Industry Background:
Cardamom is among the world’s oldest spices and the third most expensive spice. It is widely used in Indian, Middle Eastern, Arabic, and Swedish cuisine. Leading producers and exporters of cardamom include Guatemala and India. According to the Food and Agriculture Organization of the United Nations, the export value of cardamom by Guatemala in 2017 was USD365 million. Middle Eastern countries, like Saudi Arabia and UAE, are the leading importers of the spice. In 2017, the import value of cardamom by Saudi Arabia was estimated at USD121 million. Owing to its medicinal properties, the scope of cardamom market is penetrating the health care industry.
According to AMA Research, the market for Cardamom is expected to register a CAGR of 4.32% during the forecast period to 2030. This growth is primarily driven by Difficult To Find Substitute Owing To Its Unique Flavour Is the Main Driving Factor for Cardamom Market
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Tonnes |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Food Products sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as MAS Enterprises Ltd (India), Cardex, S.A. (Guatemala), Everest Spices (India), IMEXA Inc. (Guatemala), Kautilya Commodities (Toamasina), N C Bhojraj & Company (India), Royal Spices (India), South Indian Green Cardamom Company (SIGCC) (India), Synthite Industries (India) and DS Group (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Regulatory Insights:
Food Safety and Standards Authority of India (FSSAI) laid down regulations for spices including cardamom to standardize it for sale and reduce adulteration in the Indian market. The capsules may be light green to brown or pale cream to white when bleached with sulphur dioxide. It must have characteristic flavour free from any foreign odour, mustiness or rancidity, must be free from mould, living and dead insects, insect fragments, rodent contamination. Thrip marks alone should not lead to the conclusion that the capsules have been infested with insects. The product must also be free from added colouring matter and other harmful substances. To lower the spice-related health risk, Food Safety Management System (FSMS) has been developed by the FSSAI. The FSSAI regulations prohibit the sale of powdered spices and condiments in loose form.
Influencing Trend:
Middle Eastern Countries Are the Major Importers of Cardamom and Rising Demand in Developed Countries Owing To Its Medicinal Properties
Market Growth Drivers:
Difficult To Find Substitute Owing To Its Unique Flavour Is the Main Driving Factor for Cardamom Market and Extensively Used In Foods and Beverages Due To Its Health Benefits
Challenges:
High Dependency on Climatic Conditions for Raw Materials and Loss of Quality That Results From Short-Comings in Storage Practices
Restraints:
Regulatory Bodies Imposing Quality Control Inhibiting Growth of Market
Opportunities:
Lower Trade Barriers, Bilateral and Multilateral Trade Agreements, and Particularly Better Market Access Could Stimulate Gains in Distribution and Vendors Have Immense Potential to Enhance Their Profitability Due To Emergence of E-Commerce Businesses Worldwide
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Cardamom Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Cardamom Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Cardamom players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Cardamom Study Sheds Light on
The Cardamom Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Cardamom industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Cardamom industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.