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 2024; the market is expected to expand at a 6.5% CAGR during the forecast period of 2017 to 2024.
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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