Cardamom Oil Market Size To Expand at a Notable CAGR Of 8.31% During 2020 - 2027

January 2020/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Cardamom Oil Market

Overview:

Market Research Future (MRFR) has released a new report on the global cardamom oil market. The report presents a comprehensive overview of the global cardamom oil market and its growth trajectory over the forecast period on the basis of a detailed analysis of the market’s historical growth trajectory and the present hierarchy of the market’s leading segments and players. The report also contains an extensive analysis of the cardamom oil market’s major drivers and restraints, including a study of the macroeconomic and microeconomic factors propelling the market’s growth. The global cardamom oil market is expected to grow at a CAGR of 6.74% by sales volume by 2027. The market is expected to rise to a value of USD 869 million over the same time period. By value, the global cardamom oil market is expected to rise at a CAGR of 8.31% over the forecast period.

Cardamom oil is extracted from dried cardamom through the steam distillation process. The oil has significant benefits for hair and skin health and is thus used in a number of personal care products and cosmetics. In addition to these applications, the cardamom oil market also finds significant demand from the aromatherapy sector. The pharmaceutical sector also exhibits significant demand from the cardamom oil market.

The growing demand from the pharmaceutical, food and beverage, and cosmetics sectors is likely to remain a major driver for the global cardamom oil market. Cardamom oil is extracted from two genera of cardamom, found in the Indian subcontinent, Southeast Asia, China, and Central America.Cardamom oil is mainly used in flavoring and coloring applications in the food and beverage industry. The increasing popularity of essential oils in aromatherapy and other alternative healthcare modalities is likely to be a major driver for the global cardamom oil market.

Segmentation:

The global cardamom oil market is segmented by type, application, and region.

By type, the global cardamom oil market is segmented into Elettariacardamom oil and Amomum cardamom oil. Elettaria cardamom oil, which is known as true cardamom or green cardamom and is grown primarily in India and Guatemala, accounts for the highest share in the global cardamom oil market in 2016 and is expected to rise at a strong CAGR of 6.72% over the forecast period. In contrast, Amomum cardamom is known as black cardamom and is mainly grown in the Indian subcontinent and China.

By application, the global cardamom oil market is segmented into food and beverages, pharmaceuticals, personal care products, home care products, and others. The food and beverages segment accounted for more than 40% of the global cardamom oil market in 2016 and is expected to remain the market leader over the forecast period. The pharmaceutical application segment of the cardamom oil market is expected to exhibit the highest CAGR of 6.8% over the forecast period.

Regional Analysis

The global cardamom oil market is segmented into the Americas and Asia Pacific.

Guatemala is among the leading producers of cardamom in the world and is likely to remain in the position in the coming years. Guatemala’s subtropical climate is ideal for the cultivation of spices, making it ideally suited for cardamom cultivation.

In Asia Pacific, major country-level markets include India, Indonesia, Nepal, and Bhutan. Asia Pacific countries have also emerged as key consumers in the global cardamom oil market in the last few years due to the growing disposable income of consumers in the region, which has resulted in increasing demand for food and beverages, pharmaceuticals, and personal care products containing cardamom oil. The traditional usage of cardamom in the cuisine of these countries is also helpful for the cardamom oil market, as it drives the demand for cardamom production. The growing demand for personal care products in Asia Pacific countries is likely to be a major driver for the global cardamom oil market over the forecast period, as consumers in the region are becoming increasingly concerned about their personal appearance and spending increasing amounts of money on cosmetics and personal care products.

Competitive Analysis:

Leading players in the global cardamom oil market include Nelixia, Shiv Sales Corporation, IL Health & Beauty Natural Oils Co. Inc., Shaanxi Guanjie Technology Co. Ltd., Piping Rock Health Products LLC, Greenleaf Extractions Pvt. Ltd., Natures Natural India, Aksuvital, Aromaaz International, and Green Fields Oil Factory.

Industry Updates:

Following the floods in the Indian state of Kerala in 2018, cardamom production in the state has gone down dramatically. As Kerala is one of the leading producers of cardamom in India, this is likely to affect the production figures for cardamom in India over the next year.