The global market of cardamom oil accounted for significant market valuation in 2016 and is anticipated to reach USD 7.2 Billion by the end of 2024 and is further expected to witness compound annual growth rate of 5.3% over the period 2017-2024. Growing awareness among consumers regarding the health benefits of cardamom oil is driving the growth of the cardamom oil market. Further, the amplifying applications of cardamom oil in personal care products are envisioned to boost the growth of the cardamom oil market over the forecast period.
The cardamom oilmarket has been segmented by amomum cardamom oil and ellattaria cardamom oil and finds its applications in cosmetic and personal care products, medicine, food & beverages industry among others.Cardamom has essential oils such as sabinene, pinene, myrcene and others that are preferred over other oils due to its wide range benefits for skin, hair and health, which is anticipated to drive the growth of the cardamom oil market over the forecast period.
In the regional segment, Asia-Pacific has been leading the Cardamom Oil Market and is expected to retain its dominance over the forecast period owing to its augmented demand in various countries such as India, Indonesia and Nepal. Further, the presence of largest production of cardamom in this region is expected to make Asia-Pacific as the most competitive market in upcoming years. Furthermore, North America is anticipated to maintain second position in overall cardamom oil market by the end of 2024.
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Growing Demand for Cardamom Oil in Healthcare Industry
The growth of the cardamom oil market is riding on the back of the augmented demand for cardamom oil in personal care products, pharmaceutical & health care industry owing to rising concerns regarding the quality of products and treatment of muscle pulls, muscle spasms and others. Further, rising urbanization and changing lifestyle of people are believed to supplement the growth of the cardamom oil market around the globe.
However, lack of awareness or cardamom oil and its health benefits are likely to inhibit the growth of the cardamom oil market in the near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the cardamom oil market which includes company profiling ofAromaaz International, IL Health and Beauty Natural Oils, Nelixia, Green Field Oil Factory, Piping Rock Health Products, Green Leaf Extraction Pvt. Ltd., Aksuvital, Natures Natural India and Shaanix Guanjie Technology.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the cardamom oilmarket that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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