New York, US, March 23, 2023 (GLOBE NEWSWIRE) -- Cardamom Oil Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Cardamom Oil Market Information By Type, Application, And Region - Forecast till 2027"; the market will achieve USD 869 million by 2027 at an 8.31% CAGR.
Market Synopsis
Cardamom oil is an oil that is mostly extracted from the plants Elettaria and Amomum and is used as a flavor component in a variety of foods. As cardamom oil is a potent carminative, diuretic, stimulant, and stomachic agent, it has been used in Europe's Unani system of conventional treatment. It contains essential compounds that are good for the body, hair, and skin, including methyl eugenol, linalyl acetate, geraniol, pinene, sabinene, and citronellol. Via the steam distillation technique, cardamom essential oil is produced from the seeds of the plant Elettaria Cardamomum. It contains a spicy-sweet center note and pairs nicely with various scents, including citrus, wood, and spice oils.
The market for cardamom oil is expected to increase during the forecast period due to factors including the high demand for the oil in the beauty and health sectors and the rising awareness of excellent health. Cardamom oil is frequently suggested in the pharmaceutical business as a treatment for digestive issues since it lessens pain and stops the production of intestinal gas. It has a calming impact on the spasmodic colon, which can reduce pain threshold by easing muscle aches. Cardamom oil has a long history of use as a cephalic remedy for depression and nerve weariness. Medical professionals in nervous system therapies frequently and successfully use them. Treatment of the respiratory system is another application for it. According to a study, the medication can treat catarrhal illnesses such as chronic bronchitis.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 869 million |
| CAGR | 8.31% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Using cardamom in personal care units |
| using the cardamom for manufacturing drugs in the pharma units |
Market Competitive Landscape:
The central players in the cardamom oil market are:
- Piping Rock Health Products LLC,
- Shiv Sales Corporation,
- Nature's Natural India,
- Melicia,
- Greenleaf Extractions Pvt Ltd,
- Green Fields Oil factory,
- Aromaaz International,
Market U.S.P. Covered:
Market Drivers:
The demand for plant-based and natural products is rising due to consumers' increasing health consciousness, which is driving the development of the cardamom essential oil market. The rising pharmaceutical and healthcare sectors, which are one of the main users of the product, provide additional support for this. Additional reasons considerably boosting the market growth include rising consumer disposable incomes, rising demand for natural flavoring agents, rising consumer preference for plant-based cosmetic products, and developing retail sector. Product sales are anticipated to increase throughout the projected period due to manufacturers releasing new products and increasing R&D activities, which will further fuel industry expansion.
Also, using cardamom in pharmaceutical manufacturing facilities has aided in treating muscle spasms and pulls, which are predicted to hasten the market's total expansion. The growth potential among the consumers dispersed around the region has increased due to the movement of people to metropolitan areas. The cardamom oil market's size has increased due to using cardamom to enhance the flavor and color of food. It is in high demand in the food business, which has aided in expanding market size potential. The chemicals used for flavoring and coloring the cardamom and the coloring agent have contributed to the market's growth. The market for cardamom oil has grown thanks to its use in personal care products and medications. Within the aforementioned projected period, the growing demand for cardamom oil due to the interest in health and fitness will also lead to several lucrative business prospects.
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Market Restraints:
The high cost of producing cardamom oil and the rising price of cardamom seeds could impede the expansion of the market during the forecast period. However, the accessibility of more replacement items like ginger and clove oil may also pose a significant threat to the market's development rate because they have disturbed supply and production. However, the market's expansion is anticipated to be constrained in the foreseeable term by the lack of workforce growth.
COVID 19 Analysis
The pandemic has made it difficult for people to live normal lives. The pandemic has prompted the use of lockdown and shutdown plans. Due to the closure of some manufacturing facilities, the economies of the affected nations suffered. Some of the production facilities have trouble producing cardamom products. The supply chain analysis suffered due to the disruption of the distribution routes brought on by COVID. The market's profit margins were lowered as a result. The cardamom oil market is anticipated to rebound in the second quarter of the projection year as things return to normal.
Market Segmentation
By application, the market includes food and beverages, pharmaceuticals, personal care products, and home care products. By type, the market includes elettaria cardamom oil, amomum (subulatum/ costatum), and cardamom oil.
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Regional Insights
The Asia Pacific region is anticipated to hold a sizable portion of the market during the forecast period. India, Sri Lanka, and Vietnam are a few of the key cardamom-growing nations in the Asia-Pacific region. One of the world's top producers of cardamom is India. The easy accessibility of cardamom essential oil and the expanding popularity of natural components are two factors that have contributed to the market expansion in the area. Europe, as well as North America, are the other key markets for the product. Asia's cardamom oil market is one of the oldest and most established in the world, constantly expanding. Due to this, users wanted to use cardamom more frequently.
Furthermore, South America, which is in high demand worldwide, now holds the second-largest market share. In this case, cardamom oil is the flavoring agent covering the entire market share. Furthermore, the third-largest market share belongs to the North American region. Nonetheless, Arab nations like Kuwait, Oman, and Qatar anticipate strong development during the projection period. Moreover, cardamom oil is supplied to Middle Eastern nations, mostly used to cook coffee and other foods.
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