Cardamom: More than a Spice
Cardamom is used as health supplement and due to presence of various antioxidants it provides a therapeutic advantage. Different products of cardamom are available which act as health supplements in the form of capsules, powder, tea bags and tablets. Cardamom not only provides aromatic flavors but also work for several health benefits. In next six to seven years cardamom market is expected to have a market value of USD 52.02 billion due to increasing use of various cardamom products such as cardamom oil.
On the basis of products, cardamom market is categorized into food & beverage, pharmaceutical and others in which food & beverage segment is the dominating market till 2016 holding a market of around 60%. It is expected to have a market value of USD 52.02 billion by 2024 from 40.44 billion in 2016 due to increasing usage of cardamom in various products such as cakes, cookies, candy, chewing gums and tooth paste.
The Global cardamom market is expected to reach USD 87.21 billion by 2024 from USD 67.4 billion in 2016 showing an growth of USD 19.81 over the forecast period. The global market is said to have a CAGR of 2.50% over the forecast period.
Geographically, Asia Pacific holds the largest market share of 40% in 2016 due to increasing number of cardamom producers in India, Sri Lanka and Thailand followed by North America (30%) and Europe (20%) in 2016.
Rising demand for exotic spices: Major boost
Cardamom also known as queen of spices is an exotic spice with aromatic flavors. It provides an aroma which refreshes the mind. Exotic spices such as cardamom ginger and turmeric not only refreshes the mind but also work as health benefits. Demand of exotic spices is rising mainly in Asian, North American, Western European countries.
Manufacturing new cardamom products: Innovation
Greater innovations can help key vendor of cardamom to produce cardamom products so that they can meet consumers need such as making cardamom oil. Companies like Gucci, Lancome and Armani are making cardamom fragrances which have aromatic smell. Aromere Ayurvedic Company is manufacturing cardamom toothpaste which helps in whitening the teeth of consumers.
“Global Cardamom market Outlook 2024”
It contains detailed overview of the global cardamom market in terms of market segmentation by type, by products, by application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes competitive outlook of some of the major players of the global cardamom market which includes profiling of companies of Cardex, MAS Enterprise, DS Group, McCormick & Company (MKC), Everest Spice , IMEXA, Kautilya Commodities, N C Bhojraj & Company (NCBC), Royal spices, South Indian Green Cardamom Company (SIGCC) etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global cardamom market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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