The global cardamom oil market is segmented into application such as cosmetic and personal care products, pharmaceutical industry, food and beverages industry, and others out of which, food and beverages segment is projected to grasp a remarkable CAGR by 2024. Likely, growing demand for cardamom oil from healthcare industry is also triggering the market of cardamom oil. In addition to this, growing usage of cardamom oil by pharmaceutical industry to develop drug for the treatment of muscle spasms, muscle pulls and others is also projected to propel the growth of cardamom oil market.
Global cardamom oil market is anticipated to showcase a robust CAGR of 5.3% over the forecast period i.e. 2017-2024. Additionally, the market is riding on the back of rising consumer concern towards health along with expansion of pharmaceutical industry. Moreover, the global cardamom oil market is projected to account noteworthy sales of USD 7.2 Billion by the end of 2024.
The blends segment by form type is projected to grab a remarkable CAGR over the forecast period. In terms of regional platform, Asia-pacific region accounted for the largest stake in the global market of cardamom oil. Moreover, India and Indonesia are the major countries witnessing the augmented demand for cardamom oil in this region. Apart from this, Africa is also predicted to attain a significant growth owing to positive GDP figures and rise in per capita income of middle class. Apart from this, North America and Europe region contributed a considerable share in the market due to growing demand for cardamom oil form healthcare sector.
Rising Health Awareness
Growing awareness among the population regarding the health benefits related with usage of cardamom oil such as it promotes clear breathing and respiratory health, ease digestion and others is projected to foster the growth of cardamom oil market over the forecast period. Furthermore, increasing adoption of cardamom oil by the healthcare industry is also predicted to foster the growth of cardamom oil market.
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Expansion of Cardamom Industry
According to Ministry of Commerce and Industry of India, during 2015-16, the projected production of cardamom small is 22,000 MT as against 18,000 MT during 2014-15 by witnessing an increase of 22.2% in India. Moreover, growing demand for cardamom oil from personal care products and cosmetic industry is expected to propel the growth of cardamom oil market.
On the contrary, lack of awareness in underdeveloped regions and high cost associated with cardamom oil are some of the factors hampering the market of cardamom oil.
The report titled “Cardamom Oil Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global cardamom oil market in terms of market segmentation by source type, by form type, by application, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global cardamom oil market which includes company profiling of Aromaaz international, IL Health and Beauty Natural Oils, Nelixia, Green Field Oil Factory, Piping Rock Health Products, Green Leaf Extraction Pvt Ltd, Aksuvital, Natures Natural India and Shaanix Guanjie Technology. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cardamom oil market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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