New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Caraway Seeds Global Market Report 2023" - https://www.reportlinker.com/p06479931/?utm_source=GNW
, Delta Spice Egypt, Kingherbs Limited, Satyom Enterprises Pvt. Ltd., Aromas and Flavors International, Bishnoi Trading Corporation, CROPFUL s.r.o. and ARTA GROUP LLC.
The global caraway seeds market is expected to grow from $1.58 billion in 2022 to $1.68 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The caraway seeds market is expected to reach $2.17 billion in 2027 at a CAGR of 6.6%.
The caraway seeds market includes sales of caraway powder and caraway oil.The values in this market are based on the goods sold by the creators of the products, either directly to end customers or to other entities such as downstream manufacturers, wholesalers, distributors, and retailers.
The value of goods sold includes related services sold by the creators of the products.
Caraway seeds are dried fruits that come from biennial plants belonging to the Apiaceous or Umbelliferon family.They are known for their pungent and sweet flavor and are commonly used to flavor food and produce oil.
These seeds are also high in antioxidants, minerals, dietary fibers, and vitamins.
Europe was the largest region in the caraway seed market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of caraway seeds are classified by form, including whole seed and powder.Whole seeds refer to a type of caraway seed that is small, round, or oval in shape and produced by the herb Carum carvi, which is used to add flavor.
They are distributed through sales channels such as online and offline for various applications, including food, pharmaceuticals, beverages, cosmetics, and other applications. They are distributed through sales channels such as online and offline for various applications, including food, pharmaceuticals, beverages, cosmetics, and other applications.
The expanding opportunities in the bread industry are expected to propel the growth of the caraway seed market.The bread industry refers to the production and sale of bread and other baked goods, including pastries, cakes, and biscuits.
The bakery industry, which primarily deals with grain-based food, widely uses caraway seeds to flavor different food items such as rye bread, cakes, biscuits, meat dishes, cheeses, sauerkraut, pickles, and stews. For instance, in January 2023, according to the report published by Agriculture and Agri-Food Canada, a department of the Government of Canada, the value of bread and bakery food products imported by Mexico from around the world in 2021 amounted to $198.5 million, with an accompanying import volume of 72.1 thousand metric tons. The primary suppliers to Mexico were the United States, accounting for 79.2% of the market share ($157.2 million), followed by Canada at 4.7% ($9.4 million). Notably, Canada emerged as the second-largest import market for Mexico, with a significant growth rate of 25.0% between 2017 and 2021. Therefore, the expanding opportunities in the bread industry are driving the growth of the caraway seed market.
The increasing demand for organic food products is expected to propel the growth of the caraway seed market.Caraway seeds are known for their unique flavor and potential health benefits, which make them a popular ingredient in various organic food products.
For instance, in May 2021, according to the report published by the Organic Trade Association, a US-based non-profit business association that represents organic agriculture and trade, the U.S. organic food market witnessed an unprecedented surge in sales, reaching a new record of $61.9 billion in 2020, with an increase of 12.4% compared to the previous year. Demand for organic products increased in nearly every category, leading to a remarkable growth of 12.8% in U.S. organic food sales, amounting to a new record of $56.4 billion. The organic segment accounted for almost 6% of the total food sales in the United States in 2020, indicating a significant shift in consumer preferences towards organic and natural food products. Therefore, increasing demand for organic food products is driving the growth of the caraway seed market.
In August 2021, Incline Equity Partners, a US-based private equity company, acquired Starwest Botanicals for an undisclosed amount.Through this acquisition, Incline Equity Partners intends to enhance the growth trajectory of Starwest Botanicals by implementing technology and infrastructure upgrades to enhance operational efficiency.
This will enable the company to continue expanding its portfolio of organic and conventional herbs, spices, teas, and other natural products while improving production and distribution capabilities. Starwest Botanicals is a US-based company that specializes in the production and distribution of herbs, spices, and other natural products, including organic caraway seeds.
The countries covered in the caraway seed market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The caraway seeds market research report is one of a series of new reports that provides caraway seeds market statistics, including caraway seeds industry global market size, regional shares, competitors with a caraway seeds market share, detailed caraway seeds market segments, market trends and opportunities, and any further data you may need to thrive in the caraway seeds industry. This caraway seeds market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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