Categories: Market Research

Caraway Seeds Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Caraway Seeds Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Caraway Seeds Global Market Report 2024, The caraway seeds market size has grown strongly in recent years. It will grow from $1.68 billion in 2023 to $1.79 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to cultural culinary traditions, medicinal and health benefits, ethnic cuisine integration, artisanal food production, global culinary adoption..

The caraway seeds market size is expected to see strong growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to health-conscious consumption, culinary diversity, growing ethnic food demand, rising vegan and plant-based diets, increasing awareness of digestive benefits.. Major trends in the forecast period include culinary diversity, plant-based and vegan diets, health and wellness boom, functional food movement, ethnic and regional cuisine adoption..

The expanding opportunities in the bread industry are expected to propel the growth of the caraway seed market. The bread industry refers to the production and sale of bread and other baked goods, including pastries, cakes, and biscuits. The bakery industry, which primarily deals with grain-based food, widely uses caraway seeds to flavor different food items such as rye bread, cakes, biscuits, meat dishes, cheeses, sauerkraut, pickles, and stews. For instance, in January 2023, according to the report published by Agriculture and Agri-Food Canada, a department of the Government of Canada, the value of bread and bakery food products imported by Mexico from around the world in 2021 amounted to $198.5 million, with an accompanying import volume of 72.1 thousand metric tons. The primary suppliers to Mexico were the United States, accounting for 79.2% of the market share ($157.2 million), followed by Canada at 4.7% ($9.4 million). Therefore, the expanding opportunities in the bread industry are driving the growth of the caraway seed market.

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The caraway seeds market covered in this report is segmented –

1) By Form: Whole Seed, Powder

2) By Sales Channel: Online, Offline

3) By Application: Food, Pharmaceuticals, Beverages, Cosmetics, Other Applications

The increasing demand for organic food products is expected to propel the growth of the caraway seed market. Caraway seeds are known for their unique flavor and potential health benefits, which make them a popular ingredient in various organic food products. For instance, in May 2021, according to the report published by the Organic Trade Association, a US-based non-profit business association that represents organic agriculture and trade, the U.S. organic food market witnessed an unprecedented surge in sales, reaching a new record of $61.9 billion, with an increase of 12.4% compared to the previous year. Demand for organic products increased in nearly every category, leading to a remarkable growth of 12.8% in U.S. organic food sales, amounting to a new record of $56.4 billion. The organic segment accounted for almost 6% of the total food sales in the United States, indicating a significant shift in consumer preferences towards organic and natural food products. Therefore, increasing demand for organic food products is driving the growth of the caraway seed market.

The caraway seeds market report table of contents includes: