The global Cardamom Oil market is expected to witness a market value of USD 188.9 Million in 2023 and is expected to accumulate a market value of USD 285.1 Million by registering a CAGR of 4.2% in the forecast period 2023 to 2033.
The Cardamom Oil market registered a CAGR of 2.6% in the historical period 2018 to 2022. Factors such as the increasing demand in health and cosmetic sector, as well as the increasing awareness regarding good health, are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Cardamom Oil has been flourished. With the increasing awareness of the harmful effects of synthetic chemicals, consumers are shifting towards natural and organic products. Cardamom oil is a natural and organic product, and thus, its demand is expected to increase in the coming years.
Furthermore, the cardamom oil is widely used in the food industry as a flavoring agent. Hence, the growing applications of cardamom oil in the food industry is one of the major factors that is anticipated to escalate the market growth during the forecast period.
Aromatherapy is gaining popularity as an alternative therapy for several ailments, such as stress, anxiety, and insomnia. Cardamom oil is known for its therapeutic properties, and thus, its demand is expected to increase in the aromatherapy industry.
Moreover, the cardamom oil is widely used in the personal care and cosmetics industry due to its antibacterial and antifungal properties. The demand for cardamom oil is expected to increase in this industry due to the rising awareness of personal hygiene.
Additionally, the cardamom oil is known for its health benefits, such as improving digestion, reducing stress, and boosting immunity. With the increasing awareness of the health benefits of cardamom oil, its demand is expected to increase in the forthcoming years.
On the regional end, the Cardamom Oil market in North America is expected to account for the maximum share during the analysis period. Factors such as increasing demand for natural and organic products, and are expected to escalate the regional market growth during the forecast period. Moreover, the United States is one of the major consumers of cardamom oil in the region, due to the increasing demand for natural and organic products in the region.
On the other hand, the Cardamom Oil Market in Europe is witnessing significant growth in recent years. The regional market growth is driven by factors such as the growing population, increasing disposable income, and changing lifestyles. In addition, there is a rising trend of using natural and organic products, which has led to an increased demand for cardamom oil.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Cardamom Oil are expected to create lucrative opportunities for the market growth over the analysis period. For instance,
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | USD 188.9 Million |
| Projected Market Value in 2033 | USD 285.1 Million |
| Growth Rate (2023 to 2033) | 4.2% CAGR |
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Cardamom oil market in Asia has been recognized as an established region since long and the market is ever growing there.
However, Arab countries such as Kuwait, Oman and Qatar are now projecting high growth over the forecast period. Not only that, cardamom oil is being exported to Middle East countries where it is mainly being used in coffee preparation and other food applications.
Cardamom oil is widely recommended in pharmaceutical industry for treatment of digestive problems by preventing formation of intestinal gas and reducing pain.
It has a relaxing effect on spasmodic colon, which can alleviate muscle sores and thus, can decrease pain threshold limit. Cardamom oil is well established as a cephalic product and can be used for depression and nervous exhaustion.
Medical practitioners use it widely and effectively in nervous system treatments. It can also be used for treatment of respiratory systems. Catarrhal conditions, like chronic bronchitis can be cured using the product, as per research.
US market of cardamom oil is now focusing on co-impact sourcing while partnering with local farmers to maintain sustainability, and highest levels of purity of the product.
This unique approach gives a mutually beneficial and long-term supplier partnership regarding cardamom oil market, while improving skills of rural farmers and growing market environment as well.
Over last few years, Canada is leading to a stronger and healthier economy and creating a stable supply chain. As a result, manufacturers like NOW (family-owned company) are coming up with products, applying steam distilled extraction method from seeds.
Cardamom is reputed to be the oldest spices used throughout Europe. Cardamom oil derived from it are most widely used in all over the region. Europe medical care industry uses cardamom oil for treatment of abdominal pain, coughs, sciatica and spasms.
It has been in practice in Unani system of traditional medicine in Europe, as cardamom oil is considered to be a powerful carminative, stimulant, diuretic, and stomachic agent.
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India is leading the market for sales of cardamom oil in Asia Pacific for much uses as spice and traditional medicine.
Being an important ingredient in East Indian curry powder, cardamom oil has a wide variety of usage in pickles, seasoning and meat sauces. It is also being used as a flavoring ingredient in different cuisines like teas and coffees in Indian market.
Some of the key manufacturers in cardamom oil market includes
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Cardamom Oil Market
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