The clove market was valued at US$773.019 million in 2018 and is projected to expand at a CAGR of 2.86% over the forecast period to reach US$915.488 million by 2024. Clove is a multipurpose spice which is used in various industries as an ingredient. They are widely used in the form of oil in various types of products. The global clove market is expected to grow due to its wide application in the food and beverage industry and healthcare. They are also widely used in cosmetic products like perfumes, toothpaste, etc. which is driving the global clove market. Change in the preference of the people for using the herbal and natural product due to its effectiveness and no side effects is further expected to propel the market growth opportunities for manufacturers and vendors during the forecast period. The global clove market is segmented into application type, distribution channel, and geography. By application, the food and beverages segment is expected to hold a significant market share owing to its wide adoption. Geographically, Asia Pacific is projected to be a substantial shareholder due to its high consumption in terms of both value and volume in countries like India. Moreover expanding food and beverage industry in developing countries is further anticipated to propel the market growth opportunities in the coming years.
Increasing use in food & Beverages, cosmetic and personal care products.
Growing demand for natural and herbal products.
The major players profiled in the global clove market are True Ceylon Spices, Lankan Flavour, Super Africa Products, PTC Holdings, Biowin Agro Research, Akay Group Ltd., EcoSpice, and Highrange Spices.
The global Clove market has been analyzed through the following segments:
Food & Beverages
By Distribution Channel
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What will be the clove market size by 2024?
A1. The clove market is projected to reach a market size of US$915.488 million in 2024.
Q2. What are the growth prospects for clove market?
A2. The global clove market is projected to expand at a CAGR of 2.86% over the forecast period.
Q3. What is the size of global clove market?
A3. Clove market was valued at US$773.019 million in 2018.
Q4. What factors are anticipated to drive the clove market growth?
A4. The global clove market is expected to grow due to its wide application in the food and beverage industry and healthcare.
Q5. Which region holds the largest market share in the global clove market?
A5. Geographically, Asia Pacific is projected to be a substantial shareholder due to its high consumption in terms of both value and volume in countries like India.