Global Clove Market - 2022-2029
Cloves are basically the aromatic flower buds of a tree and are mostly used as spice in food industry. Cloves are available in various forms such as clove as flower, powder, oil and others. Clove products are used in healthcare, personal care/cosmetics, dietary supplements and others. Cloves have good amount of protein, fiber and manganese. In addition, it possesses several health benefits such as helps in digestion, boosts immune system, controls diabetes, fights oral diseases, and treats headache and many others.
Increasing number of health conscious consumers is the major factor accelerating the growth of the clove market in the forecast period as cloves have numerous health benefits which helps consumers maintains a good health. Furthermore, cloves can also relieve stress, cures natural bad breath and many other disorders which attract the consumers thereby, propelling the market growth. Thus, owing to these benefits, the demand for cloves in various industries such as food, healthcare, personal care/cosmetics and others has increased globally.
The global clove market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of YY% during the forecast period (2022-2029).
Market Dynamics: Rise in awareness about the health benefits of cloves is driving the growth of the global clove market
The diversified use of cloves & its extract in herbal formulations offering benefits such as weight management, prevention from cancer and others. In addition, it also acts as anti-stress, and also fights oral diseases, these health benefits of cloves is expected to accelerate the market growth in the forecast period. Cloves powder or oil can also be combined with the various majority of the food items that can be used in the food and beverage sectors for further use. Thus, another major driver for the growth of the global clove industry is the rising use of its extract in a variety of food products as an additive.
Furthermore, changing consumer dietary preferences and inclination towards nutritious food products is increasing the demand for cloves and clove extract in the market. Clove is used in various food applications to flavor the food, as freshener in drinks, as a spice to spice up the food and many others.
Consumer demand for natural, organic and plant based food products, has witnessed exponential growth in recent years. Due to increased consumer preferences for healthy and nutritious food products, along with this, the increased preference for plant-based healthy and tasty food alternatives Research studies show that the global clove market is anticipated to witness significant growth in the coming years. In addition, the increased use of cloves in dietary supplements, personal care & cosmetics is also propelling the market growth.
• In June 2021, Times of India mentioned that clove toothpaste can take care of the oral health & hygiene properly.
Thus, the increased awareness about the health benefits and nutritional content and medicinal properties of cloves increases its demand in the market which ultimately has helped the market to grow in coming years.
However, the side effects associated with cloves such as sore gums, mouth irritation, bleeding or swollen gums. Furthermore, cloves are also associated with some liver problems and some infections. The awareness about the side effects of cloves is expected to restraint the market growth.
Market Segmentation: Dried cloves segment stands for the highest share in global cloves market
In 2021, the dried cloves segment had the highest revenue share of YY percent. Dried cloves have been the most preferred choice of consumers due to the growing demand for organic and chemical free food products globally, more than coupled with a rise in demand for healthy & nutritious products along with good taste.
In 2021, the food segment had the highest revenue share of YY percent. The key manufacturing companies focus on establishing the online product availability. Various companies also offer products on their own websites and through various channels. In addition, various companies are introducing various clove products such as clove oil, dried cloves, clove powder and others. Variety of applications associated with cloves increase its demand in the market thereby helps the market to grow in coming years.
Geographical Penetration: North America is the dominating region during the forecast period
In 2021, North America had the highest revenue share of almost YY percent. The region has well-developed food, healthcare and cosmetic industries, where the demand for plant based, healthy and nutritious food is increasing. Consumers in U.S. prefer to eat healthy products with medicinal properties which again adds to the growth of the market. In addition, clove is also used in majority of the household applications as an ingredient in U.S. Thus, the increased usage of cloves in variety of applications in North America is driving the growth of the market.
The global clove market is competitive and comprises players such as Royal Spices, Lankan Flavour, Super Africa Products, Wee Kiat Development Pte Ltd., NOW Foods, Saipro Biotech Private Limited, True Ceylon Spices, Aroma Aromatics & Flavours, PTC Agro Ltd., Manohar Botanical Extracts Pvt. Ltd among others. The clove market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as agreements and product innovation for various applications. Moreover, rising research and development activities of product innovation for vegan people and consumers' preference for natural forms of products are also expected to propel market growth.
COVID-19 Impact: Negative impact on the global clove market
The COVID-19 pandemic has adversely affected the economies of various countries due to lockdowns, business close, and travel bans. Food and beverages is among the major industries suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants.
In addition, the shutdowns of the companies, factories production facilities in various countries have disrupted the whole supply chains. It has negatively impacted manufacturing activities, delivery schedules, and various goods sales. Multiple companies have already announced possible delays in product deliveries and a decline in future sales of their products.
Furthermore, the restrictions on the import-export restrictions imposed by governments in various regions such as North America, Asia, and Europe are hindering geographical expansion, business collaboration and partnership opportunities. Thus, these factors are hindering the growth of the clove market.
However, there has been sudden shift towards the healthy and natural products, consumers specially preferred products with medicinal properties to stay away from any disorders during & after covid-19 pandemic which has increased the demand for cloves globally.
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