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Generative AI Takes the Lead: Content Creation in 2024 and Beyond
According to The Business Research Company's, The ginger market size has grown strongly in recent years. It will grow from $4.62 billion in 2023 to $4.88 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to cultural and culinary significance, trade routes and exploration, spice trade and colonialism, renaissance and culinary renaissance, and health and wellness trends.
The ginger market size is expected to see strong growth in the next few years. It will grow to $6.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing consumer awareness of health benefits associated with ginger consumption, the rising popularity of ginger-based beverages and health tonics, rising disposable incomes and changing lifestyles, growing adoption of ginger as a functional ingredient in skincare, increasing availability of ginger-based products through online retail channels. Major trends in the forecast period include increased demand for ginger-based health and wellness products, expansion of ginger cultivation and processing operations in emerging regions, rising popularity of ginger in culinary applications, integration of ginger into beverages, and new product innovations.
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Market Drivers and Trends:
The growing demand for ready-to-drink cocktails is expected to propel the growth of the ginger market going forward. Ready-to-drink cocktails are pre-mixed alcoholic beverages that require no additional preparation and can be consumed straight from the bottle or can. The demand for ready-to-drink cocktails is on the rise as consumers seek convenient yet flavorful options for their drinking preferences. Ginger is used in ready-to-drink beverages to add a zesty and invigorating flavor profile. It also adds complexity to cocktail recipes, balancing out other flavors and providing depth.For instance, in February 2024, according to the Distilled Spirits Council (DISCUS), a US-based academy offering education and training in distilled spirits, there was a significant growth of revenue of the US ready-to-drink (RTD) category, particularly premixed cocktails including spirits ready-to-drink, which was up 26.8% or $599 million to $2.8 billion in 2023. Therefore, the growing demand for ready-to-drink cocktails is driving the growth of the ginger market.
Major companies operating in the ginger market are developing innovative products, such as fast-acting ginger extracts, to support joint health and mobility. A fast-acting ginger extract is a concentrated form of ginger that quickly delivers its beneficial effects upon consumption. For instance, in June 2022, Specnova, a US-based ingredient supplier, launched GingerT3, an organic, fermented ginger extract aimed at joint support. It's a fast-acting formula with high potency, offering low doses (75-125mg) for easy formulation. GingerT3 inhibits pain receptors and inflammatory enzymes, promoting joint health by targeting TRPV1 (Transient Receptor Potential Vanilloid 1), 5-LOX (5-Lipoxygenase) , and COX (Cyclooxygenase). It's designed for easy incorporation into various products, chews, capsules, and functional foods.
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Major Key Players of the Market:
Nestle SA, Archer-Daniels-Midland Co., Olam Group, McCormick & Co. Inc, Kalsec Inc., Frontier Co-op., Capital Foods Ltd., Buderim Group Ltd., The Ginger People, Laird Superfood Inc., JEGS HIGH PERFORMANCE, Sun Impex International Foods L.L.C., Yummy Food Industrial Group, Monterey Bay Spice Co. Inc., Indian Organic Farmers Producer Co. Ltd., Sino-Nature International Co. Ltd., AKO GmbH, GROTEX, NANI Agro Foods Pvt. Ltd., Organic Mountain Flavor Pvt. Ltd., Canadian Ginger Company, Knitspice, BRL foods, KODGAV, Huaguang Group
Ginger Market 2024 Key Insights:
• The ginger market size is expected to see strong growth in the next few years. It will grow to $6.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• The Surging Demand For Ready-To-Drink Cocktails Is Driving The Ginger Market
• Exploring Innovations And Technologies For Shaping The Future
• Asia-Pacific was the largest region in the ginger market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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