Market Size of Clove Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.80 Billion |
| Market Size (2029) | USD 6.95 Billion |
| CAGR (2024 - 2029) | 3.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
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Clove Market Analysis
The Clove Market size is estimated at USD 5.80 billion in 2024, and is expected to reach USD 6.95 billion by 2029, growing at a CAGR of 3.70% during the forecast period (2024-2029).
- Clove is one of the most valued species because of its increased usefulness in foods and personal care products. Many health benefits associated with cloves are the major driver for the market. It contains vitamins C, K, E, calcium, and magnesium and is rich in antioxidants. Their use helps to cure a lot of health-related problems such as cough and cold, toothache, etc. Along with this, clove oil can be used in personal care, cosmetics, and health care products.
- Furthermore, the production of cloves is largely found in Indonesia with a production volume of 133,604 metric ton in 2020 as per FAO, which accounted for global output of nearly 72.9%. Other large producers of cloves include Madagascar, Tanzania, Comoros, and Sri Lanka. Being the largest producer of cloves, Indonesia is also the largest consumer in the world. It consumes around 90% of its own clove production.
- Cloves are usually sold in unbranded packages or in bulk. However, this trend is shifting as consumers demand branded and packaged products that validate the authenticity of the spice with labels that communicate important information about the ingredients used. The growing demand across the world is aided by rising consumption due to its medicinal properties.
