PORTLAND, Ore., Nov. 22, 2021
Increase in demand for food applications, consumer preference for clean label food products sources, and rise in demand for convenience food drive the growth of the global farro market.
PORTLAND, Ore., Nov. 22, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Farro Market by Type (Whole Grain Farro and Semi Pearled & Pearled Farro), Nature (Organic and Conventional), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global farro industry generated $178.9 million in 2020, and is expected to reach $513.8 million by 2030, witnessing a CAGR of 10.1% from 2021 to 2030.
Drivers, restraints, and opportunities
Increase in demand for food applications, consumer preference for clean label food products sources, and rise in demand for convenience food drive the growth of the global farro market. However, lower yields in comparison to other grains hinder the market growth. On the other hand, surge in demand for organically-sourced faro creates new opportunities in the coming years.
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The whole grain farro segment to continue its lead position during the forecast period
Based on type, the whole grain farro segment accounted for the highest share in 2020, contributing to nearly two-thirds of the global farro market, and is expected to continue its lead position during the forecast period. This is due to better nutritional profile as compared to other types and preference for fresh and natural ingredient-containing food products. However, the pearled and semi-pearled farro segment is estimated to manifest the highest CAGR of 11.8% from 2021 to 2030, owing to rise in adoption for culinary applications for its fast cooking time.
The offline segment to maintain its leadership position throughout the forecast period
Based on distribution channel, the offline segment held the largest share in 2020, contributing to around two-thirds of the global farro market, and is estimated to maintain its leadership position throughout the forecast period. This is due to high visibility and attractive assortment of grains in the supermarket and seamless shopping experience, organized assortment, clean environment, and friendly service at hypermarkets. However, the online segment is projected to portray the fastest CAGR of 11.9% from 2021 to 2030, owing to rise of social media platforms, establishment of online shopping portals for food products, and convenience for consumers.
North America to grow at the fastest rate by 2030
Based on region, North America is expected to register the fastest CAGR of 11.9% during the forecast period. This is attributed to rise in inclination toward Italian food, preference for health-conscious products with lifestyle changes, and concerns about animal welfare, sustainable food supply, and the environment. However, Europe contributed to the highest market share in 2020, holding more than two-fifths of the global farro market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to huge cultivation in Italy, interest in farro's nutritional content, attention to local traditions and ancient foods from consumers, and initiatives for agrobiodiversity conservation and diversification of cropping systems.
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