Cardamom Oil Market Size, Share, Growth, and Industry Analysis, By Type (Organic and Conventional), By Application (Food and Beverages, Medicinal and Cosmetics, and Others), Regional Insights, and Forecast From 2024 To 2032

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CARDAMOM OIL MARKET OVERVIEW

The global cardamom oil market size was USD 6.15 billion in 2023 and is projected to grow from USD 6.39 billion in 2024 to USD 8.76 billion by 2032, exhibiting a CAGR of 4% during the forecast period. Asia-Pacific holds leading position in cardamom oil market share in 2023.

The oil used in food items as a flavoring agent is known as cardamom oil. This oil is generally extracted from amomum, plants, and Elettaria. It has vital elements such as pinene, linayl acetate, geraniol, citronellol, nerol, methyl eugenol, sabinene, and citronellol. This oil has various benefits for skin, hair, and health. It is known as cardamom cos it is mostly extracted from cardamom with the help of the steam distillation process. It has various applications in food & beverages for preparing healthcare products. Cardamom is a spice that is an Indian and Indonesian native. 

Cardamom oil is also known as Elettaria Cardamom. It has a wide range of benefits, such as prevention of microbial infections, digestion improvement, boosts metabolism, relieving spasms, curing sexual weakness, and others. Indian food is vibrant and tasty, and the spices not only give dishes a distinctive twist but also offer a number of well-documented health advantages. Cardamom is one such spice, among many others. It's interesting to note that cardamom comes from the seeds of different ginger family plants that are grown in India, Indonesia, and Guatemala.

COVID-19 Impact: Shutdown of Cosmetic Industry Hampered Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with cardamom oil experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Companies are rapidly increasing their capacity to meet the short-term COVID-19 impact on product demand and must exercise caution when interpreting these rare demand patterns. The market is expected to be shaped by post-pandemic changes in economic, trade, social, and political factors, are anticipated changes in environmental legislation. During COVID-19, the market revealed conflicting findings for various uses and regions. The market was affected due to the shutdown of the manufacturing, cosmetics, and health industry. 

LATEST TRENDS

Growing Demand for Cosmetics to Boost Growth

The market for cardamom oil is expected to flourish due to the rising awareness of good health and the strong demand for the product in the cosmetic and health industries. The continued use of essential oil in the production of various foods and confections, as well as its application to enhance flavor and color, are additional significant factors that influence the growth of the cardamom oil market. Additionally, the use of cardamom in pharmaceutical manufacturing facilities has aided in the treatment of muscle spasms and pulls, which are predicted to hasten the market's total expansion.

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CARDAMOM OIL MARKET SEGMENTATION

• By Type Analysis

By type, the market is segmented into organic and conventional.

The conventional type is anticipated to garner market growth due to the growing demand for organic products. 

• By Application Analysis

Based on application, the market is classified into food and beverages, medicinal and cosmetics, and others.

DRIVING FACTORS

Product Usage in Healthcare Industry to Elevate Market Growth

The cardamom oil market growth is anticipated to be accelerated on a global scale owing to its various benefits on health. The product is increasingly being employed in the pharmaceutical sector to create medications that are used to treat muscle spasms, muscle pulls, and others. With increased awareness, it seems only more obvious that the acceptance rate of the product in pharmaceuticals and healthcare industries would expand even farther at a certainly enormous growth rate. This has affected the entire use of cardamom in this business in recent years. Use of the product in aromatherapy and other applications, such as air fresheners, is expected to increase consumer demand for the product. The market is also anticipated to grow as natural flavoring and coloring agents experience rising demand. I

Use of Cardamom Oil as A Flavoring Agent to Flourish Product Demand

Cardamom oil is used in food and beverage production to give items a distinctive flavor and scent. The demand from producers for essential oil as a natural component or flavor is also influenced by the rising demand for cardamom in beverages like tea and other flavored beverages on the international market. Cardamom was historically regarded as an herb and was a vital component of Ayurveda. This spice was utilized by the ancient Egyptians and Romans to flavor their essential oils, make mints out of them, and even for various therapeutic purposes. Cardamom was used as an antidote for poison and venom and was thought to treat mouth infections, throat issues, chest congestion, and digestive ailments. Currently, cardamom is one of the costliest spices available. Cardamom is a popular ingredient that is used in a wide variety of meals, from spicily flavored foods to sweet treats and beverages. More and more individuals are thinking about adding cardamom to their diet as a supplement for general health as the variety of alternatives keeps expanding.

RESTRAINING FACTORS

High Cost Coupled with Availability of Substitute Products to Impede Growth

The cost of cardamom oil is higher, which restrains the market. Additionally, the presence of cheap substitutes is anticipated to gain traction in the market, which is most likely to impede the demand for products in the global market.

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CARDAMOM OIL MARKET REGIONAL INSIGHTS

Asia Pacific to Dominate the Market Due to the Growing Product Demand in Region

Asia Pacific is estimated to dominate by owning a major part of the cardamom oil market share due to the region being the largest producer and accounting for various personal and health care advantages. The demand for the product is consistently rising in the region due to various benefits offered by it. The rising concern towards the usage of cosmetic and health care products is expected to flourish the demand for the product.

North America is most likely to show significant growth due to the growing demand for the product across the region. The demand from the food and beverage industry is expected to lead the region to hold a prominent position in the global cardamom oil market share.

KEY INDUSTRY PLAYERS

Key Players Focusing On Innovative Technology Development to Grow in Market

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List Of Top Cardamom Oil Companies

• Sydney Essential Oil (Australia)
• Edens Garden (India)
• Synthite Industries (India)
• New Directions Aromatics (Canada)
• Floracopeia (U.S.)
• AOS PRODUCTS PRIVATE (India)
• Hunan Huading Metal (China)
• Green Fields Oil Factory (India)
• Florihana Distillerie (France)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research.

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.
• Significant players and their business offices are also covered in the article.