Ginger Extract Market Insights Growth During the Forecast Period
Market Highlights
Asia-Pacific was the largest market
for ginger extract in 2023, and the region is expected to continue to dominate
the global market during the review period. The rapid growth of the food &
beverage industry in developing countries such as China and India and the
increasing demand for natural ingredients is projected to boost the growth of
the Ginger Extract Market Revenue.
Ginger Extract Market Size was
valued at USD 1.1 Billion in 2022. The Ginger Extract Market Report is projected to grow from USD 1.15 Billion in
2023 to USD 1.76 Billion by 2032, exhibiting a compound annual growth rate
(CAGR) of 5.40% during the forecast period (2023 - 2032)
Europe market accounted for a
significant share in 2023 of the global Ginger Extract Market Revenue. European
countries including the UK, Germany, and the Netherlands are among the top
importers of ginger. Healthy living is an important trend in Europe which is
projected to boost the sales of ginger extract in the coming years.
Ginger extract is available in several
forms including powder, liquid, and paste. The use of ginger extract is
increasing rapidly in ready-to-eat food products. Ginger paste is especially
gaining traction among food manufacturers. The ginger extract also finds
application in several non-alcoholic beverages. Herbal tea infused with ginger
is widely preferred across the globe. Also, the consumption of dietary
supplements has been rising over the last few years and the market is expected
to register exponential growth in the near future, which is projected to boost
the growth of the Ginger Extract Market Revenue.
Segmental Analysis
The global Ginger
Extract Market Revenue has been segmented on the basis of category,
form, application, and region.
By category, the market has been
divided into organic and conventional. The conventional segment
accounted for a larger market share in 2023. Conventional ginger extract is
derived from ginger grown using conventional farming practices. Owing to the
low adoption of organic farming practices in several developing nations, the
conventional segment accounts for the larger revenue share. However, organic
segment is projected to exhibit higher CAGR during the forecast period.
Based on the form, the market has been
segmented into powder and liquid. The powder segment accounted for the larger
market share in 2023 due to the high consumption of ginger powder extract as a
flavoring ingredient in gingerbread, cookies, crackers, cakes, ginger ale, and
ginger beer, among other applications. However, the liquid segment is projected
to exhibit a higher growth rate during the review period owing to the
increasing preference for ginger oil extract in the food industry as it is
stable, contamination-free, and clean.
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Regional Analysis
Geographically, the global Ginger
Extract Market Revenue has been segregated into North America, Europe,
Asia-Pacific, and the rest of the world. As per MRFR analysis, Asia-Pacific
accounted for the dominant share of the global market in 2023 with China being
the major consumer of ginger extract. The European Ginger Extract Market
Revenue also accounted for a significant share in 2023. The rising demand for
herbal medicinal products and supplements is projected to boost the growth of
the Ginger Extract Market Revenue in North America. In the Middle East,
the Gulf Cooperation Council countries are projected to contribute
significantly to the growth of the Ginger Extract Market Revenue.
Key Players are:
Naturex SA (France), Hornsea
Sunshine Biotech (China), Greenutra Resource Inc. (China), KANEGRADE (UK),
Naturalin Bio-Resources Co. Ltd (China), and Nutra Green Biotechnology Co. Ltd
(China) among others.
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