Cardamom Oil Market Research Report includes various topics like total Market Size, Key Market Drivers, Challenges, Growth Opportunities, Industry Share, Growth, Demand
— Market Insight
The global Cardamom Oil Market is on route to attain the valuation of USD 869 million by 2021, reports Market Research Future (MRFR). The report further states that the market will be rising at a growth rate of approximately 8.31% during the forecast period (2016-2021).
Market Drivers and Key Restraints
The scientific name of cardamom is Elettaria Cardamomum, and cardamom oil is extracted from its seeds. Cardamom oil has numerous applications in the food and beverage industry, with its primary use as a spice for providing a sizzling taste in cuisines as well as various other food products. It is also used for giving a captivating flavor in different food items. Its medicinal use includes alleviating muscular spasms, stimulating the digestive system among other purposes. Most of the demand for cardamom oil globally comes from Western Europe, the Middle East and Africa and Asia Pacific, particularly from the food and beverage industry, personal care and cosmetic products.
The crucial factors buoying the demand for cardamom oil is the expansion of the food and beverage industry across the globe. Numerous food and beverage manufacturers integrate cardamom oil within their products in order to boost their taste as well as aroma. The hike in the demand for cardamom in beverages like tea and other flavored beverages is encouraging the manufacturers to make use of cardamom oil as a natural ingredient in their products. These factors are bound to present an abundance of growth opportunities to the global cardamom oil market in the subsequent years.
In terms of application, the demand for cardamom oil has witnessed massive demand from the pharmaceutical industry owing to its medicinal properties. The use of cardamom oil has increased in recent times as more and more people are becoming highly aware of its medicinal value, as it helps relieve aches and cramps, in addition to being used in medicines for flue, cold, cough among others. The cosmetic and personal care products contain a significant amount of cardamom oil. For example, the oral care products such as mouthwash contain cardamom oil which are beneficial for the teeth and gums. However, the steep prices of cardamom seeds could act as prohibitive factors in the market growth.
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The top vendors in the Global Cardamom Oil Market include
• Shaanxi Guanjie Technology Co. Ltd.
• IL Health & Beauty Natural Oils Co. Inc.,
• Piping Rock Health Products LLC,
• Greenleaf Extractions Pvt. Ltd.,
• Green Fields Oil Factory,
• Natures Natural India,
• Aromaaz International,
• Shiv Sales Corporation
June 2018 Firmenich has entered a partnership with Nelixia to elevate their expertise in natural ingredients all across Central America. With the investment by Firmenich, Nelixia’s high-quality raw materials portfolio, including essential oils like cardamom oil., will get a significant boost.
The worldwide cardamom oil market has been segmented on the basis of type and application.
Type-based segments in the global cardamom oil market include Elettariacardamom oil and Amomum cardamom oil. The market coverage by Elettaria cardamom oil is expected to be the biggest in the global cardamom oil market in 2016, with the segment predicted to surge at a robust CAGR of 6.72% during the assessment period. At the same time, amomum cardamom, which is also known as black cardamom and is predominantly grown in India and China is seeing massive demand as well.
In terms of application, the global cardamom oil market can be broken down into pharmaceuticals, food and beverages, home care products, personal care products, and others. In 2016, the food and beverages segment held over 40% of the overall cardamom oil market and is presumed to remain at the top throughout the forecast period. But the pharmaceutical segment in the cardamom oil market is set to display the best CAGR of 6.8% in the coming years.
The global Cardamom Oil Market is spread across the regions of the Americas and the Asia Pacific.
In the Americas, Guatemala is considered a lucrative country in the cardamom oil market and is counted among the top producers of cardamom at a global level. The country is most likely to continue its dominance in the following years, backed by its subtropical climate. This kind of climate is perfect for cultivating spices, in turn increasing the cardamom cultivation in the region. Also, the cardamoms originating from Guatemala are much cheaper owing to their lower oil content as well as sweetness. As a result of these factors, the regional market is expected to be highly profitable during the assessment period.
The countries in Asia Pacific including India, Nepal, Bhutan and Indonesia are emerging as significant consumers in the worldwide cardamom oil market. The main reasons could be the rising disposable income of consumers and the subsequent increase in the demand for food and beverages, personal care products and pharmaceuticals that contain cardamom oil. The primary use of cardamom and cardamom oil in the local food of these countries will add to the revenue collected by the cardamom oil market in the region. This factor will also lead to the increase in cardamom production within the region over forthcoming years. There has been a growing focus on physical appearance among the consumers in the region, a factor significantly supplemented by the increasing disposable income. This has led to the boost in the sale of personal care products as well as cosmetics containing cardamom oil, which has further bumped up the growth of the regional market in recent years.
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