Market Size of Cardamom Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
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Cardamom Market Analysis
The cardamom market is projected to register a CAGR of 6.1% over the forecast period.
- In recent years, consumer purchasing patterns have considerably evolved owing to rising income levels as well as economic developments. The cardamom market is expected to grow exponentially in the coming years due to its variety of uses and various phenomenal attributes. Cardamom has its advantages, from making tea to curing heart-related disorders. The key reason behind the development of cardamom is its essential use in Ayurvedic medicines.
- Globally, the rise in demand for Ayurvedic medicines is increasing the demand for cardamom. Another major factor behind the growth of the cardamom market is its immense use in its taste-enhancing ability and the food and beverage industry. The food and beverage industry is expanding rapidly worldwide, leading to the growth of the cardamom market.
- Another key factor driving the growth of the cardamom industry is the accelerating use of cardamom in developing regions, including Latin America, the Middle East, Africa, Southeast Asia, etc. These regions consume more amount of cardamom products such as cardamom oil, concoction drink, etc. Cardamom is the third most expensive spice worldwide. Thus, it can only be owned by the upper middle-class population. However, the high production and processing costs of cardamom and the availability of other cheap spice flavors are the key factors that hamper the growth of the market.
