The Cardamom Oil Market - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, production and consumption, supply chain analysis, competitive landscape, and market composition analysis.
With rising demand from food & beverages and personal care industry, the global cardamom oil market is witnessing prominent growth. Adoption of cardamom oil as a natural flavouring and colouring agent for food and beverages is among the major growth contributing factor. Along with adoption in food and beverage industry, incorporation of cardamom oil in manufacturing of cosmetic and pharmaceutical products is another factor fuelling the growth of cardamom oil market across the globe. Another factors contributing towards the growth of cardamom oil market is it’s health benefits for skin and hair. However, the supply chain of cardamom oil is dominated by the production hubs, primarily the Southeast Asian countries. Along with being the major producers, these countries rank among the top consumers of cardamom oil, thereby creating a supply demand gap in the market. Consequently, the price of cardamom oil witness volatility, which is anticipated to hinder the growth of global cardamom oil market during the forecast period. Increasing demand from Europe and North America is anticipated to offer significant growth opportunities during the forecast period.
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Elettaria cardamom oil to be the most consumed cardamom oil across the globe
The global cardamom oil market is segmented based on type, application, distribution channel, end use industry, and geography. Based on type, the market is segmented into amomum cardamom oil and elettaria cardamom oil. Among the types, elettaria cardamom oil is anticipated to offer prominent growth opportunities during the forecast period owing to high antispasmodic, antiseptic, digestive, carminative, diuretic, cephalic, and expectorant properties offered by elettaria cardamom.
Aesthetic and health benefits offered by cardamom oil to fuel adoption in food & beverages industry
Based on end use industry, the market is segmented into food and beverage, pharmaceutical, personal care and others. Among these, food and beverage industry is anticipated to dominate the market with a major market share owing to health benefits offered by cardamom oil and high penetration across major geographies. Additionally, increasing demand from North America and Europe fuelled by rising awareness regarding the health benefits of cardamom oil along with aesthetics is anticipated to fuel the global cardamom oil market growth during forecast period.
Based on geography, the global cardamom oil market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The cardamom oil market is dominated by Guatemala and India in terms of production. Whereas, China, India, the U.S., and Germany are anticipated to be the major growth contributors in terms of consumption of cardamom oil. Asia Pacific accounted for largest share owing to burgeoning demand from food & beverages, cosmetic, and pharmaceutical applications fuelled by rising population and high penetration across major countries. North America is anticipated to be the fastest growing market during forecast period owing to rising demand from food and beverage industry.
Major players dominating the global cardamom oil market include AbbVie Inc., Affimed N.V., Amgen Inc., Bristol - Myers Squibb, Celgene Corporation, Eli Lilly and Company, F. Hoffmann-La Roche AG, Johnson & Johnson, NanoString Technologies, Inc., Novartis AG, Novo Nordisk A/S, Pfizer, Inc., Qiagen N.V., and Sanofi S.A.
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