Cardamom Market size is set to grow by USD 187.3 million from 2024-2028, Growing awareness about the health benefits of cardamom to boost the market growth, Technavio

NEW YORK, June 4, 2024 /PRNewswire/ -- The global cardamom market size is estimated to grow by USD 187.3 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.06% during the forecast period.

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Key Market Trends Fueling Growth

The global cardamom market has experienced notable growth due to the rise in online sales. With the widespread use of the internet and smartphones, e-commerce platforms have become a preferred choice for consumers to purchase cardamom and related products. These platforms offer personalized shopping assistance, product comparisons, and consumer reviews, influencing purchasing decisions.

Online shoppers appreciate the convenience of using credit or debit cards for payment and the enhanced security features provided by e-commerce sites. Vendors benefit from reduced operating costs and overheads, leading to increased sales and market growth during the forecast period. 

The cardamom market has seen significant growth in recent years. Demand for cardamom, especially in the Middle East and India, has been increasing due to its unique flavor. The organic cardamom market is expanding, with a focus on sustainability and ethical sourcing.

The use of cardamom in various food and beverage industries, including baked goods and tea, is driving up prices. Producers are looking for ways to increase supply, with some focusing on new planting techniques and improved farming practices. The trend towards plant-based diets may also boost demand for cardamom as a flavoring agent in plant-based foods. The market is expected to continue growing, with a strong focus on quality and sustainability. 

Market Challenges

• The cardamom market experiences significant price instability due to unpredictable production in major producers like Guatemala and India. Guatemala, responsible for approximately 45% of global production, faces overproduction and underproduction issues, leading to price depreciation or increase. This complexity in the supply chain, consisting of seven intermediaries, contributes to the market's volatile pricing and hinders its growth during the forecast period.
• The cardamom market faces several challenges in its production and distribution processes. Durian trees and cardamom plants grow in similar conditions, leading to competition for resources in plantations. Proper farming techniques and consistent weather conditions are essential for high-quality cardamom production.
• Additionally, transportation and logistics play a significant role in ensuring timely delivery and maintaining product quality. Consumers also demand sustainable and ethically sourced cardamom, adding complexity to the supply chain.
• Procurement processes must be transparent and reliable to meet these expectations. Furthermore, increasing demand for cardamom in various industries, such as food and beverage and traditional medicine, puts pressure on suppliers to meet growing market needs.

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Segment Overview 

1. Product 
• 1.1 Ingredients
• 1.2 Powder
• 1.3 Liquid extract
2. Application 
• 2.1 Food and beverages
• 2.2 Medical usage
• 2.3 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 Middle East and Africa
• 3.4 North America
• 3.5 South America

1.1 Ingredients- The global cardamom market holds a substantial share due to its extensive use as a flavoring in hot beverages and food products, particularly in the MEA and APAC regions. In these areas, cardamom is commonly found in tea and coffee, bakery items, sauces, and savory and sweet dishes. Its medicinal benefits and rich aroma make it a popular choice among vendors in the food and beverage industry. As a result, the increasing awareness of cardamom's health benefits and its use in baked goods are driving the growth of this market segment.

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Research Analysis

The Cardamom market, often referred to as the "Queen of Spices," is renowned for its distinct Aroma and Taste, making it a popular choice in various industries. Key components of Cardamom include Rose, Olibanum, Orange, Bergamot, Cinnamon, Ylang labdanum, Cedarwood, and Orange blossom, which contribute to its unique fragrance and flavor profile. Cardamom is not only used as a Breath freshener but also possesses Diuretic properties, making it beneficial for managing Hypertension and Heart failure.

Additionally, it is used in Ayurvedic medicines for Epilepsy and Detoxification, as well as for addressing Skin related problems. Raw Materials Analysis, Price Trend, and Expansion are crucial factors influencing the Cardamom market. Manufacturing Process Analysis and Technology Progress are essential for optimizing production and improving product quality. Consumer Needs Trend, External Environmental Change, and Food and beverages industries are significant end-users of Cardamom and its derivatives.

Market Research Overview

The Cardamom Market refers to the global trade of this aromatic spice derived from the seeds of several plants in the ginger family. Cardamom is native to the Indian subcontinent and is widely used in various cuisines for its distinct flavor and aroma. The market for cardamom is driven by its extensive use in food and beverage industries, traditional medicine, and aromatherapy. The major producers of cardamom include Guatemala, India, and Indonesia.

The market for cardamom is expected to grow due to increasing demand from the food industry, particularly in the bakery and confectionery sectors, and the rising popularity of Ayurvedic and other traditional medicines. The market also faces challenges such as inconsistent quality and supply issues due to adverse weather conditions and other factors. The demand for organic cardamom is also on the rise due to health consciousness and the growing preference for natural and organic products.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Ingredients
• Powder
• Liquid Extract
• Application
• Food And Beverages
• Medical Usage
• Others
• Geography
• APAC
• Europe
• Middle East And Africa
• North America
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio