Global Clove Market Size To Exceed USD 6.2 Billion By 2033 | CAGR of 4.22%
Category: Food & BeveragesGlobal Clove Market to Exceed USD 6.2 Billion by 2033
According to a research report published by Spherical Insights & Consulting, the Global Clove Market Size is to grow from USD 4.1 Billion in 2023 to USD 6.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.22% during the projected period.
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Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Clove Market Size, Share, and COVID-19 Impact Analysis, By Form (Oil, Powder, and Whole), By Application (Healthcare products, Food and beverage, and Personal care & Cosmetics), By Distribution Channel (Online and Offline), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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Clove are the aromatic flower buds of trees belonging to the family Myrtaceae, Syzygium aromaticum. It is a versatile spice that provides flavor or fragrance in consumer products, such as toothpaste, soaps, and cosmetics. It is also used to flavor curries, meat, and fruit. Clove oil comes under the category of essential oil that is applied in traditional medicine. It comprises 72-90% of its principle active component eugenol which is responsible for aromatic essence. In the beverage industry, clove oil is used along with lemon and sugar to give aromatic flavor to hot beverage products. They are the common element in spice blends. Clove possesses antibacterial properties thus preventing the growth of Enterococcus faecalis bacteria in the treatment of root canals, also possesses analgesic properties for treating pain in the tooth. The changing lifestyle toward health consciousness raising consumer demand for herbal nature-based products. It also aids in digestion, protects the liver, boosts immunity, and fights cancer. The increasing demand for flavored food and drinks like pickles, sauces, baked goods, and confections driving the market demand in the food & beverage industry. Due to the various medicinal properties of clove, there is a rising popularity of clove-based products in the pharmaceutical and healthcare industries likely to propel the market. The fluctuation in production and supply chain of clove products due to distinct growth and flowering seasons of clove impeding the global clove market. Further, the availability of cheap synthetic clove alternatives is decreasing the global market demand for clove.
The powder segment dominates the market with the largest revenue share through the forecast period.
Based on form, the global clove market is segmented into oil, powder, and whole. Among these, the powder segment is dominating the market with the largest revenue share through the forecast period. The powder form is the most convenient segment of the clove market having more accessibility and affordability than other forms of clove. Clove powder is popularly used as a spice ingredient in a culinary dishes.
The food & beverage segment is witnessing significant CAGR growth through the forecast period.
Based on the application, the global clove market is segmented into healthcare products, food and beverage, and personal care & cosmetics segments. Among these, the food & beverage segment is witnessing significant growth through the forecast period. Clove is extensively used in food and beverage products especially in tea, thereby driving the segmental growth. The aromatic flavor of clove enhances the taste and fragrance most of culinary dishes. Along with this, clove also constitutes nutrients such as fiber, vitamins, and minerals which provides a healthy choice of food to the customer.
The online segment is witnessing significant CAGR growth through the forecast period.
Based on the distribution channel, the global clove market is segmented into online and offline. Among these, the online segment is witnessing significant growth through the forecast period. The increasing popularity of online shopping escalating the clove market in the online segment. The safety, convenience, discounts, offers, better prices, and time-saving nature of online platforms promote the adoption of online retailing of clove. Several brands sell clove bud essential oils via hybrid mode. Online sales constitute a significant proportion of the clove market distribution channel.
Asia-Pacific dominates the market with the largest market share over the forecast period.
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Asia-Pacific dominates the market with the largest market share over the forecast period. Clove is extensively used in cuisine to give flavor and spicy taste to food products. There is an increasing demand for herbal natural-based healthcare and pharmaceutical products. The growing awareness regarding the beneficiary effects of clove and growing inclination towards nature-based products propelling the clove market. Countries like China, Japan, India, and South Korea in the Asia-Pacific region have lucrative markets with strategic investments by global companies in the region.
Europe region is expected to grow the fastest during the forecast period. The popularity of Asian cuisine in the region of Europe increasing clove demand contributing to the market growth of clove. The clove market is providing an opportunity for several types of clove from developing countries.
Major vendors in the global Clove market are The Kraft Heinz Company, Archer Daniels Midland Company, Kerry Group plc, Royal spices, Sancheti Global Inc, Madagascar Spices Company, Shaanxi Longleaf Biotechnology Co. Ltd., PTC Agro Ltd., Saipro Biotech Pvt. Ltd., Berje Inc., True Ceylon Spices, Aroma Aromatics & Flavours, Lankan Flavour., Wee Kiat Development Pvt. Ltd., Manohar Botanical Extracts Pvt. Ltd, and Others Key Players.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In February 2022, the clove oil-producing firm, Indesso in Indonesia, plans to build a clove oil-extracting factory in Muheza, Tanga.
- In October 2021, the unique clove spice grown in the hills of Kanyakumari district in Tamil Nadu was awarded a geographical indication (GI) as ‘Kanyakumari clove’.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global clove market based on the below-mentioned segments:
Global Clove Market, Form Analysis
- Oil
- Powder
- Whole
Global Clove Market, Application Analysis
- Healthcare products
- Food and beverage
- Personal care & cosmetics
Global Clove Market, Distribution Channel Analysis
- Online
- Offline
Global Clove Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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