Market Size of Clove Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.80 Billion |
| Market Size (2029) | USD 6.95 Billion |
| CAGR (2024 - 2029) | 3.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Clove Market Analysis
The Clove Market size is estimated at USD 5.80 billion in 2024, and is expected to reach USD 6.95 billion by 2029, growing at a CAGR of 3.70% during the forecast period (2024-2029).
- Clove is one of the most valued species because of its increased usefulness in foods and personal care products. Many health benefits associated with cloves are the major driver for the market. It contains vitamins C, K, E, calcium, and magnesium and is rich in antioxidants. Their use helps to cure a lot of health-related problems such as cough and cold, toothache, etc. Along with this, clove oil can be used in personal care, cosmetics, and health care products.
- Furthermore, the production of cloves is largely found in Indonesia with a production volume of 133,604 metric ton in 2020 as per FAO, which accounted for global output of nearly 72.9%. Other large producers of cloves include Madagascar, Tanzania, Comoros, and Sri Lanka. Being the largest producer of cloves, Indonesia is also the largest consumer in the world. It consumes around 90% of its own clove production.
- Cloves are usually sold in unbranded packages or in bulk. However, this trend is shifting as consumers demand branded and packaged products that validate the authenticity of the spice with labels that communicate important information about the ingredients used. The growing demand across the world is aided by rising consumption due to its medicinal properties.
Clove Industry Segmentation
Clove is an aromatic flower spice used widely across various food and beverage applications. For the purpose of study whole fruits, cloves or stems are considered. The Clove Market is Segmented by Geography into North America, Europe, Asia-Pacific, and Middle East & Africa. The analysis will cover Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis. The report offers market estimation and forecast in value (USD thousand) and volume (metric ton).
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Clove Market Size Summary
The cloves market is experiencing a steady growth trajectory, driven by the spice's extensive applications in culinary, medicinal, and personal care products. Cloves are highly valued for their health benefits, including their rich content of vitamins and antioxidants, which contribute to their popularity in treating various health issues. The demand for cloves is further bolstered by the rising consumer preference for herbal and natural products, particularly in developing economies. This trend is reflected in the increasing use of cloves as natural ingredients in a wide range of products, from toothpaste to skincare, enhancing their market appeal. The shift towards branded and packaged cloves is also notable, as consumers seek products that assure authenticity and provide detailed information about their ingredients.
Indonesia stands as the dominant player in the cloves market, being the largest producer and consumer globally. The country's clove production is primarily aimed at meeting domestic needs, particularly for the kretek cigarette industry, with a significant portion also exported to countries like India, Singapore, and the United States. Despite challenges such as bad weather affecting production, Indonesia's clove industry continues to thrive, supported by smallholder farmers and increasing domestic consumption. The global demand for cloves is expected to rise, driven by their diverse applications and health benefits, which in turn is likely to sustain the growth of the market during the forecast period.
Clove Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain Analysis
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2. MARKET SEGMENTATION
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2.1 Geography (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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2.1.1 North America
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2.1.1.1 United States
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2.1.2 Europe
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2.1.2.1 United Kingdom
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2.1.2.2 Germany
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2.1.2.3 France
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2.1.3 Asia-Pacific
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2.1.3.1 Indonesia
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2.1.3.2 China
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2.1.3.3 India
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2.1.3.4 Singapore
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2.1.3.5 Malaysia
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2.1.3.6 Sri Lanka
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2.1.3.7 Vietnam
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2.1.4 Middle East & Africa
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2.1.4.1 Madagascar
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2.1.4.2 Kingdom of Saudi Arabia
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2.1.4.3 United Arab Emirates
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2.1.4.4 Kenya
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2.1.4.5 Comoros
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2.1.4.6 Tanzania
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Clove Market Size FAQs
How big is the Clove Market?
The Clove Market size is expected to reach USD 5.80 billion in 2024 and grow at a CAGR of 3.70% to reach USD 6.95 billion by 2029.
What is the current Clove Market size?
In 2024, the Clove Market size is expected to reach USD 5.80 billion.
