Global Clove Oil Market Is Likely to Experience a Tremendous Growth by 2028

The global Clove Oil market is anticipated to grow at a CAGR of 3.1 % during the forecast period (2022-2028). Clove oil is an oil made from the extraction of cloves. The clove oil is used in relieving different health problems including digestive problems, relieving pain, and respiratory conditions. The major factor attributing to the growth of the global clove oil market is the increasing prevalence of digestive diseases across the globe. According to the statistics provided by the centers for Disease Control and Prevention (CDC), around 14.8 million adults are suffering from digestive diseases in the US representing around 5.9% of the total adult population in the US. Furthermore, the use of clove oil is also increasing among people with joint pain and arthritis due to the increasing prevalence of joint pain and arthritis across the globe. According to the Centers for Disease Control and Prevention (CDC), arthritis he's the major cause of joint pain in the US. An estimated of around 15 million people reported severe joint pains due to arthritis in the US. The prevalence of arthritis is about one in every four adults in the US. Thus, increasing the demand for clove oil in the Pharmaceutical industry for the production of medicines and ointments is expected to propel the growth fo the market during the forecast period.

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The use of clove oil is also increasing in spices due to the growing spice industry. According to an article published by the Indian Trade Portal (ITP), India is the major spices producer across the globe accounting for more than 50% of the total trading of spices. India exported around $3.62 billion of spices in 2020. Around 1.10 million tons of spices and spice products with a total value of around $2.80 billion were exported in 2019. Among these, there are ten major importers of Indian spices including The US, China, Vietnam, Bangladesh, Thailand, UK, UAE, Hong Kong, Malaysia, and Sri Lanka. Furthermore, the use of clove oil is also increasing in food due to the growing food service industry which will surge the market growth during the forecast period. According to an article published by the India Brand Equity Foundation (IBEF) in December 2021, the Indian food services industry is estimated to grow at a CAGR of 17%.  The estimated size of the Indian food services industry is around $13.77 billion. Thus, contributing to the growth of the global clove oil market.

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Market Coverage

The market number available for - 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
By Application
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape- Frontier Co-op., Van Aroma, India Essential Oils, Kanta Enterprises Pvt. Ltd., Givaudan, among others.

Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?

Global Clove Oil Market Report by Segment

By Type

Absolute Clove Oil
Blended Clove Oil
Others

By Application

Food Industry
Pharmaceutical Industry
Spice Industry
Personal Care & Cosmetics
Others

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This release was published on openPR.