Persistence Market Research
?The food industry caters to a wide range of products like food ingredients, additives, consumer products and others. Different trends like the need for new and healthy products, cravings for new exotics and growing food and beverage industry has created various opportunities for the food products like chufa. The growing food industry will drive the growth of chufa market in future.
Chufa is an exponentially-growing perennial grass-like plant from the rush family and is certainly cultivated in warm climates in moist & wet soils. The small round tubers found along the roots have a slight almond flavor and are eaten raw or cooked, or made into a traditional chufa drink called horchata. The plant's tubers comprehend high levels of protein, carbohydrate and oleic acid, and 20 to 28 percent of their mass in the form of a non-drying oil. The oil is obtained by pressing the cleaned tubers, in the same manner as traditional olive oil extraction. The oil has a mild, pleasant flavor and is considered as a food oil to be similar, but of superior quality, to olive oil. Industrial applications for the oil include high-value applications for cosmetics and instrument lubricants.
Chufa market is expected to grow at a significant CAGR in the forecast period because of its wide range of applications in the industries like pharmaceutical and food. The market is growing because of the high consumption and popularity of a product named Horchata which is a milk made from chufa seeds. Chufas are basically plants which have health benefits and are good for consumption. The market is developed in South European and African regions and shows positive potential in North American, Asia Pacific, and Latin American regions
The key factor driving chufa market is its availability in tropical regions and growing awareness about its wide range of applications in different industries. For example, Chufa milk is used as a liver tonic in China to heal gum and mouth ulcers, it is also used as a cancer curing product by Africans. This has driven the market of chufas in China and African countries. The increase in the number of research and development centers has led to the growth of chufa.
The biggest restraint of chufa market is its laborious production process which requires a lot of time and skilled labors. The availability of skilled labors is difficult and expensive. Growing government regulations on increasing wages have affected the growth of Chufa market in some regions and are expected to affect them in future also.
The chufa market is segmented on the basis of the size, by application, by end - user and region.
The chufa market on the basis of the size is segmented into micro, small and large micro nuts. On the basis of the applications, the chufa market is segmented into tiger nuts milk, tiger nuts flour, tiger nuts oil, skinned tiger nuts, and organic tiger nuts. On the basis of the end - user industries, the chufa market is segmented into the alimentary and pharmaceutical industry. On the basis of region, the chufa market is segmented into North America, Latin America, Japan, Asia Pacific excluding Japan, Western Europe, Eastern Europe and the Middle East and Africa. Eastern European and Middle East & African region have the highest market share of the chufa market because of the easy availability and a high demand of horchata which is a vegetable milk made from chufas. These are tropical regions and the consumption of chufas is high because of its unique properties and health benefits. Chufa market is highest in European and African regions because it is considered a food crop while in other nations it is used as a seed which has a low market share. Chufa market is highest in Ghana and Spain because of the high production and consumption of chufa made products. North America has a significant market share in the chufa market because of its application in wildlife habitat improvement. North America shows a positive potential for the chufa manufacturers because of the growing awareness about these products and its application in various snacks and specialty oils. Latin America and Asia Pacific are expected to have a decent market share and are forecasted to grow at a significant rate in the future.
Market Key Players:
Few of the major key player’s active in the chufa market includes KCB International, The Chufa Co, The Tiger Nut Company, Chufa De Valencia, and Levantex. The company is focusing on adopting development strategies such as new product launches, investments and expansions for tapping the market opportunities.
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