Cardamom Market by Application, Product, and Geography - Forecast and Analysis 2020-2024

The cardamom market share is expected to increase by USD 49.65 million from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 3.4%. This cardamom market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The cardamom market report also offers information on several market vendors, including Cardex SA, DS Group, Imexa Inc., Kautilya Commodities, MAS Enterprises Ltd., McCormick & Company Inc., Organic Spices Inc., Pristine Organics Pvt. Ltd., ROYAL SPICES, and Woodland Foods Ltd. among others. Furthermore, this report extensively covers cardamom market segmentation by product (ingredients powder and liquid extract application), application (food and beverages, medical, and other), and geography (APAC, Europe, MEA, North America, and South America).

What will the Cardamom Market Size be During the Forecast Period?

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Cardamom Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growing awareness about the health benefits of cardamom is notably driving the cardamom market growth, although factors such as fluctuations in the prices of cardamom may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cardamom industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Cardamom Market Driver

The growing awareness about the health benefits of cardamom is notably driving the cardamom market growth. Cardamom is generally perceived as a cooking spice that carries a rich aroma and flavor. However, in recent years, the awareness about the health benefits of cardamom consumption has peaked among consumers. The consumption of this spice improves digestion and reduces bloating and flatulence due to its carminative property. Cardamom consists of antibacterial properties, which enables it to fight against the germs in the mouth and expel bad breath. As cardamom is rich in antioxidants, it makes up for a perfect detoxifier. It also helps to get rid of toxins from the body. These factors are likely to serve as an essential driver impacting the growth and demand of cardamom in the global cardamom market.

Key Cardamom Market Trend

The growing prominence of online shopping is the key trend driving cardamom market growth. Herbal health supplements are offered in a diverse range of products like tea bags, capsules, powders, liquids, and tablets. Some common herbal health products include spices and ingredients like garlic, Echinacea, Gingko, cardamom, and black cohosh. Due to the presence of various phytochemicals and antioxidants, cardamom offers many therapeutic advantages. Thus, it is increasingly being used as a primary ingredient in various health supplements. The increasing number of new product launches from herbal health supplement companies over the last five years has proven to be a popular trend influencing the preferences of consumers to buy cardamom-based health supplements.

Key Cardamom Market Challenge

The major challenge impeding the cardamom market growth is the fluctuations in the prices of cardamom. The global cardamom market is one of the most volatile markets in the world in terms of price fluctuations. This is primarily due to the unpredictable and inconsistent cardamom production in leading producers like Guatemala and India. Guatemala accounts nearly 45% of the global production of cardamom. In some months, due to the overproduction of cardamom in Guatemala, the price of cardamom in the global market has depreciated. On the other hand, the underproduction of cardamom increases the price of cardamom. This creates uncertainty over prices in the cardamom industry. The heavy price fluctuations impact cardamom exports and imports and lead to an unhealthy growth rate in the global market.

This cardamom market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global cardamom market as a part of the global packaged foods and meats. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cardamom market during the forecast period.

Who are the Major Cardamom Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Cardex SA
• DS Group
• Imexa Inc.
• Kautilya Commodities
• MAS Enterprises Ltd.
• McCormick & Company Inc.
• Organic Spices Inc.
• Pristine Organics Pvt. Ltd.
• ROYAL SPICES
• Woodland Foods Ltd.

This statistical study of the cardamom market encompasses successful business strategies deployed by the key vendors. The cardamom market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• DS Group - The company offers various varieties of cardamom and other spices.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The cardamom market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Cardamom Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the cardamom market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Cardamom Market?

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33% of the market's growth will originate from Europe during the forecast period. Germany is the key market for cardamom market in Europe. 

The growing use of cardamom as a taste and aroma ingredient in varieties of food has increased its consumption and will facilitate the cardamom market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

As a result of the COVID-19 pandemic, the market demand dropped in some countries like Germany, Italy, and Spain. The governments of various countries in Europe placed restrictions on trade activities, and the movement of individuals was restricted. The lockdowns imposed by various countries in Europe restricted the movement of people and compelled them to stay at home, which, in turn, reduced the demand for commercial food and beverage application. However, the market is expected to see a rise in sales during the forecast period. This is attributed to the reopening of commercial spaces and vaccines drives, which are expected to support the growth during the forecast period.

What are the Revenue-generating Product Segments in the Cardamom Market?

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The cardamom market share growth by the ingredients segment will be significant during the forecast period. The growing awareness about the health benefits of cardamom and the increasing use of cardamom as an essential ingredient in baked goods due to its rich aroma are the major drivers influencing the growth of this product segment during the forecast period. Owing to its wide acceptance, cardamom is used by many restaurants and bakery vendors to prepare different types of sweet dishes and savories.

This report provides an accurate prediction of the contribution of all the segments to the growth of the cardamom market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Cardamom Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive cardamom market growth during the next five years
• Precise estimation of the cardamom market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the cardamom industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of cardamom market vendors

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