Cardamom Oil Market Outlook
As per the Market Research Future (MRFR) analysis, the global cardamom oil market is estimated to reach 869 USD million, with a CAGR of around 8.31% from 2019 to 2028. The report examines the effect of the COVID-19 pandemic on the global cardamom oil market and offers a concise estimation of the predicted volatility of demand during the forecast period.
Cardamom oil is extracted from dried cardamom using a steam distillation procedure used in different applications such as food processing, pharmaceuticals, fragrances in soaps and perfumes, etc. Cardamom oil extract contains various basic components such as pinene, methyl eugenol, sabinene, geraniol, myrcene, nerol, linalyl acetate, phellandrene, citronellol, linalool, limonene, a-terpineol acetate, 1, 8-cineole, terpineol, a-terpineol, p-cymene, terpinene-4-oil, terpinolene, and trans-nerolidol. There is a significant increase in demand for cardamom oil due to its various health, skin, and hair benefits. It is commonly used in aromatherapy.
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Covid 19 Analysis
The outbreak of the pandemic has hampered the lifestyle of the people. This outbreak has led to the implementation of shutdown and lockdown scenarios. This led to the shutting down of certain manufacturing units where the economies of the countries were disrupted. Some of the manufacturing units faced difficulties in manufacturing the cardamom products. COVID led to the disruption of the distribution channels which degraded the supply chain analysis. This lessened the profit margins of the market. When the situation normalizes, the cardamom oil market is expected to recover in the second quarter of the forecast period.
Market Dynamics
Cardamom oil size is estimated It has been marked that the cardamom oil market will grow at a cardamom oil market value of about CAGR 8.31% where it also occupies a large value of the market share of USD 869 million by the end of the market forecast period.
The global population is becoming better educated, and a global middle class is emerging. Most of these people are health conscious and want to consume healthy meat. They are gravitating toward duck meat because they perceive it to be healthy.
The market for cardamom oil industry share is powered by factors such as rising demand for natural flavorings and food coloring agents. The increase in demand from various downstream markets, including food and beverage, pharmaceuticals, personal care, and home care, is driving the growth of the cardamom oil industry.
Market Segmentation
The global market for cardamom oil market has been segmented by type, applications, and distribution channels.
By type, the global market for the cardamom oil industry has been segmented into Elettaria cardamom oil and Amomum cardamom oil. Elettaria cardamom is also known as true cardamom or green cardamom. Amomum cardamom is known as Kravan or black cardamom which is universally used in cooking
By application, the global market for cardamom oil market has been segmented into food and beverages, cosmetics, personal care, pharmaceutical, and others. The pharmaceutical segments are expected to have potential market share in terms of value, followed by the cosmetic and personal care segment. The pharmaceutical application of cardamom oil is growing faster than other applications with a CAGR of 6.8%.
By distribution, the global market for cardamom oil market has been segmented into direct and indirect sales channels. Indirect sales are further sub-segmented into modern trade, departmental stores, E-Commerce, specialty stores, drug stores, and others.
Regional Analysis
Regionally, the global market for cardamom oil market has been segmented into North America, Asia Pacific, Europe, and the Middle East Africa.
The Asia Pacific is projected to dominate the cardamom oil market as it is the largest producer of cardamom, as well as the health and personal care benefits of cardamom oil will boost its demand soon. In the Asia Pacific region, India and its neighboring countries are projected to be one of the primary consumers of cardamom oil.
Cardamom oil is one of the best flavoring agents, growing demand for cardamom oil in the bakery, and other culinary items are expected to improve the cardamom oil market in North America and Europe.
Its use in aromatherapy is growing, and other such properties will boost the growth of the ginger oil market for cardamom oil in the Middle East and Africa.
Key Players
The prominent market players identified by MRFR in the global cardamom oil market are Nelydia, IL Health Beauty Natural Oils Co., Inc., Green Fields Oil Factory, Aromaaz Internationa, Aksuvital, Shaanxi Guanjie Technology Co., Ltd, Shiv Sales Corporation, Natures Natural India, Piping Rock Health Products Llc, and Greenleaf Extractions Pvt Ltd
NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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