Characterized by the presence of a massive pool of established participants, the worldwide market for ginger demonstrates a highly competitive and fragmented business landscape, finds a new research report by Transparency Market Research (TMR). The leading players in this market, such as Archer Daniels Midland, Yummy Food Industrial Group, Monterey Bay Spice, Sun Impex, Indian Organic Farmers Producer, Sino-Nature, Atmiya International, Buderim Group, Food Market Management, and SA Rawther Spices, rely heavily upon introducing novel products, using new flavors or added nutrients, notes the research study.
According to the TMR’s estimations, the global ginger market is expected to gain US$3.06 bn in revenues by 2017. The market’s opportunity is estimated to further rise at a healthy CAGR 6.50% during the period from 2017 to 2022 and attain a value of US$4.18 bn by the end of the period of the forecast, states the report.
Growing Popularity of Ginger as Herbal Medicine Aiding in Market’s Growth
“The global ginger market is heavily influenced by the growing popularity of ginger as an herbal medicine,” says a researcher at TMR. Since, ginger helps in combating various ailments, such as degenerative disorders (arthritis and rheumatism), digestive problems (indigestion, constipation, and ulcer), cardiovascular diseases (atherosclerosis, and hypertension), cancer, diabetes mellitus, and nausea, its demand has always been on the positive side.
Its antimicrobial potential, which aid in the treatment of infectious diseases, and its anti-oxidative and anti-inflammatory properties for keeping the process of aging in check are likely to boost this market substantially in the years to come. The hectic lifestyles of consumers and the increasing health consciousness among them is also projected to contribute to the growth of this market in the near future, notes the research study.
APEJ to Present Attractive Growth Opportunities
The research report presents a thorough geographical analysis of the global ginger market. According to it, North America, the Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ), Europe, Latin America, and Japan are the main regional ginger markets across the world. Among these, APEJ is the leader, being the most attractive market for ginger, and is expected to retain its leadership throughout the period of the forecast.
Researchers anticipate this regional market to progress at a CAGR of 7.10% over the period from 2017 to 2022 and experience a high rise in the near future on account of the rising medical tourism in Asian countries, especially in China and India, leading to an increasing yield of medicinal plants and spices.
Fresh ginger is experiencing a much higher demand than the other forms of commercially available ginger, including dried, pickled, preserved, crystallized, and powdered. The fresh ginger segment is anticipated to remain on the top in the near future, with its demand rising at a CAGR of 7.30% between 2017 and 2022, reports the research study.
The review is based on a report by Transparency Market Research (TMR), titled “Ginger Market (Form – Fresh, Dried, Pickled, Preserved, Crystallized, and Powdered; Distribution Channel - Modern Grocery Retail, Traditional Grocery Retail, and Non-Grocery Retail; Application - Culinary, Soups and Sauces, Snacks & Convenience Food, Bakery Products, Alcoholic Beverages, Non-Alcoholic Beverages, and Chocolate and Confectionery) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022.