AcuteMarketReports

Global Cardamom oil Market Size, Growth, Share, Opportunities, Analysis and Forecast 2023 : Credence Research

Press Release   •   Feb 02, 2017 15:30 IST

According to a new market report published by Credence Research “Cardamom oil Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2021,” the cardamom oil market was valued at US$ 4.6 Bn in 2015, and is expected to reach US$ 6.2 Bn by 2022, expanding at a CAGR of 4.3% from 2016 to 2022.

Market Insights

Cardamom is known as the queen of spices because of its aroma. Cardamom is mostly grown in the Asia Pacific, North America and Middle East regions. It is known to be most popular spice which is used in cooking for its captivating flavor.

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The oil of cardamom is extracted from the dry seeds through a distillation process which is further used for variety of applications. Cardamom has varied essential oils which include such as sabinene, pinene, myrcene, geraniol, linalool, 1, 8-cineole, limonene and citronellol among others that offer a wide range of benefits for skin, hair and health. It is widely preferred over other oils for aromatherapy.

Growing demand for cardamom oil from the healthcare industry is the major factor driving the growth of global cardamom market worldwide. Cardamom oil has advantageous properties such as antibacterial, antispasmodic, etc. These properties have attracted the pharmaceutical and healthcare industry to manufacture medicines which help in treatment of muscle pulls, muscle spasms, etc. Therefore, healthcare industry is expected to boost high demand for cardamom oil in the near future. Moreover, growing demand from the personal care products and cosmetic industry has also led to growth of global cardamom oil market. Cardamom oil is used for manufacturing wide range of cosmetic and personal care products due to the beneficial properties of cardamom oil. Hence, cardamom oil is anticipated to witness high demand from the cosmetic and personal care products industry in the market worldwide.

Competitive Insights:

Europe accounted for major share of global cardamom oil market in 2015 and is expected to increase in the near future. High demand from the healthcare, personal care products and cosmetic industry in Europe has led to high growth of global cardamom oil in the region. Middle East and Africa accounted as the second largest market for cardamom oil in 2015. Guatemala is the major cardamom producing country in Middle East and Africa. Cardamom oil is used as flavoring agent in the food preparations and beverage preparation in the region, thereby leading to high demand for cardamom oil in Middle East and Africa. Asia Pacific followed Middle East and Africa in terms of demand and is expected to boost high demand for cardamom oil in the near future. Growing demand is reported for cardamom oil from the food & beverages industry in the region, especially from India. Therefore, cardamom oil is expected to experience high demand from Asia Pacific in the near future. Other regions which include Latin America and North America are also projected to fuel demand for cardamom oil during the forecast period from 2016 to 2022.

Key Trends:

Manufacture of various medicines

Flavoring agent in food & beverages

Manufacture of skin care products and cosmetics

Opportunities from increasing research activities for increase in application scope of cardamom oil

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