.8% during 2019–2021, wherein the
CAGR of 2.6% during 2017–2021 due to 2018–2021; led by Malawi, Democratic Republic of Congo was the largest
235.2 importer, followed by Saudi Arabia, South Africa
rising local (especially in rural Rwanda, Zambia and Madagascar
214.1 217.4 and Lebanon; together, these countries
206.0 households) and international demand, – together, all 4 African countries
and the growing innovations stemming occupied 91% of the global accounted for ~68% of the total global imports
196.0
from R&D; however, production exports (by volume – in 2021) (by volume – in 2021); this was to bridge the
decreased 7.6% Y-o-Y in 2021 due to supply–demand gap caused by the drop in local
production
many unfavourable environmental Global Bambara Nuts Export Global Bambara Nuts Export
factors exerting downward pressure on (‘000 MT, 2018–2021)2,3 (‘000 MT, 2019–2021)2,3
2017 2018 2019 2020 2021 the crop-yield 7.5
Source: FAOSTAT ► The total annual yield of Bambara crops 2.6
2.3
in Africa faced the negative impact of 3.7 3.1 1.1
Africa Bambara Nuts Production – by Country abiotic and biotic stresses in 2021, such 1.9
(2021)1,2 as uneven annual rainfall and climate-
induced changes in soil microbial
Others community composition, resulting in 2018 2019 2020 2021 2019 2020 2021
Togo 7.1% lower crop-yield Source: ITC Trade Map Source: ITC Trade Map
10.1% Sowing & Harvesting Time – Bambara crop
Burkina Q1 Q2 Q3 Q4
Faso typically needs bright sunshine, high temperature Sowing Period Harvesting
Mali 31.1% and frequent rains for the best yields; however, the (Jun) Period (Oct)
12.4% 100% = plant is highly adaptable and tolerant towards
217.4 harsh conditions, better than most crops Jan Mar Jun Sep Dec
‘000 MT
Takeaway

Demand for Bambara nuts is rising, primarily in sub-Saharan Africa and international regions, due to its nutritional value and
Niger growing demand for plant-based products; additionally, growing awareness of sustainable agriculture, combined with rising
Key

Cameroon 22.7% R&D, such as ‘rhizobial inoculation’, which can aid in increasing the crop-yield and resilience, will likely contribute to rise in
16.6% Source: FAOSTAT Bambara nuts consumption in future
1) Production data refers to ‘Bambara beans, dry’ as per availability on FAOSTAT platform 2) All calculations such as shares CAGRs, and Y-o-Y changes have been performed on actual values, instead of the mentioned rounded-off
values.
3) Exports/Imports refer to HS Code – 071334 – ‘Dried, shelled bambara beans ‘Vigna subterranea or Voandzeia subterranea’, whether or not skinned or split’
2023 © The Smart Cube | A WNS Company. All Rights Reserved 12
Source: ITC Trade Map, FAOSTAT, Publicly available data; TSC-subscribed databases; TSC analysis
Amaranth
► Market Overview

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Market Overview (1/2)
The global Amaranth market is likely to grow based on rising government
intervention of various countries and increasing demand for gluten-free whole grains
Amaranth – a gluten-free grain – has more than 60 different species, that have been
cultivated for more than 8,000 years; it is recognised as a ‘whole grain’ as it contains essential
amino acids, making it a formidable source of protein, along with abundant supply of
magnesium, phosphorus and manganese - essential for digestion and protein metabolism
Market Trends
► The rise in government initiatives is encouraging
market growth; for instance, in 2021, the Mexican
government passed the ‘Mexican Amaranth Promotion
Law’ that aimed at increasing production, organisation
and consolidation of supply-chain of Amaranth at the
national level
► Growing technological innovations will boost the
growth of Amaranth in global markets; for instance, in
2023, a group of Russian scientists developed a
technology that can increase amaranth’s protein
output by 30% (relative to the traditional methods)
>63%
Nutritional
Composition of
Amaranth Carbohydrates
Source: TSC-subscribed databases; TSC analysis; Publicly available data; Supplier websites
The global Amaranth market is estimated to reach USD 24.6
billion by 2032, posting a CAGR of 10.3% over 2022–2032, on
account of rising demand from consumers for high-protein gluten-
free whole grains
Recent Market Updates Applications
► As per June 2023, the UK is looking to reduce their ► F&B: Cookies, alt milk, baby food, snacks, Amaranth
reliance on imported plant-protein, announced a 2-year flour, Amaranth mixed with agave syrup, unleavened
UK-funded research project coined Vertical Indoor bread, pastries, cold brew and gluten-free snacks, such
Protein from Leaf (VIP Leaf), aimed at growing as popcorn, crackers, bars and cookies
Amaranth that can be used in products, such as alt
► Healthcare: Amaranth can be used to reduce
meat and other plant-based foods
inflammation, lower blood cholesterol, lower blood
► In April 2023, SIMPLi – a regenerative organic certified, pressure, reduce skin ageing, aid in digestion and help
plant-based products company based in the US – build gut health; moreover, the grains can also be used
launched an exclusive product – ‘Regenerative Organic as a source of many essential vitamins, such as Vitamin
Certified Amaranth’ – in collaboration with Whole B6 and other healthy nutrients
Foods Market – a US HQ retail chain and subsidiary of
Amazon
Key Market Players – Amaranth
13–21% 5–10% 2–5%
Protein Fats Fibre
2023 © The Smart Cube | A WNS Company. All Rights Reserved 14
Market Overview (2/2)
Amaranth production in Mexico (one of the key producers) steadily increased in
2021, primarily due to increasing government support and rising demand
Mexico Amaranth Production – by Volume Production and Market Overview
(‘000 MT, 2017–2021) ► China and Mexico are the biggest producers of Amaranth due to favourable Global Amaranth Market – by Product
climatic conditions and traditional cultivating processes; moreover, these grains Type (2022)
are a part of many staple local dishes in both the regions; the other producers of
amaranth include India, Russia, Nepal, Argentina, Peru and Kenya Other
9.4 9.6 9.9 11.3%
8.1  The production of amaranth in Mexico grew at a CAGR of 7.4% during 2017–
4.6 2021 owing to rising international demand for gluten-free and organic products, Seed
along with rising local demand Leaf 32.9%
15.7%
 The production of amaranth in Mexico grew 2.6% Y-o-Y in 2021 primarily 100% =
because of Mexican government intervention as they passed the ‘Mexican USD 9.2
Amaranth Promotion Law’ that aimed at increasing production, organisation Billion
2017 2018 2019 2020 2021 and consolidation of supply-chain at the national level
Source: TSC-subscribed Databases Oil Flour
► North America held the maximum revenue share of 53.9% in 2022 because of
18.6% 21.5%
the increasing demand for squalene, which is extracted mainly from amaranth
Global Amaranth Market – by Region products – has anti-inflammatory, anti-oxidation and anti-aging properties
(2022) Source: TSC-subscribed Databases
► The amaranth seed segment held the maximum revenue share of 32.9% in 2022
South
due to it constituting several minerals, such as calcium, iron and phosphorus; as
Middle America
a seed, it can be used in various end-use applications
East and 6.9%
Sowing & Harvesting Time – Amaranth crop Q1 Q2 Q3 Q4
Africa
requires hot climate conditions to produce optimal Sowing Period Harvesting Period
8.3% (Aug–Sep) (Oct–Nov)
yields (grows in both hot-humid and hot-dry
Asia 100% = North climates), as the crop is drought resistant and
USD 9.2 America Jan Mar Jun Sep Dec
Pacific requires ~10 weeks to mature
9.4% Billion 53.9%
Takeaway

The rising demand for Amaranth is due to its gluten-free nature and health benefits of a whole grain; growth in utilisation will
Key

Europe likely be a result of government interventions, technological advancements, increasing sustainable agriculture and new
21.4% product launches
Source: TSC-subscribed Databases

2023 © The Smart Cube | A WNS Company. All Rights Reserved 15

Source: Publicly available data; TSC-subscribed databases; TSC analysis
Moringa
► Market Overview

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Market Overview (1/2)
The growth of global Moringa market is driven by the rising demand for organic
foods and application in cosmetics products

The global Moringa market is estimated to reach USD 11.2 billion

The drumstick tree or Moringa, primarily grown in India, is full of useful products like fresh
by 2032, growing at a CAGR of 8.2% over 2023–2032, on account
pods, leaves and flowers packed with antioxidants, anti-inflammatory, vitamins, nutrients and
of its rising demand because of its versatile applications and high
minerals, ideal for recommended dietary allowance (RDA); Moringa is also rich in minerals,
nutritional value (Moringa is often used in organic food and
such as calcium, phosphorus, amino acids, along with nutraceutical properties
cosmetic products )

Market Trends Recent Market Updates Applications

► Worldwide increase in organic-farming practices is
leading to a rise in demand for moringa from the
agricultural sector; the agricultural sector needs
moringa for bio-pesticides as Moringa is a natural pest-
repellent and does not harm the soil (It rather helps
improve the fertility of the soil)
► The launch of innovative Moringa-based organic
products in the personal care industry is increasing the
popularity of moringa among consumers; two such
examples are Organic Harvest’s moringa-based
foaming face wash and Speaking Herbs’ Moringa Oil
(topical cosmetic agent)
► In March 2023, Organic Harvest, India’s leading organic
beauty and personal care brand, announced the launch
of its new foaming face wash range, which is composed
of 100% organic ingredients, such as Moringa
► In August 2022, Kuli Kuli – a women-owned brand from
the US that is backed by Kellogg's – announced
monetary support grant from Whole Foods Market and
impact investors to aid in the growth of its Moringa and
turmeric-based gummy supplements
► F&B: Moringa flower buds are used for culinary
purposes; Moringa leaf powder is used to add flavour to
dishes, and it can be used in smoothie mixes, nutrition
bars, wellness shots and as Moringa tea
► Personal care: Moringa can also be used as a
nourishing oil for skin smoothing and other applications
in personal care
► Agriculture: Moringa is also a pest-repellent and can be
used as a natural bio-pesticide

Key Market Players – Bambara Nuts

>30% >25% ~11% ~12%
Nutritional
Composition of
Moringa Carbohydrates Protein Fats Fibre

Source: TSC-subscribed databases; TSC analysis; Publicly available data; Supplier website 2023 © The Smart Cube | A WNS Company. All Rights Reserved 17
Market Overview (2/2)
India is the largest producer of Moringa, with an annual production of ~2 million MT
every year owing to favourable weather and soil conditions
Global Moringa Market – by Product type Regional Insights Moringa – by Product and Application
(2022) ► Asia-pacific region dominates the global moringa market as India is the ► The global moringa ingredients market was
largest producer of moringa and occupied ~80% of global production in valued at USD 4.3 billion in 2020 and is expected
2022, followed by South Africa, Ghana, Mozambique, Kenya and Zambia; to grow at a CAGR of 9.5% during 2020–2028 due
Others
Seeds Moringa crop production in India is supported by the growing to rising local and international demand
5.5%
advancements in agriculture, food and cosmetics industry, along with
7.6% ► Moringa leaves and leaves powder held the
100% =
growing awareness about Moringa’s nutritional and agricultural benefits
maximum revenue share of 70.2% in 2022 by
USD 5.1 Leaves  India produces ~2 million MT of moringa fruits per year, where in Andhra product type as the leaves are used extensively in
Oil Billion and Leaf Pradesh leads in both quantity and area of production, followed by Tamil local Indian dishes to enhance the flavour and
16.7% powder Nadu and Karnataka owing to moderate temperature and appropriate rain because of its year-round availability
70.2% required for optimal growth of moringa crops; moreover, India also started
the export of moringa powder (a nutritional supplement) in 2020 to the US  Additionally, moringa seeds are used for the
extraction of moringa oil which is used in
Source: TSC-subscribed Databases ► Demand for moringa in the European market is increasing due to the personal care products, such as cosmetics and
growing demand of nutritional supplements – this s a result of increasing skin creams
Global Moringa Ingredients Market – by ageing population and veganism
► The F&B segment held the maximum revenue
Application (2020) ► The Middle East & Africa accounted for >17.9% of the revenue share in 2020 share of 53.4% in 2020 due to increasing demand
due to the presence of moringa-producing countries, such as Ethiopia and of functional drinks and food derived from
Others Sudan, having favourable weather and soil conditions to grow moringa moringa, such as chocolates, cakes and juices
11.6% Sowing & Harvesting Time – Moringa is a warm- Q1 Q2 Q3 Q4
Cosmetics season and fast-growing plant, it flowers twice a Sowing Period Flowering Period
and Food & year and the leaves can be harvested throughout (Jun–Aug) (Sep–Oct)
Personal
100% = Beverages the year; moreover, it is also easy to grow as it
Care USD 4.3 53.4% doesn’t require many fertilisers Jan Mar Jun Sep Dec
13.1% Billion
Takeaway

Pharmace
uticals Moringa is still underutilised; however, the growing demand for organic products in various end-use applications, combined
Key

21.9% with the strategic partnerships between market players will likely lead to an increase in the consumption of such products in
the future
Source: TSC-subscribed Databases

2023 © The Smart Cube | A WNS Company. All Rights Reserved 18

Source: Publicly available data; TSC-subscribed databases; TSC analysis
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