According to a new report published by Allied Market Research, titled, “Farro Market by Type, Nature and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global farro market size was valued at $178.9 million in 2020, and is projected to reach $513.8 million by 2030, registering a CAGR of 10.1% from 2021 to 2030. The market growth is propelled by the inclination towards organic and healthy food ingredients is a result of the demand for clean label food products that are free of synthetic additives and harmful chemicals across the world.
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Farro is a cereal grain in which, unlike wheat, the husk adheres to the grain, just as in barley and oats. Farro, a grain, is an unhybridized form of wheat. It has a firm, chewy texture. Its fiber content therefore is high and so are nutrients such as Vitamin E and protein. Furthermore, farro has a high rusticity and great environmental adaptability, which allows it not to be affected by wild herbs.
The rise in health consciousness among consumers has increased exponentially. There is an ongoing shift in the dietary habits among consumers, wherein they are increasing opting for heathier plant-based alternatives. Hence, the food industry players are responding by developing a wide range of healthy alternatives, such as farro pasta, biscuits, sweets, among others. Moreover, in the recent years, food traceability has become an important aspect among consumers, as they care more about what they are eating and where their food is sourced. In addition, consumers demand for creativity and variety in their melas; hence, they are experimenting with new products and adding plant-based food products to their diet, which, in turn, propels the farro market growth.
Owing to the outbreak of the COVID-19 pandemic, a massive disruption in the supply chain of the farro market was observed globally. This pandemic had a negative impact on the global farro market. It ridiculously pushed down the revenues of all the market players across the globe. The market players witnessed deteriorating condition in the second and the third quarter of the financial year 2021.
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By type, the whole grain farro category was the dominant segment in 2020 with 65.18% share. This is attributed to the fact that whole grains are wholesome and have a higher nutritional profile. However, the semi pearled & pearled segment is anticipated to grow at a faster rate during the farro market forecast period, owing to its rising culinary applications since it enables faster cooking time.
On the basis of nature, the conventional category was the dominant segment in 2020 with 58.1% share in the market. This is attributed to the fact that conventionally sourced farro is relatively low priced as compared to its counterparts, and is largely used for selling. However, the organic segment is anticipated to grow at a faster rate during the forecast period, owing to increase in health consciousness among consumers, rise in consumer spending, and inclination toward non-GMO & pesticide-free grown products.
As per distribution channel, the offline segment accounted for the maximum share in the farro market in 2020. This is attributed to the fact that supermarkets & hypermarkets provide high visibility and attractive assortment of plant-based products to consumers. This enables them to discover new variety and understand the labels and differentiate better among products. Furthermore, supermarket chains are one of the frequently visited stores for purchasing grocery items. Hence, this factor is expected to boost the sales of farro in the market. However, the online segment anticipated to grow at a faster rate during the farro market forecast period, owing to rising convenience for consumers and wider consumer reach due to brand websites.
Region wise, Europe was the prominent region in 2020 due to tremendous popularity and substantial consumption of plant-based foods in the region. In addition, this region is one of the largest producers and consumers of farro and its products. In addition, growing interest in its nutritional content, increasing attention to local traditions and ancient foods from consumers, growing interest in agrobiodiversity conservation and diversification of cropping system has propelled demand in the region. However, North America is expected to witness a significant CAGR, owing to the American consumers growing inclination towards Italian food. Furthermore, owing to the lifestyle changes, consumers in this region have been more inclined toward health-conscious products, which include functional food grains and plant-based alternatives.
The key players profiled in farro industry include Woodland Foods, Whole Foods Market Services Inc., Bluebird Grain Farms, Bob’s Red Mill Natural Foods Inc., Poggio del Farro Srl, Nature’s Earthly Choice, Timeless Seeds Inc., Vigo Importing Co. Inc., Waitrose Ltd., Roland Foods LLC.
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Key findings of the study
- By type, the whole grain farro segment was the highest contributor to the market, with $116.6 million in 2020, and is estimated to reach $325.0 million by 2030, at a CAGR of 10.9% during the forecast period.
- On the basis of nature, the conventional segment held the highest share, and is anticipated to grow at a notable CAGR during the forecast period.
- As per distribution channel, the offline segment was the highest contributor to the market, with $118.6 million in 2020, and is estimated to reach $328.9 million by 2030, at a CAGR of 10.8% during the forecast period.
- In 2020, Europe was the most prominent market; however, North America is expected to grow at a significant CAGR throughout the forecast period.
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