Market Overview
Global Cardamom Oil Market is estimated to reach a value of USD 869 million by 2021. It can expand at a CAGR of 8.31% during the forecast period (2016-2021). The application of the oil in personal care products is one of the biggest drivers of the market. Consumer awareness of the advantages of the oil combined with growing inclination of customers towards products with natural ingredients can work in favor of the market. The popularity of the oil is expected to push the cardamom oil market volume to 4, 307 tons by 2021.
Rising demand for natural flavoring and coloring agents in foods are estimated to augur favorably for the global market. Emergence of aromatherapy as a viable sector for market growth due to need for customers of invigorating scents and fragrances can spur the global cardamom market.
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Competition Outlook
Shaanxi Guanjie Technology Co., Ltd, Shiv Sales Corporation, Nelixia, Green Fields Oil Factory, Natures Natural India, Aromaaz Internationa, IL Health & Beauty Natural Oils Co., Inc., Aksuvital, Piping Rock Health Products Llc, and Greenleaf Extractions Pvt Ltd are prominent names in the global cardamom oil market.
Industry News
Lush Fresh Handmade Cosmetics has launched a brand-new soap shaped in the form of a pear with the scents of cardamom and Brazilian orange.
Segmentation
The global cardamom oil market is segmented by type and application.
By type, it is segmented into Amomum cardamom oil and Elettaria cardamom oil. Elettaria cardamom oil has more than 50% market share in 2016 with a valuation pegged at USD 346 million. The segment can exhibit a CAGR of 6.72% during the forecast period. It can attain massive growth due to the use of the oil in various curries or cuisines with a high spicy flavor.
By application, it is segmented into home care products, personal care products, food and beverages, pharmaceuticals, and others. Pharmaceuticals can exhibit a CAGR of 6.8% during the forecast period. This can be attributed to its use in giving a pleasant taste to bitter medicines. The food and beverages segment is expected to trigger an immense demand due to the gastronomic benefits of the oil. It had accounted for more than 40% share in 2016.
Regional Analysis
The Americas and Asia Pacific (APAC) are the main regions considered during the compilation of the market report.
The Americas is expected to exhibit a stellar growth rate during the forecast period due to the cultivation of the tree in Central America. Guatemala, in particular, is projected to accrue revenues for the global cardamom oil market at a CAGR of 6.02% till 2021.
The APAC region can contribute highly to the market due to the origin of the tree in countries of Nepal, Bhutan, India, and Pakistan. India is expected to display a CAGR close to 7.99% over the forecast period. The large disposable income levels of customers residing in APAC combined with high demand for the oil across personal care, food & beverages, and pharmaceuticals can augur favorably for the global market. Concerns over physical appearances by customers can also be a viable driver of the regional market.
Cardamom oil is an essential oil extracted via steam distillation with applications in soaps & perfumes, pharmaceuticals, and food processing. Cardamom is also known as cardamom or cardamom. The oil extract contains numerous essential oils such as sabinene, terpinene, phellandrene, terpinolene, linayl acetate, trans-nerolidol, myrcene, and others which can help customers in sustaining healthy skin. The global cardamom oil market report by Market Research Future (MRFR) evaluates the growth by looking at historical factors, qualitative factors, and opportunities for the period of 2016 to 2021.
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