Future Market Insights projects that the Cloves Market will grow at a CAGR of 4.4% over the forecast period. The market value is anticipated to rise from USD 383.2 million in 2023 to USD 589.5 million by 2033, up from USD 366.7 million at the end of 2022.
Cloves, derived from the aromatic flower buds of the clove tree, are a spice known for their intense, spicy flavor and pungent scent. They are commonly used in culinary dishes, meats, and marinades, and can be used whole or ground. Additionally, clove oil is highly sought after in personal care, cosmetics, and healthcare products.
The global market for cloves is experiencing high demand due to their extensive use in the food and beverage industry, where their unique flavor and aroma are valued. Cloves are also featured in various personal care and cosmetic products, such as toothpaste, perfumes, and mouthwash.
The increasing demand for cloves in the global market is significantly driven by the food industry’s need, especially within Middle Eastern and Asian cuisines, where cloves add a distinctive flavor and robust spiciness.
Additionally, personal care and healthcare companies are experiencing high demand for cloves as consumers seek products made with herbal and natural ingredients. In developing countries, this demand is further fueled by changing lifestyles, growing health concerns, and a rising preference for herbal and natural products.
Competitive Landscape
The global cloves market is a dynamic and competitive sector that is continuously evolving. As demand for cloves grows across both traditional and emerging markets, suppliers are vying to deliver the highest quality products. This competitive environment has led to more competitive pricing, benefiting end users with lower costs.
Clove production has been increasing due to several factors, including advancements in cultivation technology, heightened investments in research and development by producers, and a shift in consumer preferences toward health-conscious products containing spices like cloves. Additionally, the availability of high-quality raw materials at reduced prices has allowed manufacturers to lower production costs while maintaining high standards of quality.
Key Companies Profiled
Saipro Biotech Private Limited
True Ceylon Spices
ROYAL SPICES
Aroma Aromatics & Flavours
Lankan Flavour
PTC Agro (PVT) LTD.
Super Africa Products
Wee Kiat Development Pvt. Ltd.
NOW Foods
Manohar Botanical Extracts Pvt. Ltd.
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Segmentation of Cloves Market
Segmentation By Form:
- Oil
- Powder
- Whole
Segmentation by Application:
- Food and Beverage Industry
- Personal Care and Cosmetics
- Health Care Products
Segmentation By Distribution Channel:
- Hypermarket/Supermarket
- Departmental Stores
- Neighborhood Stores
- Online Retailers
Segmentation By End-Use:
- Commercial
- Household
Segmentation By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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