Enjoy complimentary customisation on priority with our Enterprise License!
The cardamom market size is projected to increase by USD 185.83 million and the market size is estimated to grow at a CAGR of 3.12% between 2022 and 2027.
This cardamom market report extensively covers market segmentation by product (ingredients, powder, and liquid extract), application (food and beverages, medical usage, and others), and geography (APAC, Europe, Middle East and Africa, North America, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
The increasing use of cardamom in developing countries is driving market growth. Steady economic growth and development, especially in APAC; MEA; and Latin American regions, have resulted that consumers are getting higher disposable income. India, Saudi Arabia, China, Brazil, Argentina, Indonesia, Hungary, Nigeria, Iran, and Turkey are the forerunners when it comes to the rising disposable incomes of consumers. Increased revenue generation for the cardamom industry has been achieved in these regions due to the increasing purchasing power of Middle-Income Consumers. There has also been an increase in purchasing power of consumers as a result of rising disposable income. The substantial rise in consumer expenditure in the two most populous countries of the world is a positive sign for the growth of the global cardamom market during the forecast period.
To get additional information about the market, Request Free Sample
The growing emphasis on packaging innovations is a vital trend in the cardamom market. Innovative packaging is being used by vendors active in the global cardamom market to cope with competition. Besides attracting consumers, innovative packaging helps in increasing the shelf life of products and makes them more durable. It retains the freshness of packaged food products, prevents discoloration, and provides microbial control.
However, with a rise in technological advances in packaging, companies are increasingly focusing on innovative packaging technologies. Increased demand for innovative packaging solutions can lead to more vendors developing new types of packaging that will appeal to consumers and increase their customer base. This is a major factor that will drive the growth of the global cardamom market during the forecast period.
The fluctuation in prices of cardamom is a major challenge in the market growth. The global market for cardamom has a high degree of volatility 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. In some months, due to the overproduction of cardamom in Guatemala, the price of cardamom in the global market becomes depreciated. On the other hand, the price of cardamom is higher because of the shortfall in production.
However, in Guatemala, there are seven levels of intermediaries: farmers, community markets, entrepreneurs, benefactors, shopkeepers, wholesale buyers, and wholesalers who make up a complicated supply chain that creates uncertainty and price volatility. Thus, the fluctuating prices of cardamom are expected to drive the growth of the market focus during the forecast period
The food and beverage industry is growing thanks to cardamom's health benefits, increased use of cardamom oil, and rising popularity in developing countries. Cardamom enhances flavor in hot beverages and is a versatile spice in various dishes and sauces. This expanded usage is driving market growth.
The global cardamom market in medical applications is growing steadily. Cardamom, rich in antioxidants and health-promoting compounds, is popular in teas for reducing depression and promoting relaxation. These functional teas are prescribed by physicians, contributing to their demand. The segment's growth is driven by pharmaceutical companies in South Asian countries and increasing awareness of cardamom oil's therapeutic properties.
The market share growth by the ingredients segment will be significant during the forecast period. The global cardamom market based on ingredients accounted for a significant market share in 2020. In countries such as Saudi Arabia, India, Pakistan, Nepal, the United Arab Emirates, Kuwait, Qatar, and Sri Lanka, cardamom is mainly used as flavoring in cold drinks like tea or coffee.
For a detailed summary of the market segments Request for Sample Report
The ingredients segment was valued at USD 591.46 million in 2017 and continued to grow until 2021. Cardamom is used as a major ingredient by the vendors offering hot beverages, e.g. tea products and a mixture of Masalas like garam masala, as it provides medicinal benefits on consumption. Moreover, 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.
Powdered cardamom is primarily used as a spice in the cooking preparation of sweet dishes and other food items. Besides, it is also used to flavor hot beverages like tea and coffee. In basmati rice preparation, the powder of green cardamom is frequently used as a flavoring. However, cardamom's nutritional value is reduced by crushing the pods and seeds into powder form. Hence, it is best to use it in a powder form as a cooking spice rather than a nutritional additive. Cardamom powder can be used in the manufacture of sauces, dressings, tea, and food masalas. In APAC, powdered cardamom is always used in sweet dishes, ice creams, and milk products. On the consumption of these products, customers feel heavy. The addition of cardamom powder helps in the easy digestion of food and prevents stomachache and similar problems.
Get a glance at the market share of various regions View PDF Sample
APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC accounted for a significant revenue share of the global market in 2020. India is one of the prominent producers and exporters of cardamom, which is attributed to India's large production volume of spices.
Moreover, APAC is home to many different cultures and as a result, has a variety of cuisines. Many of these cuisines make use of different types of spices, including cardamom. This factor is one of the growth drivers for the regional cardamom market. For the preparation of many different types of sauces and condiments in this region, a high degree of acceptance is given to various varieties of cardamom. The above factors will increase the market growth in this region during the forecast period.
The COVID-19 pandemic had a severe impact on the cardamom market in APAC in 2020. The global cardamom market gradually recovered as vaccination campaigns were conducted by the regional governments advanced and economies began to reopen. Improved logistics, reduced trade barriers, and increased consumer confidence have facilitated the revival of the market in focus. Expanding cultivation areas, utilizing cutting-edge farming methods, and encouraging sustainable practices are the prospective growth strategies in the APAC cardamom market. Furthermore, growing consumer awareness of cardamom's health advantages and its numerous uses in foods, drinks, and medications is anticipated to fuel market expansion during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The cardamom market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cardamom Market Customer Landscape
The cardamom market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Cardamom Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.12% |
Market growth 2023-2027 |
USD 185.83 million |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
2.88 |
Regional analysis |
APAC, Europe, Middle East and Africa, North America, and South America |
Performing market contribution |
APAC at 38% |
Key countries |
US, Saudi Arabia, United Arab Emirates, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Als Spices, AR RAHMAN SPICES, Biofoods Pvt. Ltd., Cardex SA, Del Tropico SA, E Silk Route Ventures Pvt. Ltd., EVEREST Food Products Pvt. Ltd., Greenfield Bio Plantations Pvt. Ltd., Imexa Inc., Kautilya Commodities, KLG Spice, MAS Enterprises Ltd., McCormick and Co. Inc., Organic Spices Inc., Pristine Organics Pvt. Ltd., ROYAL SPICES, South Indian Green Cardamom Co. Ltd., Sujep wachstum Enterprises, Synthite Industries Pvt. Ltd., and Woodland Foods Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
BUY NOW Full Report and Discover more
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.