In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
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.
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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.
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