Overview and Scope
Ginger refers to a flowering plant whose rhizome, or ginger root, is widely used as a spice and folk medicine. It belongs to the Zingiberaceae family and is native to Southeast Asia. Ginger adds a distinct, spicy flavor to dishes and beverages while also providing potential health benefits.
Sizing and Forecast
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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The ginger market covered in this report is segmented –
1) By Type: Conventional, Organic
2) By Form: Fresh Ginger, Dried Ginger, Ginger Oil, Powdered Ginger
3) By Distribution Channel: Traditional Retail, Modern Retail Stores, Other Distributions
4) By Application: Food Industry, Pharmaceuticals Industry, Cosmetics Industry, Other Applications
Asia-Pacific was the largest region in the ginger market in 2023. The regions covered in the ginger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the ginger market report are 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
The ginger market report table of contents includes:
1. Executive Summary
2. Ginger Characteristics
3. Ginger Trends And Strategies
4. Ginger – Macro Economic Scenario
5. Global Ginger Size and Growth
…..
32. Global Ginger Competitive Benchmarking
33. Global Ginger Competitive Dashboard
34. Key Mergers And Acquisitions In The Ginger
35. Ginger Future Outlook and Potential Analysis
36. Appendix
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