Cardamom Oil Market to Grow with a CAGR of 4.8% Globally through to 2028
Rise in the demand for cardamom oil in the food and
beverage, cosmetics, and pharmaceutical industries are driving the global
cardamom oil market in the forecast period 2024-2028.
According to TechSci Research report, “Global Cardamom
Oil Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Cardamom Oil Market stood at USD 178.4 million
in 2022 and is anticipated to grow with a CAGR of 4.8% in the forecast period,
2024-2028. One of the major drivers of the cardamom oil market is the growing
demand for natural flavors and fragrances in various industries, including food
and beverage, cosmetics, and perfumery.
The food and beverage industry is increasingly
shifting towards natural ingredients to meet consumer preferences for
clean-label products. Cardamom oil is used as a natural flavoring agent in a
wide range of products, including baked goods, beverages, and confectionery.
Its pleasant aroma and flavor enhance the sensory appeal of these products.
The cardamom oil market is driven by a combination of
factors, including the growing demand for natural flavors and fragrances,
health and wellness trends, expanding applications in pharmaceuticals, culinary
uses, sustainable sourcing and production practices, the rise of e-commerce,
and innovation in product formulations. As consumers continue to seek natural
and sustainable solutions, the cardamom oil market is likely to see continued
growth and diversification in its applications.
Innovation in product formulations is
driving the cardamom oil market forward. Manufacturers and producers are
continually developing new and innovative products that incorporate cardamom
oil. One notable trend is the incorporation of cardamom oil into various
consumer goods, such as candles, soaps, and cleaning products. The appealing
fragrance of cardamom oil makes it a popular choice for these products, which
are often marketed as eco-friendly and natural alternatives.
Additionally, there is a growing
interest in cardamom oil-based blends and combinations with other essential
oils. These blends are formulated to target specific wellness concerns, such as
stress relief, relaxation, or respiratory support. Such innovation in product
offerings allows manufacturers to cater to a wider range of consumer
preferences.
The distribution and retail landscape for cardamom oil
have evolved significantly in recent years, contributing to market growth.
Traditional brick-and-mortar stores, as well as e-commerce platforms, have
played a crucial role in making cardamom oil accessible to consumers.
Browse over 26 market data Figures
spread through 184 Pages and an in-depth TOC on "Cardamom Oil Market”
E-commerce has enabled consumers to easily access a
wide range of essential oils, including cardamom oil, from the comfort of their
homes. This convenience has boosted sales, especially in regions where cardamom
oil may not be readily available in local stores. Furthermore, the expansion of retail chains
specializing in natural and organic products has provided additional shelf
space for cardamom oil. These stores often cater to health-conscious consumers
seeking natural remedies and ingredients, creating a valuable retail channel
for cardamom oil products.
The factors such as the high demand for the cardamom
oil in health and the cosmetic sector coupled with the increasing awareness
regarding good health are the major factors fostering the growth of the
cardamom oil market in the forecast period
The Global Cardamom Oil Market is segmented into source
type, form type, application, regional distribution, and company.
Based on the application, the food and beverage
segment is the largest application segment for cardamom oil, accounting for a
significant share of the global market. Cardamom oil is used in a variety of
food and beverage products, such as confectionery, bakery products, curries,
and beverages.
Based on region, Asia-Pacific region dominates the
cardamom oil market and will continue to flourish its trend of dominance during
the forecast period as it is the largest cardamom producer also due to the rise
of concern towards using cosmetic care products and health care products, the
market is supposed to flourish within the region within the above-mentioned
forecast period. North America, on the other hand is expected to show lucrative
growth due to the widespread demand all over the region.
Major companies operating in Global Cardamom Oil Market
are:
- Land O'Lakes, Inc.,
- Kerry Inc.
- Novus International
- Novozymes
- Lesaffre
- Lallemand Inc
- Alltech
- Adisseo
- Asahi Group Holding, Ltd.
- Unique Biotech
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“The market for cardamom oil has experienced robust
growth in recent years. This growth can be attributed to rising consumer demand
for natural and organic products, increasing use of cardamom oil in
aromatherapy, personal care, and the food and beverage industry, and a shift
towards sustainable farming practices. Additionally, the expansion of
e-commerce and digital marketing channels has contributed to the market's
expansion by enhancing accessibility and global reach. As consumers continue to
prioritize health, wellness, and natural solutions, the cardamom oil market is
expected to maintain its upward trajectory in the foreseeable future.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Cardamom
Oil Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Source Type (Amomum Cardamom Oil, Elettaria Cardamom Oil), By Form
Type (Absolute, Concentrates, Blends), By Application (Food and Beverages,
Cosmetics and Personal Care, Pharmaceuticals, Others), By Region, By
Competition, 2018-2028”, has evaluated the future growth potential
of Global Cardamom Oil Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Cardamom
Oil Market.
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