Ginger Market - Forecast ( 2022-2027)
Ginger Market Size is estimated to reach $4.2 billion by 2027 and is poised to grow at a CAGR of 8.2% over the forecast period of 2022-2027. Ginger is the subterranean rhizome of a tropical plant (Zingiberaceae) native to Asia and is significantly used in food & beverages, pharmaceuticals and cosmetics. It is available in many forms such as fresh ginger, dry ginger, blanched dry ginger, powder, oil and others. The development of high-yielding varieties by various research institutes boosts the ginger industry. As per a report published in the International Atomic Energy Agency (IAEA), in May 2021, the joint collaboration of IAEA and FAO developed over 120 lines of ginger. Such innovations further propel the growth of the Ginger Industry over the forecast period 2022-2027. Ginger’s oleoresins contain a number of bioactive components as well as magnesium, potassium and ascorbic acid that are used to achieve a number of impressive pharmacological and physiological effects. Ginger has antibacterial, antifungal, antiviral, anti-inflammatory and antioxidant properties which help in reducing the process of aging. In addition, it helps with migraines, arthritis, diabetes and menstrual cramps.
Ginger Market Report Coverage
The report: “Ginger Market Forecast (2022-2027)" by Industry ARC, covers an in-depth analysis of the following segments in the Ginger Market.
Key Takeaways
- Geographically, Asia-pacific held a dominant market share in 2021. The high production & consumption of ginger in this region driving Ginger Market size in this region.
- The Ginger Market size is predicted to increase owing to its various application and its functional ingredients like magnesium, potassium, ascorbic acid and oleoresins.
- However, the disruption in the supply chain may limit the Ginger Industry growth over the forecast period 2022-2027.
- A detailed analysis of strengths, weaknesses, opportunities and threats would be provided in the Ginger Market Report.
Ginger Market Segment Analysis - by Type
The Ginger Market based on type can be further segmented into Fresh Ginger and Processed Ginger. The Processed ginger segment held a dominant market share in 2021 and is estimated to grow with the fastest CAGR of 8.5% over the forecast period 2022-2027. This is owing to the numerous applications of processed forms of ginger such as powder, paste, extract and others in food & beverages and pharmaceuticals, to cosmetics and personal care. The presence of active compounds in ginger rhizomes such as magnesium, potassium, ascorbic acid and oleoresins increases its demand. Such growing demand for various types of processed forms of Ginger rhizome drives the growth of the Ginger Market share.
Ginger Market Segment Analysis - by Application
The Ginger Market based on the application can be further segmented into Food & Beverages Industry, Pharmaceutical Industry, Cosmetics Industry and others. The Food & Beverages Industry segment held a dominant market share in 2021. This is owing to the growing popularity of ginger-based food products in the market. Also, the growing popularity of gingerbread and ginger cookies fuels the growth of the Ginger Market share.
However, Pharmaceutical is estimated to grow with the fastest CAGR of 9.4% over the forecast period 2022-2027. This is owing to the various medicinal properties of ginger and the utilization of phenolic and terpene compounds in the pharmaceutical industry. As per a research paper published in National Center for Biotechnology Information (NCBI) in May 2022, ginger has antioxidant, anti-inflammatory and antitumor properties and it is effective in the prophylaxis and treatment of gastrointestinal, cardiovascular, respiratory and neurological diseases. Such various application of Ginger in the pharmaceutical industry propels the growth of the Ginger Market Share over the forecast period 2022-2027.
Ginger Market Segment Analysis - by Geography
The Ginger Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. Asia-Pacific held a dominant market share of 35% in the year 2021. This is the result of the growing production of ginger in Asian countries. As per the data provided by Numerical, India held 43.81% of the total world production of ginger with 1st rank. Also, the increasing use of ginger in culinary applications in this region increases its consumption. According to a report published by Global Trade Magazine in July 2021, India consumed 43% (1.9 million tonnes) of the total volume of ginger in 2020. Such growing production and consumption of ginger in the Asia-pacific region drives the growth of the Ginger Market size.
Furthermore, Europe is estimated to grow with the fastest CAGR over the forecast period 2022-2027. This is owing to the growing demand for various forms of ginger in this region. As per the Global Trade Magazine in 2020, about 197 thousand tonnes of ginger were imported into Europe and that was 13% higher than the number in 2019. The respective direct import proportions for Spain, France and Italy are 77%, 32% and 59%. Such growing demand for ginger in European countries fuels the growth of the Ginger Market Size over the forecast period 2022-2027.
Ginger Market Drivers
Growing Acceptance for Herbal & Natural Products:
The increasing demand for herbal and natural products owing to their health benefits surges demand for the Ginger Market. Also rising demand for ginger rhizome-based drinks and bakery products from consumers and various innovative products launched by market players boost the growth of the Ginger Market. For instance, in March 2022, QminC from Tera Food & Beverage Co., Ltd launched 'QminC Ginger with Honey' and 'QminC Finger Root with Honey' in Thailand market in 150 ml bottles for $ 0.17. Such growing popularity for herbal and natural products fuels the growth of the Ginger Industry over the forecast period 2022-2027.
Growing Popularity of Asia Cuisines:
Ginger is one of the main flavoring ingredients in Chinese cooking. Also, ginger is widely used in Indian, Japanese and Thai cooking as well. Such a growing use of ginger in Asian cuisines and the growing population of Asia increase the demand for ginger. As per ‘The World Counts’, the population of Asia is projected to increase from 4.64 billion people in 2020 to 5.267 billion people in 2050. Such a growing population and increasing use of ginger in various Asian cuisines drive the growth of the Ginger Industry over the forecast period 2022-2027.
Ginger Market Challenge:
The Growing Logistic Cost:
According to the Organisation for Economic Co-operation and Development (OECD), in 2020, Ginger was the world's 1516th most traded product with a total trade of $1.47 billion. The major obstacles in the global trading of ginger include a shortage of containers and the high expense of shipping ginger on the international market. The average world import price increased from $1.2 per kg in 2019 to $1.5 per kg in 2020. The result of an increase in logistical expenses may partially restrain Ginger Market expansion over the forecast period 2022-2027.
Recent Developments
- In August 2022, ADM and New Culture formed a strategic partnership to accelerate the development and commercialization of alternative dairy products. New Culture is leading the global movement in offering animal-free dairy products that are indistinguishable from conventional products in taste, texture, function and nutritional content.
- In June 2022, Specnova launched a high-potency Ginger extract developed for joint support, mobility and healthy inflammatory response which is patented as Ginger T3. The powder can be formulated into capsules, tablets, powders and functional food & beverages.
- In February 2021, International Flavours and Fragrances Inc announced the completion of the merger of IFF and DuPont’s Nutrition & Biosciences business. The complementary portfolios give the company leadership positions within the Taste, Texture, Scent, Nutrition, Enzymes, Cultures, Soy Proteins and Probiotics ingredient categories.
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