Market Trends of Cardamom Industry
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.
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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.
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