Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Cardamom oil refers to the oil which is extracted from the dry cardamom seeds through a distillation process which is further used in many applications such as food processing, pharmaceutical, fragrance in soap and perfumes and others. It is mostly grown in the Asia-Pacific, North America and Middle East regions. Cardamom has essential oils such as sabinene, pinene, myrcene and others that offer a wide range of benefits for skin, hair and health. It is broadly preferred over other oils for aromatherapy.
The global cardamom oil market is expected to grow at a CAGR of 5.3% over the forecast period i.e. 2017-2024. Further, cardamom oil market is anticipated to reach USD 7.2 billion globally by 2024. The growth of cardamom oil market is driven by the increasing consumer awareness regarding health benefits of cardamom oil. Further, its ening application in personal care products is also envisioned to bolster the growth of cardamom oil market.
Geographically, Asia-Pacific has been a leading market for cardamom oil in terms of market demand and is anticipated to have its dominance over the forecast period. The major countries witnessing the augmented demand for cardamom oil are India, Indonesia and Nepal which is expected to bolster the cardamom oil market within the region over the forecast period. Furthermore, Asia-Pacific is expected to be the most competitive market, owing to presence of largest production of cardamom in this region. Moreover, middle class population explosion and rising awareness among people regarding health are the key factors driving the growth of cardamom oil market in Asia-Pacific region.
Asia-Pacific region is expected to be trailed by North America and Europe. North America is anticipated to maintain second position over the forecast period. Europe market for cardamom oil is expected to witness robust growth during the forecast period. Moreover, high demand for the healthcare, personal care products and cosmetic industry in Europe is anticipated to be the dynamic factors behind the growth of cardamom oil market. Latin America is expected to show a robust growth over the forecast period. This region is majorly dominated by Guatemala. Further, Guatemala is the largest producer of cardamom in the world. CLICK TO DOWNLOAD SAMPLE REPORT
Our in-depth analysis segmented the global cardamom oil market in the following segments:
Global cardamom oil market is further classified on the basis of region as follows:
Rising demand for cardamom oil in health care industry is expected to escalate the growth of cardamom oil market. Further, this can be attributed to the adoption of cardamom oil in pharmaceutical and healthcare industry to manufacture medicine which helps in treatment of muscle pulls, muscle spasms and others.
Moreover, rising urbanization coupled with changing lifestyles is also anticipated to grow the cardamom oil market globally. Growing demand from the personal care products and cosmetic industry is also envisioned to bolster the growth of cardamom oil market. Cardamom oil is used for manufacturing ample range of cosmetic and personal care products due to various beneficial properties. Apart from this, growing demand for cardamom oil for food and beverages industry is also anticipated to garner the growth of global cardamom oil market.
However, lack of awareness of cardamom oil and their health benefits among the population are believed to dampen the growth of market.
The major key players for cardamom oil market are as follows
Overview of the Parent Market
Analyst View
The global cardamom oil market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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