The new report by Expert Market Research titled, ‘Global Chufa Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global chufa market, assessing the market based on its segments like size, product, type, end use, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 6%
The global market for chufa saw remarkable sales opportunities in the historical period. The demand rose as a result of the growing use of chufa for medicinal purposes. Chufa tubers contain high amounts of carbohydrate, protein, and oleic acid. Apart from that, about 20-28% of their mass contains non-drying oil. This oil is commonly used in industries for various purposes, such as instrument lubricants and cosmetics. As a result, the global market for chufa is experiencing remarkable demand opportunities from all over the world and 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.
Industry Definition and Major Segments
Chufa is a perennial plant of the Rush family which grows on moist and wet soils in warm climates. The thin, round tubers with roots have a faint almond taste and are raw or cooked or processed into a traditional chufa drink known as horchata. Plant tubers contain high amounts of protein, starch, oleic acid and non-drying oil. The oil is obtained in the same way as standard olive oil by pressing the cleaned tubers. The taste of the oil is mild and is thought to be like that of the olive oil as a food oil, but of better quality.
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Based on the size, the industry is divided into:
- Micro
- Small
- Others
Based on the type, the industry is divided into:
- Organic
- Conventional
Based on the product, the industry is divided into:
- Tiger Nuts Milk
- Tiger Nuts Flour
- Tiger Nuts Oil
- Skinned Tiger Nuts
- Peeled Tiger Nuts
- Dried Tiger Nuts
- Others
Based on the end use, the industry is divided into:
- Alimentary
- Pharmaceutical
- Others
The regional markets for chufa include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Europe and Middle East and Africa have the highest market share of the chufa market due to the simple availability and strong demand for horchata, a vegetable milk made from chufas. Chufa has one of the largest markets in European and African regions since it is considered a food crop, although in other countries it is used as a seed with a low market share. Chufa has wide reach in Ghana and Spain due to the high production and consumption of chufa goods. North America has a large market share in the chufa market due to its use in enhancing wildlife habitat. The region has a positive potential for chufa manufacturers due to an increasing understanding of these products and its use in various snacks and speciality oils. Latin America and Asia Pacific are projected to have a significant market share and are expected to expand at a substantial pace in the future.
Growing awareness about the health benefits of chufa is one of the key reasons driving market growth. At the same time, it is found to be effective in healing gum and mouth ulcers. Chufa is gaining traction in African countries as a cancer-curing product. The biggest restraint of chufa market is its laborious production process which requires a lot of time and skilled labours. The availability of skilled labours 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. However, its health benefits and multitude of applications are expected to support the growth of the market in the forecast period. The market is also being supported by the rising R&D activities in the industry globally.
Key Market Players
The major players in the market are The Chufa Co., The Tiger Nut Company, Chufa De Valencia, and KCB International, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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