Wilmington, Delaware, April 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Cumin Ingredient Market by Type (Powder, Oil), By Application (Dining Room, Barbecue Stand, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. The global cumin ingredient market was valued at $1.3 billion in 2022 and is projected to reach $1.9 billion by 2032, registering a CAGR of 4.1% from 2023 to 2032.
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Prime determinants of growth
The cumin ingredient market has experienced significant growth over the past few years, driven by several key factors. Firstly, increasing consumer awareness regarding the health benefits of cumin has played a crucial role. Cumin is rich in antioxidants and has been linked to various health benefits, including improved digestion, immune system support, and potential anti-inflammatory properties. As consumers become more health-conscious and seek out natural remedies, the demand for cumin-based products has surged.
Secondly, the expanding food and beverage industry worldwide has contributed to the growth of the cumin ingredient market. Cumin is a versatile spice used in a wide range of cuisines globally, including Indian, Middle Eastern, Mexican, and Mediterranean dishes. As consumer palates become more adventurous and the demand for ethnic cuisines rises, the demand for cumin as a key ingredient has increased. Additionally, the growing popularity of ethnic foods in mainstream markets has further propelled the demand for cumin. Furthermore, the increasing adoption of cumin in various non-food applications such as cosmetics, pharmaceuticals, and personal care products has fueled market growth. Cumin's natural aromatic properties make it a desirable ingredient in perfumes, skincare products, and herbal remedies. Moreover, ongoing research and development efforts to explore new applications of cumin extract in industries beyond food have opened up new avenues for market expansion.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2023 | $1.3 billion |
| Market Size in 2032 | $1.9 billion |
| CAGR | 4.1% |
| No. of Pages in Report | 453 |
| Segments Covered | Type, Application, and Region |
| Drivers |
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| Opportunities |
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| Restraints | Transportation and logistics challenges affecting supply chain efficiency |
The powder segment to maintain its leadership status during the forecast period
By type, the powder segment held the highest market share in 2022, accounting for more than three-fifths of the global cumin ingredient market revenue and is estimated to maintain its leadership status during the forecast period. However, the oil segment is projected to manifest a significant CAGR of 4.8% from 2023 to 2032.
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The dining room segment to maintain its leadership status during the forecast period
By application, the dining room segment held the highest market share in 2022, accounting for nearly half of the global cumin ingredient market revenue and is estimated to maintain its leadership status during the forecast period. Additionally, the other segment is projected to manifest the highest CAGR of 5.1% from 2023 to 2032.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global cumin ingredient market revenue. In addition, the Middle East and Africa region is also expected to witness the fastest CAGR of 5.2% from 2023 to 2032 and is expected to dominate the market during the forecast period.
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Leading Market Players: -
- Starwest Botanicals
- McCormick & Company
- Young Living Essential Oils
- TERRA
- Madagascar Spices Company
- Phoenix Herb Company
- AOS Product
- Essential Oils Company
- AASHVI CORPORATION.
The report provides a detailed analysis of these key players in the global cumin ingredient market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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