Global Cardamom Market 2017-2021
Cardamom is an exotic and aromatic spice occurring primarily in two genera: Elettaria (green cardamom) and Amomum (black cardamom). Cardamom has culinary and medicinal properties. However, cardamom, being the third-most expensive spice in the world, is the luxury of upper middle-class and rich populations. Cardamom market is highly concentrated, as nearly 70% of the global production of this spice is accounted by two major producers: Guatemala and India. Cardamom is produced in two variants: small cardamom and big cardamom.Technavio’s analysts forecast the global cardamom market to grow at a CAGR of 2.35% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global cardamom market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cardamom Market 2017-2021
Technavio recognizes the following companies as the key players in the global cardamom market: Cardex, MAS Enterprises, DS Group, and McCormick & Company (MKC).
Other Prominent Vendors in the market are: Everest Spices, IMEXA, Kautilya Commodities, N C Bhojraj & Company (NCBC), ROYAL SPICES, South Indian Green Cardamom Company (SIGCC), Synthite Industries, and www.naturoca.com.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing availability of cardamom products through online retailing. With the increase in e-commerce businesses worldwide, the vendors have immense potential to enhance their profitability. E-commerce trading accounts nearly 12% of the global retail trade. Most of these e-commerce channels support business-to-business (B2B) and business-to-consumer (B2C) operations.”
According to the report, one driver in the market is increasing use of cardamom in developing countries. The major developing countries in regions like The Middle East and Africa (MEA), Latin America, Eastern Europe, and South-East Asia form the bulk of the market for cardamom products. Steady economic growth and development, especially in APAC; MEA; and Latin American regions, have resulted in higher disposable income of the consumers. India, Saudi Arabia, China, Brazil, Argentina, Indonesia, Hungary, Nigeria, Iran, and Turkey are the forerunners, when it comes to the rising disposable incomes of the consumers.
Further, the report states that one challenge in the market is fluctuation in prices of cardamom. The global cardamom market is one of the most volatile markets in the world in terms of price fluctuations. This is primarily due to the unpredictable and inconsistent cardamom production in leading producers like Guatemala and India. Guatemala accounts nearly 45% of the global production of cardamom. In some months due to the overproduction of cardamom in Guatemala, the price of cardamom in the global market becomes depreciated.
Cardex, MAS Enterprises, DS Group, McCormick & Company (MKC), Everest Spices, IMEXA, Kautilya Commodities, N C Bhojraj & Company (NCBC), ROYAL SPICES, South Indian Green Cardamom Company (SIGCC), Synthite Industries, and www.naturoca.com.
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