The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Amaranth is oil extracted from combination of two seed species amaranthus cruentus and amaranthus hypochondriacus. Oil extracted from these plants mainly contain non-polar lipid especially triglycerides. Amaranth oil is a light colored clear liquid which is pourable at low temperature. These oils are highly unsaturated with delicate aroma and taste. Amaranth oil has melting point of – 27°C. Amaranth oil has ability of bringing temperature stability at both high and low temperatures.
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Amaranth oil’s ingredients, such as squalene have anti-aging, anti-inflammatory and anti-oxidation properties. Also, it contains omega 3, omega 6 and omega 9 fatty acid which are rich source of protein and vitamins. It is also referred as natural skin identical chemical that is easily absorbed by the body skin. Pertaining to these properties, amaranth oil has gained its important in the field of person care industry. Amaranth oil is used by various industries such as food, personal care and pharmaceutical industry. Food and personal care industry has the largest market share in terms of application of amaranth oil. Amaranth oil can also be used as intermediates for manufacture of lubricants, rubber chemicals, aromatics and surface active agents. Amaranth oil is also used as food oil having delicate and agreeable taste.
In 2013, Europe had largest market share for amaranth oil, followed by North America and Asia Pacific. Europe is expected to maintain its dominance in the forecasted period. North American is expected to threat the supremacy for the European amaranth oil market in terms of market share owing to increasing domestic demand from dietary supplement industry. Asia Pacific region is expected to witness better growth opportunity in coming future.
Beneficial ingredient content of amaranth oil such as squalene, nutrition, fatty acid providing protein and vitamin and temperature versatility is driving the global amaranth oil market. Additionally, increasing consumer acceptance of natural products for healthy living may further act as driver for the global amaranth oil market. However, high production costs, minimal governmental support, low acceptance of amaranth oil and low volumes of production acts as hindrance for the market player to invest in the production of amaranth oil.
Due to higher cost of production and minimal government support, there are very few companies operating in the manufacturing of amaranth oil. Some of the major companies operating in the global amaranth oil market are
- Amaranth Bio Company
- AMR Amaranth
- Proderna Biotech Pvt. Ltd.
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