ALBANY, New York, Feb. 19, 2019 /PRNewswire/ -- According to experts from TMR, the global ginger market is expected to gain revenue worth US$4.18 bn by the end of 2022. Experts project this growth to occur at a promising CAGR of 6.5% during the forecast period from 2017 to 2022.
The global ginger market has a highly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This can be attributed to the presence of a large number of small- and large-scale companies in the ginger market. Indian Organic Farmers Producer Co, Buderim Group Ltd, Atmiya International, Sino-Nature International, and Food Market Management Inc. are the dominant players operating in the global ginger market.
A key strategy adopted by players in the global ginger market to outshine their rivals is constant product improvement along with expanding manufacturing capacity. They are focusing hard on delivering highly efficient spices which offer vast health benefits to steal a march over competitors. Regulating costs along with delivering quality spices is a key strategy of most businesses present in the global ginger market.
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Among the various forms of ginger, growing demand for fresh ginger is expected to boost the global ginger market. This is because consuming fresh ginger provides several health benefits. Increasing popularity of fresh ginger among patient populations also is advantageous to the market's expansion. Region wise, Asia Pacific is expected to account for a leading share in the global ginger market in the coming years. This is attributed to rising medical tourism activities in the region coupled with increasing governments' initiatives in medical awareness about organic substances.
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Rising Need for Multi-remedial Spice Augments Demand in Ginger Market
Ginger is an organic and natural spice which has an extensive application in snacks and convenience food, culinary, bakery products, soups and sauces, alcoholic beverages, non-alcoholic beverages, confectionery, and chocolate. This spice helps in curing various chronic diseases such as nausea, diabetes, cancer, and cardiovascular diseases. Ginger is considered as a remedy to regular infections such as common cold and cough. Apart from this, the spice also aids in improving rheumatism, indigestion, hypertension, ulcers, arthritis, atherosclerosis, and constipation. Such medicinal benefits of ginger are majorly driving the global ginger market. Along with these, ginger is widely adopted in various industries such as pharmaceutical and alcohol and beverages. Such factors are boosting the overall consumption of ginger, which is further fueling growth in the global ginger market.
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Furthermore, rising popularity of ginger as a spice, growing demand for healthy flavoring agents, and an increasing awareness about medical benefits of ginger is also propelling demand in the global ginger market. Along with these, rising medical tourism in Asian countries influences medical spice production, which in turn is also boosting the global ginger market.
Risks Associated with Farming and Low Harvesting of Ginger Hinders Market Growth
A few challenges hindering the growth of the global ginger market are various farming risks such as crop diseases, low availability of agricultural land, and low harvesting of ginger due to lack of farmers. Nonetheless, a persistent demand from diabetics, and growing adoption of fresh ginger are believed to help overcome these challenges in the near future.
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The review is based on a market research report by TMR, titled, "Ginger Market (Form - Fresh, Dried, Pickled, Preserved, Crystallized, and Powdered; Distribution Channel - Modern Grocery Retail, Traditional Grocery Retail, and Non-Grocery Retail; Application - Culinary, Soups and Sauces, Snacks & Convenience Food, Bakery Products, Alcoholic Beverages, Non-Alcoholic Beverages, and Chocolate and Confectionery) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022".
The segmentation of global ginger market is based on:
- Soup and Sauces
- Snacks and Convenience Food
- Bakery Products
- Alcoholic Beverages
- Non Alcoholic Beverages
- Chocolate and Confectionery
- Modern Grocery Retail
- Traditional Grocery Retail
- Non-Grocery Retail
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