Cardamom Oil Market Scope:
The global cardamom oil market is poised to touch a value of USD 869 Million by 2027. It can exhibit a CAGR of 8.31 during the assessment period. Benefits of cardamom oil for skin and hair care is expected to drive the market demand. Awareness of cardamom oil and its application in aromatherapy can fuel market demand exponentially. The cardamom oil market volume can touch 4,307 tons by 2022 at a CAGR of 6.74% during the forecast period. Rising demand for natural flavoring and coloring agents in foods is bound to spell high sales for the cardamom oil market.
Cardamom oil is an essential oil extracted from the seeds of plants from the Elettaria and Amomum family. Cardamom is readily available in tropical and subtropical Asia. It is highly preferred and the third-most expensive spice. The global Cardamom Oil Market Research report by Market Research Future (MRFR) contains details on pertinent trends, growth factors, and challenges to be faced by manufactures from 2020 to 2027 (forecast period).
The medicinal uses of cardamom oil which have muscle spasm relieving properties and stimulation of the digestive system can attract customers and drive market sales. The inclusion of the oil in foods to give it a sizzling taste can drive the market growth. High demand of cardamom in beverages due to the changing attitudes of consumers will drive the cardamom oil market. It is used in tea and other beverages. The personal care industry can also contribute to the market owing to the massive demand for skin care and hair care products.
Segmentations:
The global cardamom oil market is segmented by type and application.
By type, it is segmented into Elettaria and Amomum. The Elettaria segment is deemed to grow at 6.72% CAGR during the forecast period. This segment accouted for more than half of the market share in 2016 with a value of USD 346 million. Elettaria is known as green cardamom or true cardamom and grown in Guatemala and India. While the Amorum segment is expected a decent growth rate during the assessment period due to being grown in China and India.
By application, it is segmented into personal care products, home care products, pharmaceuticals, food & beverages, and others. Food & beverages application accounted for more than 40% share in 2016. It will dominate the market till the end of the forecast period due to heavy demand for unique concoctions and flavors. Pharmaceuticals can exhibit a CAGR of 5.51% during the forecast period due to its medicinal properties.
Regional Analysis:
Guatemala, India, Indonesia, Nepal, and Bhutan are countries the prime focus of discussion in the global cardamom oil market.
Guatemala is the largest producer of cardamom oil and expects to exhibit a CAGR of 6.02% during the forecast period. This country is ideal for cultivating cardamom and making it a premier place for cardamom oil production. Although the country has to battle change in climatic conditions amid high demand globally.
India is the second biggest producer of cardamom oil after Guatemala and touted to display a CAGR of 7.99% during the assessment period.
Competitive Outlook:
Natures Natural India, Shiv Sales Corporation, Green Fields Oil Factory, Nelixia, Shaanxi Guanjie Technology Co., Ltd, Aromaaz Internationa, Piping Rock Health Products Llc, Greenleaf Extractions Pvt Ltd, IL Health & Beauty Natural Oils Co., Inc., and Aksuvital are prominent players of the global Cardamom Oil Market Report.
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