LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global cardamom market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Cardamom is a spice extracted from the seeds of genera: Amomum and Elettaria belonging to the family Zingiberaceae. The global cardamom market is a moderately fragmented market where nearly 70% of the global production of cardamom is accounted by two countries, India and Guatemala. Saudi Arabia is the biggest importer of cardamom in the world, followed by the UAE and India. Guatemala is the biggest global exporter of cardamom, followed by India.
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The top three emerging trends driving the global cardamom market according to Technavio food and beverages research analysts are:
- Rising trend of cardamom usage in herbal health supplements
- Increasing availability of cardamom products through online retailing
- Growing demand for exotic spices
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Rising trend of cardamom usage in herbal health supplements
“Herbal health supplements are offered in a diverse range of products like tea bags, capsules, powders, liquids, and tablets. Some common herbal health products include spices and ingredients like garlic, Echinacea, Gingko, cardamom, and black cohosh. Due to the presence of various phytochemicals and antioxidants, cardamom offers many therapeutic advantages,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
The increasing number of new product launches from herbal health supplement companies over the last five years has proven to be a popular trend influencing the preferences of consumers to buy cardamom-based health supplements. For example, Conscious Food, a UK-based nutraceutical company, launched three flavors of medicinal potion: Original, Spicy Ginger, and Cardamom under the brand name SugaVida.
Increasing availability of cardamom products through online retailing
“The vendors have immense potential to enhance their profitability with the increase in e-commerce businesses worldwide. E-commerce trading accounts nearly 12% of the global retail trade. Most of these e-commerce channels support business-to-business and business-to-consumer operations,” adds Manjunath.
Online shoppers pay using credit or debit cards. These modes of payment help them to avoid time-consuming billing queues and journeys to supermarkets. Online shopping sites provide enhanced security features for good quality customer service and hassle-free payments, along with a simple user interface that offers enhanced product visibility.
Growing demand for exotic spices
The demand for exotic spices like turmeric; ginger; cinnamon; cardamom; vanilla; nutmeg; fenugreek seeds; and smoked serrano chili powder is growing, especially in North American; Western European; and Asian countries. The drivers influencing the demand for exotic spices in Europe are growing awareness about the health benefits of the consumption of exotic spices, convenient usability factor of exotic spices, and the increase in new taste preferences of consumers.
In the Middle Eastern countries like Saudi Arabia; the UAE; Kuwait; Iraq; Turkey; Iran; and Qatar, the demand for spices like cardamom; turmeric; and vanilla has increased substantially over the last decade due to the increased consumption of coffee; milk; and tea. There is also a growing fondness of consumers toward vanilla being used as a sweetener in bakery products.
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