Cardamom Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 575.38 Million |
| Market Size (2029) | USD 773.68 Million |
| CAGR (2024 - 2029) | 6.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Cardamom Market Analysis
The Cardamom Market size is estimated at USD 575.38 million in 2024, and is expected to reach USD 773.68 million by 2029, at a CAGR of 6.10% during the forecast period (2024-2029).
- In recent years, consumer purchasing patterns have considerably evolved owing to rising income levels and economic developments. The cardamom market is anticipated to grow exponentially in the coming years due to its variety of uses and various phenomenal attributes. Cardamom has its advantages, from making tea to curing heart-related disorders. The key reason behind the development of cardamom is its essential use in Ayurvedic medicines.
- Globally, the rise in demand for Ayurvedic medicines is increasing the demand for cardamom. It is one of the most expensive spices in the world. It is a warming spice, enriched with Vitamin C, Calcium, Magnesium, and Iron. Essence derived from the cardamom seed is used in the production of medications that treat heartburn, intestinal spasms, irritable bowel syndrome (IBS), intestinal gas, constipation, liver and gallbladder complaints, and loss of appetite. It is also an ingredient in pills that treat sexual dysfunctions and urinal complications. Furthermore, the intake of cardamom helps in flushing out the toxins that could otherwise harm the skin and body.
- Another major factor behind the growth of the cardamom market is its immense use in its taste-enhancing ability and the food and beverage industry. With its sharp flavor, Cardamom is widely used in Indian cooking to enhance the aroma of both savory and sweet dishes. Even though it is mostly known for flavouring Asian dishes and used to flavour confectionery, pastries, and baked products by the rest of the world. In addition, cardamom seeds are also used as an additive to tea and coffee. Thus, the food and beverage industry is expanding rapidly worldwide, leading to the growth of the cardamom market. Also, the growth of the cardamom industry is due to the accelerating use of cardamom in developing regions, including Latin America, the Middle East, Africa, Southeast Asia, etc. These regions consume more amount of cardamom products such as cardamom oil, concoction drink, etc. Cardamom is the third most expensive spice worldwide, which can only be owned by the upper middle-class population. However, the high production and processing costs of cardamom and the availability of other cheap spice flavors are the key factors that restricts the growth of the market.
Cardamom Market Trends
Increasing Demand from Food & Beverage and Health Industries
- Renowned for its aroma and flavor, cardamom is used in numerous recipes, from spicy dishes to desserts and beverages. With the number of options steadily growing, more and more people consider supplementing cardamom into their diet for overall health. The growing trend of using cardamom as a taste and aroma ingredient in a variety of ethnic cuisines, such as Mexican, Indian, and Thai, among European consumers is increasing the demand for different cuisine-specific sauces, such as cardamom sauces. This has further encouraged manufacturers to launch and introduce products such as cardamom yogurt sauces, driving the cardamom market during the forecast period. For instance, JOI Farm launched Coorg Cardamom Yogurt, a perfect beverage for adding a rich and spicy touch. The flavor is taken organically from newly harvested fields in Coorg, Kerala. This is an exotic species of cardamom known locally as “Malay Yalakki,” and it is farmed on over 11,000 hectares of land by a large number of tiny and marginal farmers.
- Cardamom is believed to be a cure for mouth infections, throat problems, congestion of the chest, and gastrointestinal disorders. The rising use of cardamom in several health supplements, such as tea bags, capsules, powders, liquids, and tablets, is also anticipated to drive the growth of the market. Furthermore, the rising demand for cardamom oil in the food, healthcare, and pharmaceutical industries due to its antibacterial properties, which can be used in medicines related to muscle treatment, is expected to boost the market.
- Therefore, the rising demand for cardamom in the food & beverage and health industries is promoting the less-producing cardamon countries to import cardamon, which is fueling the growth of the market studied.
Asia-Pacific Dominates the market
- Asia-Pacific is dominating the cardamom market as it is the largest cardamom producer. Within Asia-Pacific, the major cardamom-growing countries include India, Sri Lanka, and Vietnam, among others. India is one of the leading producers of cardamom in the world. The growth of the market in the region can be attributed to increasing consumer spending on food and beverages, online retailing, the easy availability of cardamom products, and the rising preference for natural ingredients.
- Furthermore, China and India are two of the largest consumers and producers globally owing to their large cultivable area, which has resulted in high production as well as consumption rates for the product across the region. Indian cardamom is slightly smaller but more aromatic, because of which it is more popularly used as an herbal spice, which is added to dishes to provide a strong aroma and flavor. Additionally, Indian cardamom is used in cooking or baking. It’s very versatile and often added to Indian curries and stews, as well as gingerbread cookies, bread, and other baked goods. In Ayurveda, cardamom is considered to be a useful and effective medicine.
- Several key players and governments are taking initiatives that are expected to further fuel the cardamom market over the coming year. For instance, in July 2021, Kerala Government (India) included Cardamon in the Onam festival kit to boost the market for spices in the state. Thus, growing awareness about the health benefits of cardamom, increased usage in Asian cuisines, along with initiatives taken by the governments are expected to drive the market during the forecast period.
Cardamom Market News
- September 2023: The Spices Board of India launched the cardamom-based nutraceutical called Recovereez. Zum Heilen Diagnostic & Therapeutics, a startup company based in Thrissur in Kerala has developed the product and formulation and has been awarded the Indian patent.
- October 2022: Nagaland launched a pilot project on the e-selling of large cardamom. The launch of the e-selling platform brings the spice-growing community together to participate in selling and buying their produce.
Cardamom Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand in Ayurvedic Medicines
4.2.2 Accelerating Use in Food and Beverage Industry
4.2.3 Increased Adoption of Cardamom in Pharmaceuticals and Cosmetics Industry
4.3 Market Restraints
4.3.1 High Production and Processing Cost
4.3.2 Availability of Other Cheap Spices
4.4 Value Chain Analysis
5. MARKET SEGMENTATION (Production Analysis in Volume, Consumption Analysis by Volume and Value, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
5.1 Geography
5.1.1 United States
5.1.2 Guatemala
5.1.3 Indonesia
5.1.4 India
5.1.5 Nepal
5.1.6 Saudi Arabia
5.1.7 United Arab Emirates
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cardamom Industry Segmentation
Cardamom is known as the queen of spices. Green cardamom, black cardamom, and Madagascar cardamom are the major types of cardamom cultivated worldwide. The cardamom market is analyzed by Production (Volume), Consumption (Volume and Value), Imports (Volume and Value), Exports (Volume and Value), and Price trend analysis. The market is segmented by Geography into the United States, Guatemala, Indonesia, India, Nepal, Saudi Arabia, and the United Arab Emirates. The report offers the market size and forecasts in terms of value (USD) and volume (metric ton) for the above-mentioned segments.
| Geography | |
| United States | |
| Guatemala | |
| Indonesia | |
| India | |
| Nepal | |
| Saudi Arabia | |
| United Arab Emirates |
Cardamom Market Research Faqs
How big is the Cardamom Market?
The Cardamom Market size is expected to reach USD 575.38 million in 2024 and grow at a CAGR of 6.10% to reach USD 773.68 million by 2029.
What is the current Cardamom Market size?
In 2024, the Cardamom Market size is expected to reach USD 575.38 million.
Which is the fastest growing region in Cardamom Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cardamom Market?
In 2024, the Asia-Pacific accounts for the largest market share in Cardamom Market.
What years does this Cardamom Market cover, and what was the market size in 2023?
In 2023, the Cardamom Market size was estimated at USD 540.28 million. The report covers the Cardamom Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cardamom Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What is the future of the Cardamom Market in developing economies?
The future of the Cardamom Market in developing economies is a) Potential for rising domestic consumption b) Infrastructure development needs
Cardamom Industry Report
The cardamom market, also known as the elaichi market, is experiencing robust growth due to its diverse applications in the food and beverage industry, Ayurvedic medicines, and as a flavor enhancer. The market's expansion is particularly noticeable in developing regions such as Latin America, the Middle East, Africa, and Southeast Asia, areas that are benefitting from the increasing disposable incomes of their populations. Growing uses in health supplements and the acknowledged antibacterial properties of cardamom, beneficial in muscle treatment medicines, continue to drive demand. However, challenges such as high production and processing costs, price volatility, and competition from less expensive spice alternatives pose risks to market growth.
The cardamom production in the world is largely dominated by the Asia-Pacific region, which remains the leading producer and consumer. The segment's growth is also fueled by innovative packaging solutions that improve lifespan and product appeal, catered to elevate culinary experiences globally. The market report covers Cardamom Price and Producing Countries and is Analyzed by Production (Volume), Consumption (Volume and Value), Imports (Volume and Value), Exports (Volume and Value), and Price Trend Analysis. The market is segmented by geography (United States, Guatemala, Indonesia, India, Nepal, Saudi Arabia, and the United Arab Emirates).
To explore more trends in Malabar, Mysore, Siamese, Nepal, and winged cardamom types, a comprehensive market analysis PDF is available for free download. The industry analysis reveals that the market size is increasing due to the rise in market value and market growth. The market overview shows that industry trends are leaning towards innovative packaging solutions. The industry information highlights the importance of cardamom in health supplements, while the industry outlook indicates potential challenges such as price volatility and high production costs.
The market forecast predicts continued growth in developing regions, and the market review emphasizes the role of disposable incomes in driving market expansion. Industry reports provide detailed insights into market segmentation and market leaders. The market data shows a positive growth rate, supported by industry research and industry statistics. The market predictions suggest that the global market will continue to expand, driven by the increasing demand for cardamom in various applications. The report example and report pdf offer a comprehensive analysis of the market, including market share and market update. Research companies are actively involved in studying the market trends and providing valuable industry insights.
Cardamom Market Report Snapshots
