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.
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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.
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