New York, US, May 03, 2022 (GLOBE NEWSWIRE) -- Microgreens Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Microgreens Market Information by Type, Farming, Distribution Channel, End-User and Region - Forecast till 2030”, the market will be touching close to USD 2,500 Million by 2030, capturing a CAGR of approximately 13.5% between 2020 and 2030, confirms Market Research Future (MRFR).
Market Scope:
Microgreens are packed with high levels of nutrition, are tender and young vegetable greens, and grow around 1 to 3 inches tall. These are harvested 7-14 days post-germination when there are at least two completely developed cotyledon leaves. Often known as vegetable confetti, these are basically utilized for enhancing the texture, flavor, and color of different foods including pizza, pasta, salads, and omelets, owing to their aromatic flavor and variety. These contain numerous minerals, antioxidants, and vitamins.
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Market Competitive Analysis:
The affluent vendors in the microgreens market are:
- AeroFarms
- Fresh Origins
- Gotham Greens
- Madar Farms
- 2BFresh
- The Chef's Garden Inc.
- Farmbox Greens LLC
- Living Earth Farm
- GoodLeaf Farms
- Bowery Farming
Market USP Covered
Market Drivers
A variety of microgreens are highly popular among chefs who use these as flavor enhancers and colorful garnishes. However, a niche sector that has been pushing the market demand to a large extent is cosmetics. Most of the microgreens are blended in oils and processed in ingredients for a variety of consumer goods such as shampoo as well as skincare products. Microgreens have a large amount of vitamin A&B, other than numerous micro-elements, which makes these extremely attractive ingredients among personal care product developers.
Surging interest in microgreens is also due to popular websites that confirm that these have 4-40 times the nutrient level as well as vitamins as vegetables that a mature plant can produce. The FAO dataset says that broccoli production has surged from 35.05 million metric tons in 2018 to 37.98 in 2019, indicating the heightened demand from the exploding worldwide population. Therefore, broccoli’s rapidly mounting popularity worldwide, especially in emerging nations will do wonders for the worldwide market.
The retail sector has been surging rapidly, with online stores increasingly replacing conventional brick-and-mortar shops. It is imperative that online stores focus on enhancing their inventory to cater to the escalating demand from consumers. This could offer a massive opportunity for microgreens developers.
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Market Restraints
Major factors curbing the growth of the microgreen market are the significant initial investment requirement, lack of distribution channels and high production costs. On top of this, some nutrient deficiencies in soil coupled with lower awareness levels about microgreens pose a significant threat to the players active in the market.
Furthermore, unorganized market management, huge preference for non-GMO microgreens, and a shortage of skilled labor can also leave a negative impact on the microgreen market.
COVID-19 Analysis
The COVID-19 outbreak has created huge pressure among hypermarkets, supermarkets, food suppliers, and convenience stores worldwide. This has resulted in a much higher sales of a variety of microgreens like broccoli, given the stockpiling of various foods among panic-stricken consumers. This stockpiling practice led to a sudden spike in the market value for microgreens in 2020, thereby stabilizing the growth. However, the lower availability of microgreens in retail stores compared to the huge demand can be a big challenge for the players.
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Segment Overview
Different types of microgreens in the market are cabbage, broccoli, arugula, cauliflower, basil, peas, cress, radish, and more. The broccoli section holds the highest share in the worldwide market, due to the surging knowledge about its nutritious qualities.
Depending on farming, the microgreens market can be considered into commercial greenhouses, indoor vertical farming, and more. Indoor vertical farming could achieve the fastest development rate in the microgreens market given the surge in gardening as a hobby and the rising number of consumers adopting a healthy lifestyle.
With respect to distribution channels, the microgreens industry caters to farmer's markets, retail stores, and others. The retail store segment has been surging rapidly owing to the soaring number of retail stores and the high availability of microgreens in emerging countries.
Major industry end-users are commercial and residential. The commercial sector will be heading the worldwide market owing to the massive growth of the worldwide hotel sector.
Regional Analysis
The Asia Pacific market will attain the fastest growth rate in the years ahead, given the mounting awareness about the high nutrition level and the fact that microgreens are easy to grow. In the region, microgreens are increasingly being grown in homes by consumers in their gardens and yards. This is mostly the case in emerging countries like India and China where the urbanization rate has soared considerably, giving rise to homes with yards. The heightened market demand can also be attributed to the escalating consumer preference for food products with health benefits and high nutrition levels. This could be in response to the changes in their lifestyles. Microgreens are increasingly enjoying high demand among consumers that belong to the upper-income group in the wake of the rising disposable incomes and the mounting prevalence of healthy lifestyles.
North America is the market leader and generates substantial demand for a variety of microgreens as the interest in organic farming as well as healthy food choices continues to surge. This can be credited to the soaring awareness level regarding organic foods along with the surging health awareness among consumers. Other than organic foods, the emerging trend of using microgreens in salads further bolsters the market share in the region.
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