Ginger Market Worth US$ 5.55 Billion By 2030 And Is Anticipated To Register A CAGR Of 6.2% - By PMI

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Ginger market - PMI

The report“By Form, By Application, By Distribution channel - Trends, Analysis and Forecast till 2020''

COVINA, CALIFONIA, UNITED STATE, March 15, 2023 /einpresswire.com / -- According to the latest research study, the demand of ginger market accounted for US$ 3.05 billion in 2020 and is estimated to be US$ 6.91 with register a moderate CAGR of 6.2%

Ginger is a popular spice used in many cuisines around the world, known for its distinctive flavor and aroma. It is also used in traditional medicine for its various health benefits. Ginger is grown in many countries, with the largest producers being India, China, and Nigeria. The global ginger market has been growing steadily in recent years due to increasing demand from the food and beverage industry and the pharmaceutical industry. The market is expected to continue to grow in the coming years, driven by rising consumer awareness of the health benefits of ginger and its use in traditional medicines.

In terms of market segments, the ginger market can be divided into fresh ginger, dried ginger, ginger oil, and ginger powder. Fresh ginger is the most widely consumed form of ginger, but dried ginger, ginger oil, and ginger powder are also in high demand. The use of ginger oil and powder is particularly popular in the cosmetics and personal care industry, where they are used as fragrances and flavorings. The ginger market is also influenced by factors such as weather conditions, transportation costs, and government regulations. For example, fluctuations in weather patterns can affect the quality and quantity of ginger crops, leading to changes in market prices. Transportation costs can also impact the price of ginger, particularly for exporters and importers who need to transport the product over long distances.

Report Metrics:

Report Attribute - Details
Market Size - US$ 3.05 billion
CAGR – 6.2%
Base Year - 2020
Forecast Period – 2020 - 2030

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Key Highlights:

.In 2022, The debut of the new HOTTA brand goods – ready-to-drink (RTD) ginger beverages for the future generation - has been announced by Swedish-Swiss Tetra Pak, a world-leading processing and packaging solutions firm, and New Concept Product Co., Ltd. (NCP).
Analyst View:
The market is growing due to the increased use of ginger oil, which has a variety of benefits. Furthermore, the use of ginger is on the rise as a result of its antioxidant and anti-inflammatory qualities, which allow it to act as an immune system modulator while alleviating inflammation-related symptoms. Ginger is good for skin care products since it contains many antioxidants that can protect skin from free radicals. Additionally, it can help acne-prone skin recover, even out skin tone, and promote circulation while also delivering extra advantages. This is causing an increase in the use of ginger in the personal care and cosmetics business, which is fueling market expansion.

Key Market Insights from the report:

.Ginger Market accounted for US$ 3.05 billion in 2020 and is estimated to be US$ 6.91 with register a moderate CAGR of 6.2% over the forecast period. Global ginger market is segmented on the basis of form, application, distribution channel, and region.
.By Form, the Global Ginger Market bifurcated into Fresh, Dried, Pickled, Preserved, Crystallized, and Powered.
.By Application, the Global Ginger Market bifurcated into Soup and Sauces, Snacks and Convenience Food, Bakery Products, and Alcohol.
.By distribution channel, the Global Ginger Market is bifurcated into Retail stores, Hyper Market, and Online.
.By region, Asia Pacific tea market is expected to account for major share in terms of revenue in the Global Ginger Market over the forecast period followed by other regions. The market in Asia Pacific is expected to account for major revenue share as compared to that of other regions. This can be attributed to increasing consumer awareness concerning the medicinal benefits of ginger for health in the countries of the region.

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Company Profiles:

Atmiya International, SA Rawther Spices Pvt. Ltd., Monterey Bay Spice Co. Inc., Yummy Food Industrial Group, Indian Organic Farmers Producer Co. Ltd, Sino-Nature International Co. Ltd, Food Market Management Inc., Buderim Group Ltd., Archer-Daniels-Midland Co., and Floracopeia Inc.

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Drivers and Restrains of Ginger Market:

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Drivers:

.Increasing competition: Businesses are looking to market research to help them achieve a competitive advantage as competition in several industries heats up. It is anticipated that this will continue to fuel demand for research services in the years to come.
.Technological advancements: Technology development has made it possible for market research to become more complex and efficient. This is increasing the need for research services by enabling researchers to obtain and analyse data more rapidly and correctly.
.Rising customer expectations: Businesses must comprehend customer wants and preferences in order to be competitive as customers become increasingly discriminating and demanding. This is increasing the need for research services that may aid companies in understanding their clients.

Restrains:

.Budget constraints: Market research may be pricey, especially for startups or companies operating in undeveloped nations. This may act as a barrier to entry for some organisations and restrain the market research industry's expansion.
.Data privacy concerns: Particularly in light of recent data breaches and controversies, the gathering and use of personal data is becoming a more delicate topic. As a result, market research procedures are being examined more closely, which may restrict the kinds of data that may be gathered and evaluated.
.Lack of skilled professionals: A variety of abilities, including data analysis and report writing, are needed for market research. Nonetheless, there is a lack of qualified workers in the sector, particularly in some areas. Because of this, the market research industry may develop more slowly and firms that need research services may pay more for such services.

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Prophecy Market Insights
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