Cardamom Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Cardamom Market Analysis
The cardamom market is projected to register a CAGR of 6.1% over the forecast period.
- In recent years, consumer purchasing patterns have considerably evolved owing to rising income levels as well as economic developments. The cardamom market is expected to grow exponentially in the coming years due to its variety of uses and various phenomenal attributes. Cardamom has its advantages, from making tea to curing heart-related disorders. The key reason behind the development of cardamom is its essential use in Ayurvedic medicines.
- Globally, the rise in demand for Ayurvedic medicines is increasing the demand for cardamom. Another major factor behind the growth of the cardamom market is its immense use in its taste-enhancing ability and the food and beverage industry. The food and beverage industry is expanding rapidly worldwide, leading to the growth of the cardamom market.
- Another key factor driving the growth of the cardamom industry is the accelerating use of cardamom in developing regions, including Latin America, the Middle East, Africa, Southeast Asia, etc. These regions consume more amount of cardamom products such as cardamom oil, concoction drink, etc. Cardamom is the third most expensive spice worldwide. Thus, it can only be owned by the upper middle-class population. However, the high production and processing costs of cardamom and the availability of other cheap spice flavors are the key factors that hamper the growth of the market.
Cardamom Market Trends
Increasing Demand from Food & Beverage and Health Industries
- Cardamom is believed to be a cure for mouth infections, throat problems, congestion of the chest, and gastrointestinal disorders. The spice ranks among the most expensive spices in the world.
- Renowned for its aroma and flavor, cardamom is used in numerous recipes, from spicy dishes to desserts and beverages. With the number of options steadily growing, more and more people consider supplementing cardamom into their diet for overall health.
- The growing trend of using cardamom as a taste and aroma ingredient in a variety of ethnic cuisines, such as Mexican, Indian, and Thai, among European consumers is increasing the demand for different cuisine-specific sauces, such as cardamom sauces. This has further encouraged manufacturers to launch and introduce products such as cardamom yogurt sauces, driving the cardamom market during the forecast period.
- The rising use of cardamom in several health supplements, such as tea bags, capsules, powders, liquids, and tablets, is anticipated to drive the growth of the market in the coming years. Furthermore, the rising demand for cardamom oil in the healthcare and pharmaceutical industries due to its antibacterial properties, which can be used in medicines related to muscle treatment, is expected to boost the market. The increasing use of cardamom oil in food and medicine is further expected to bolster market growth.
- Therefore, the rising demand for cardamom in the food & beverage and health industries is promoting the less-producing cardamon countries to import cardamon, which is fueling the growth of the market studied.
Asia-Pacific Dominates the market
- Asia-Pacific is dominating the cardamom market as it is the largest cardamom producer. Within Asia-Pacific, the major cardamom-growing countries include India, Sri Lanka, and Vietnam, among others. India is one of the leading producers of cardamom in the world. The growth of the market in the region can be attributed due to increasing consumer spending on food and beverages, online retailing, the easy availability of cardamom essential oil, and the rising preference for natural ingredients.
- Furthermore, China and India are two of the largest consumers and producers globally owing to their large land area, which results in high production as well as consumption rates for the product across the region. Indian cardamom is slightly smaller but more aromatic. It is more popularly used as an herbal spice, which is added to dishes to provide a strong aroma and flavor. In Ayurveda, cardamom is considered to be a useful and effective medicine.
- Several key players and governments are taking initiatives that are expected to further fuel the cardamom market over the coming year. For instance, in July 2021, Kerala Government (India) included Cardamon in the Onam festival kit to boost the market for spices in the state. Thus, growing awareness about the health benefits of cardamom, increasing use of cardamom in Asian countries, along with initiatives taken by the governments are expected to drive the market during the forecast period.
Cardamom Market News
- October 2022: Nagaland launched a pilot project on e- selling of large cardamom. The launch of the e-selling platform brings the spice-growing community together to participate in selling and buying their produce.
- February 2022: The Government of India Launched a weather-based crop insurance scheme for cardamom farmers. The project is expected to cover around 2,500 hectares of cardamom-grown land, benefitting small-scale farmers.
Cardamom Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Value Chain Analysis
5. MARKET SEGMENTATION (Production Analysis in Volume, Consumption Analysis by Volume and Value, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
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5.1 Geography
- 5.1.1 United States
- 5.1.2 Guatemala
- 5.1.3 Indonesia
- 5.1.4 India
- 5.1.5 Nepal
- 5.1.6 Saudi Arabia
- 5.1.7 United Arab Emirates
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cardamom Industry Segmentation
Cardamom is known as the queen of spices. Green cardamom, black cardamom, and Madagascar cardamom are the major type of cardamom cultivated across the world.
The cardamom market is analyzed by production (volume), consumption (volume and value), imports (volume and value), exports (volume and value), and price trend analysis. The market is segmented by geography (United States, Guatemala, Indonesia, India, Nepal, Saudi Arabia, and the United Arab Emirates).
| Geography | United States |
| Guatemala | |
| Indonesia | |
| India | |
| Nepal | |
| Saudi Arabia | |
| United Arab Emirates |
Cardamom Market Research FAQs
What is the current Cardamom Market size?
The Cardamom Market is projected to register a CAGR of 6.10% during the forecast period (2024-2029)
Which is the fastest growing region in Cardamom Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cardamom Market?
In 2024, the Asia-Pacific accounts for the largest market share in Cardamom Market.
What years does this Cardamom Market cover?
The report covers the Cardamom Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cardamom Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What is the future of the Cardamom Market in developing economies?
The future of the Cardamom Market in developing economies is a) Potential for rising domestic consumption b) Infrastructure development needs
Cardamom Industry Report
The cardamom market, also known as the elaichi market, is experiencing robust growth due to its diverse applications in the food and beverage industry, Ayurvedic medicines, and as a flavor enhancer. The market's expansion is particularly noticeable in developing regions such as Latin America, the Middle East, Africa, and Southeast Asia, areas that are benefitting from the increasing disposable incomes of their populations. Growing uses in health supplements and the acknowledged antibacterial properties of cardamom, beneficial in muscle treatment medicines, continue to drive demand. However, challenges such as high production and processing costs, price volatility, and competition from less expensive spice alternatives pose risks to market growth. The cardamom production in the world is largely dominated by the Asia-Pacific region, which remains the leading producer and consumer. The segment's growth is also fueled by innovative packaging solutions that improve lifespan and product appeal, catered to elevate culinary experiences globally. To explore more trends in Malabar, Mysore, Siamese, Nepal, and winged cardamom types, a comprehensive market analysis PDF is available for free download.
