Fresh Ginger Enjoys Greater Demand than Other Forms
Commonly, ginger is found in fresh, dried, pickled, preserved, crystallized, and powdered forms across the world. The demand for fresh ginger is much higher than its other forms. Expanding at a CAGR of 7.30% between 2017 and 2022, this segment is anticipated to remain the most prominent one in the years to come.
In the recent times, the global market for ginger has observed a strong surge in its valuation, thanks to the increasing popularity of ginger as a spice and as a flavoring agent across the world. The rising awareness about the medical benefits of ginger is also attracting consumers substantially, and this factor is expected to act as a long-term promoter of this market, leading it to high growth over the next few years.
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In addition to this, the widening application base of ginger, from medicines to alcoholic beverages, is anticipated to boost the global ginger market in the years to come. The market is projected to gain US$3.06 bn by 2017 in revenues. The opportunities in this market is predicted to proliferate at a CAGR of 6.50% between 2017 and 2022, reaching a value of US$4.18 bn by the end of 2022.
APEJ to Retain Leadership in Global Ginger Market
North America, the Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ), Europe, Latin America, and Japan have emerged as the key regional markets for ginger across the world. Of these, the APEJ region has surfaced as the most attractive regional market for ginger and acquired the leading position in the global market. Progressing at a CAGR of 7.10% during the period from 2017 to 2022, the APEJ market for ginger is predicted to experience a high rise over the near future, thereby retaining its leadership on the overall market.
The tremendous rise in medical tourism in Asian countries, such as India and China, has influenced the production of medicinal spices, of which ginger is a significant segment and, consequently, the market for ginger in APEJ is being heavily boosted. Researchers anticipate the scenario to remain the same over the next few years.
Amongst other regional markets for ginger, the Middle East and Africa, Europe, and North America are expected to register a steady rise in their respective ginger markets over the forthcoming years. While the Middle East and Africa market will gain from the increasing production of spices; the North America and Europe markets will benefit from the rising awareness of the medicinal qualities of ginger among consumers, together with augmenting preference for organic and bio-based remedies for ailments.
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Ginger finds extensive application in culinary, snacks and convenience food, soups and sauces, bakery products, non-alcoholic beverages, alcoholic beverages, and chocolate and confectionery. The culinary segment has surfaced as the main application area of ginger and is projected to remain so over the next few years. Traditional grocery retail, modern grocery retail, and non-grocery retail are the prime distribution channels of ginger across the world.