The
global reach and acceptance for spices, especially for ginger have been
increasing in recent years, presenting promising growth opportunities for
large-scale manufacturers and processors of the spice that also promises vast
health benefits, observes Transparency Market Research in a recent report.
The global ginger market has multiple players, owing
to which the vendor landscape is fragmented and is competitive in nature. The
dominant players in the global ginger market are Yummy Food Industrial Group,
Sun Impex International Foods L.L.C., Archer-Daniels-Midland Co., Indian
Organic Farmers Producer Co. Ltd., Monterey Bay Spice Co. Inc., Buderim Group
Ltd., SA Rawther Spices Pvt. Ltd, Atmiya International, Food Market Management
Inc., and Sino-Nature International Co. Ltd.
According
to the report, the global ginger market is expected to reach a valuation of
US$4.18 bn by the end of 2022; the market is expected to expand at a 6.5% CAGR
during the forecast period of 2017 to 2022.
Asia Pacific to remain the Leader
in Global Ginger Market
The
report segments the global ginger market t based on the form of ginger into
fresh, pickled, dried, preserved, powdered, and crystallized. Among all these
forms, fresh ginger is the most preferred market form. The segment presently
accounts for the dominant share in terms of valuation in the overall market and
is expected to exhibit a CAGR of 7.30% over the report’s forecast period.
Global ginger market is further segmented on the basis of application,
distribution channel and region.
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Geographically,
Asia Pacific excluding Japan (APEJ) is the leading regional market. It is
expected to expand at a CAGR of 7.10% over the forecast period. In the
Asian market India and China are drawing enormous amount of medical tourism for
which ginger is a key medical spice. Thus, the rise in medical tourism
activities has provided a significant push for the APEJ market and is likely to
remain a key growth factor for the regional market over the forecast period as
well. Other regions are also making effective measures to increase the
production of spices, especially ginger, with the increasing medical awareness
regarding organic substances.
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Multi-remedial
Nature of Ginger allows its Increased Adoption
The
global ginger market has gained immense popularity in the recent years as the
spice helps in curing multiple diseases like cancer, nausea, cardiovascular
diseases and diabetes. Apart from being a remedy form regular infections like
cold and cough, it also helps in improving indigestion, arthritis, rheumatism,
hypertension, constipation, ulcers, and atherosclerosis. Therefore the global
ginger market is projected to enjoy the advantage of a number of positive
factors to increase demand in the foreseeable future. In the coming years, the
ginger market is expected see a steady expansion in its application base from
medicine to alcohol and beverages, which will boost the overall consumption of
ginger globally.
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Some C19-TRENDs
that TMR has focused upon while analyzing the food and beverage sector are as
follows:
Culinary
Tourism
With the COVID-19
outbreak limiting the number of traveling and dining opportunities for
individuals, many opt to experience the fun of a restaurant or destination at
the comfort of their homes. Ready-to-drink beverages are being focused upon to
enable the consumers to feel the vibe of a particular destination. This aspect
will churn exponential growth.
Immunity-Boosting
Items
A good immunity
can help individuals tackle COVID-19 with ease. Many consumers are switching to
immunity-boosting food and beverage items for improving their resistance
against further infections. Many well-established players are paying attention
on launching immunity-rich food and beverage products. This factor will attract
promising revenues.
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