History of Indian spices dates back to the beginning of human civilization. Spices were inducements of romance, voyages, war and expeditions. Cardamom has been used since ancient times as medicine and in cooking. It has a fascinating long history dating back about 3,000 years B.C. during the Vedic period. Spices in those days were known to be symbol of luxury and royalty. It was used in manufacturing perfumes during the Roman and Greek times. Cardamom is very well known as a spice for its flavor and woody aroma. This property of cardamom makes it applicable for a wide range of applications in the market. Cardamom essential oil is extracted from the dried seeds of cardamom through hydro distillation which comprises of4% to 8% of essential cardamom oil. Now-a-days, CO2 extraction method of essential oil seems to be more in demand as this is another interesting process used in extraction of cardamom oil. Cardamom oil consists of advantageous properties such as antiseptic, antimicrobial, boosts digestion, used in aromatherapy, relives muscle spasms, and aids proper digestion. These factors have led to high demand for cardamom oil in the market.

Based on applications, the global cardamom oil market is segmented into bakery & confectionary, food & beverages, personal care products, medicines, cosmetics, dairy products and others. Medicines accounted for major share of global cardamom oil market due to the beneficial properties of cardamom oil. Cosmetic followed medicine application in terms of demand and accounted as the second largest application segment of global cardamom oil market in 2020. Other applications of cardamom oil such as bakery & confectionary, food & beverages, dairy products and personal care products are also projected to boost high demand for cardamom oil during the forecast period from 2021 to 2029.

Cardamom oil market was valued at US$ 5.58 Bn in 2020 and is expected to reach US$ 8.06 Bn by 2029, growing at a CAGR of 4.3% during the forecast period 2021-2029.

Based on applications, the global cardamom oil market was segmented into bakery & confectionary, food & beverages, personal care product, medicines, cosmetics, dairy products and others. Among these, medicines application accounted for major share of global cardamom oil market in 2020 and is expected to retain its position in the near future. The beneficial properties of cardamom oil are the major factor driving the growth of global cardamom oil worldwide. The advantageous properties of cardamom oil such as antibacterial, antispasmodic, antifungal among others have attracted the attention of major pharmaceutical industries. Cardamom oil is now used in manufacturing wide range of pharmaceutical drugs and ointments which helps in treatment of muscle pulls and muscle spasms. Hence, high demand is reported for cardamom oil from the pharmaceutical industry worldwide. Growing demand for cardamom oil from the cosmetic industry is another factor promoting growth of global cardamom oil in the market. Varieties of cosmetics are manufactured using cardamom oil due to the antibacterial property of cardamom oil. Cosmetic accounted as the second largest application of global cardamom oil market in 2020. Personal care products followed cosmetics in terms of demand for cardamom oil and is expected to boost high market growth in the near future. Other applications which include bakery & confectionary, food & beverages and dairy products are also expected to boost high demand for cardamom oil during the forecast period from 2021 to 2029.

Europe accounted for largest share of global cardamom oil market in 2020. It accounted for more than 29.0% share of global cardamom oil market in 2020 and is expected to increase in the near future. High demand for cardamom oil from the healthcare industry, personal care products, cosmetics and related segments in Europe has led to high growth of global cardamom oil in the region. Middle East & Africa accounted as second largest market for cardamom oil in 2020 as major producers of cardamom belong to Guatemala. Asia Pacific followed Middle East and Africa in terms of demand for cardamom oil. Increasing demand for cardamom oil from the food & beverages industry in the region is expected to boost high demand for cardamom oil in the market. The use of spices in India is well known and hence, high demand is expected from the food sector in the region for cardamom oil as a flavoring agent for various delicacies. Other regions such as Latin America and North America are also projected to boost high demand for cardamom oil during the forecast period from 2021 to 2029.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cardamom Oil market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Cardamom Oil market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Cardamom Oil market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Cardamom Oil market?
• Which is the largest regional market for Cardamom Oil market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Cardamom Oil market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Cardamom Oil market worldwide?