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Ginger Extract Market to Touch USD 1.76 billion at 5.40% CAGR by 2032

Apr 22, 2024 6:00 PM ET

Ginger Extract Market to Touch USD 1.76 billion at 5.40% CAGR by 2032

Ginger Extract Market Size was valued at USD 1.1 Billion in 2022. The Ginger Extract market industry 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 (2024 – 2032)

Europe market accounted for a significant share in 2024 of the global Ginger Extract Market Share. 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 Share.

Segmental Analysis

The global Ginger Extract Market Share 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 2024. 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 2024 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 Share 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 2024 with China being the major consumer of ginger extract. The European Ginger Extract Market Share also accounted for a significant share in 2024. The rising demand for herbal medicinal products and supplements is projected to boost the growth of the Ginger Extract Market Share 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 Share.

Segmental Analysis:

The ginger extract market can be segmented based on type, application, and distribution channel. Types of ginger extract include powdered, liquid, and oil extracts, each offering unique benefits and applications. In terms of application, ginger extract finds use in various industries such as food and beverages, pharmaceuticals, cosmetics, and dietary supplements. The distribution channels for ginger extract encompass supermarkets/hypermarkets, specialty stores, online retail, and others.

Demand Drivers:

Several factors contribute to the increasing demand for ginger extract. Consumers are increasingly seeking natural and functional ingredients in their food and beverages, driven by a desire for healthier lifestyles. Additionally, the rising popularity of traditional and alternative medicine practices further propels the demand for ginger extract, owing to its potential health benefits. Moreover, the culinary versatility of ginger extract enhances its demand in the food industry, where it is used in a wide range of products, including sauces, condiments, beverages, and baked goods.

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Despite its growing popularity, the ginger extract market faces certain challenges. Variability in the quality and potency of ginger extract poses a challenge for manufacturers in maintaining consistency and meeting consumer expectations. Additionally, fluctuations in raw material prices, particularly the cost of ginger rhizomes, can impact profit margins and product affordability. Moreover, regulatory requirements and compliance with quality standards present challenges for market players, especially in regions with stringent regulations.

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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