Global Ginger Market: Snapshot
In the recent times, the global market for ginger has observed a strong surge in its valuation, thanks to the increasing popularity of ginger as a spice and as a flavoring agent across the world. The rising awareness about the medical benefits of ginger is also attracting consumers substantially, and this factor is expected to act as a long-term promoter of this market, leading it to high growth over the next few years.
In addition to this, the widening application base of ginger, from medicines to alcoholic beverages, is anticipated to boost the global ginger market in the years to come. The market is projected to gain US$3.06 bn by 2017 in revenues. The opportunities in this market is predicted to proliferate at a CAGR of 6.50% between 2017 and 2022, reaching a value of US$4.18 bn by the end of 2022.
APEJ to Retain Leadership in Global Ginger Market
North America, the Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ), Europe, Latin America, and Japan have emerged as the key regional markets for ginger across the world. Of these, the APEJ region has surfaced as the most attractive regional market for ginger and acquired the leading position in the global market. Progressing at a CAGR of 7.10% during the period from 2017 to 2022, the APEJ market for ginger is predicted to experience a high rise over the near future, thereby retaining its leadership on the overall market.
The tremendous rise in medical tourism in Asian countries, such as India and China, has influenced the production of medicinal spices, of which ginger is a significant segment and, consequently, the market for ginger in APEJ is being heavily boosted. Researchers anticipate the scenario to remain the same over the next few years.
Amongst other regional markets for ginger, the Middle East and Africa, Europe, and North America are expected to register a steady rise in their respective ginger markets over the forthcoming years. While the Middle East and Africa market will gain from the increasing production of spices; the North America and Europe markets will benefit from the rising awareness of the medicinal qualities of ginger among consumers, together with augmenting preference for organic and bio-based remedies for ailments.
Fresh Ginger Enjoys Greater Demand than Other Forms
Commonly, ginger is found in fresh, dried, pickled, preserved, crystallized, and powdered forms across the world. The demand for fresh ginger is much higher than its other forms. Expanding at a CAGR of 7.30% between 2017 and 2022, this segment is anticipated to remain the most prominent one in the years to come.
Ginger finds extensive application in culinary, snacks and convenience food, soups and sauces, bakery products, non-alcoholic beverages, alcoholic beverages, and chocolate and confectionery. The culinary segment has surfaced as the main application area of ginger and is projected to remain so over the next few years. Traditional grocery retail, modern grocery retail, and non-grocery retail are the prime distribution channels of ginger across the world.
At the forefront of the global market for ginger are Archer-Daniels-Midland Co., Yummy Food Industrial Group, Monterey Bay Spice Co. Inc., Sun Impex International Foods L.L.C., Indian Organic Farmers Producer Co. Ltd., Sino-Nature International Co. Ltd., Atmiya International, Buderim Group Ltd., Food Market Management Inc., and SA Rawther Spices Pvt. Ltd.
Global Ginger Market: Snapshot
Generally, the worldwide market for ginger has been seeing a noteworthy rise in its valuation, because of the developing prevalence of ginger as a home grown drug over the world. The increasing utilization of ginger as an enhancing operator is likewise moving this market enormously and is required to keep on driving it in the years to come. The rising mindfulness about the health advantages of ginger is additionally pulling in customers generously, and this factor is relied upon to go about as a long haul promoter of this market, driving it to high development throughout the following couple of years.
Ginger finds broad application in culinary, bites and accommodation nourishment, soups and sauces, pastry kitchen items, non-mixed drinks, mixed refreshments, and chocolate and ice cream parlor. The culinary section has surfaced as the primary application territory of ginger and is anticipated to remain so finished the following couple of years. Conventional staple retail, present day basic need retail, and non-basic need retail are the prime conveyance channels of ginger over the world.
Global Ginger Market: Drivers and Restraints
Since, ginger aides in fighting different infirmities, for instance, degenerative clutters (joint pain and ailment), and stomach related issues (acid reflux, stoppage, and ulcer), cardiovascular maladies (atherosclerosis, and hypertension), disease, diabetes mellitus, and sickness, its request has dependably been on the positive side.
Its antimicrobial potential, which help in the treatment of diseases, and its anti-oxidant and mitigating properties for holding the way toward maturing under wraps are probably going to support this market significantly in the years to come. The sedentary lifestyles and the growing wellbeing awareness among them is likewise anticipated to add to the development of this market in the years to come.
Global Ginger Market: Regional Analysis
The APEJ area has surfaced as the most appealing provincial market for ginger and obtained the main position in the worldwide market. The gigantic ascent in restorative tourism in Asian nations, for instance, India and China, has impacted the creation of therapeutic flavors, of which ginger is a noteworthy segment, due to which the market for ginger in APEJ is in effect intensely helped. Analysts foresee the situation to continue as before finished the following couple of years.
Among other territorial markets for ginger, the Middle East and Africa, Europe, and North America are expected to showcase unfaltering ascent in their separate ginger markets over the coming years. While the Middle East and Africa market will pick up from the growing creation of flavors; the North America and Europe markets will profit by the rising attention to the restorative characteristics of ginger among buyers, together with increasing inclination for natural and bio-based solutions for afflictions.
Global Ginger Market: Vendor Landscape
Portrayed by the nearness of a monstrous pool of set up members, the overall market for ginger shows an exceedingly focused and divided business scene. The leading vendors of the worldwide market for ginger are Buderim Group Ltd., Indian Organic Farmers Producer Co. Ltd., Yummy Food Industrial Group, Monterey Bay Spice Co. Inc., Atmiya International, Archer-Daniels-Midland Co. and Sino-Nature International Co. Ltd.