According to the research of Future Market Insights, over the projected period, the Cloves Market is expected to expand at a CAGR of 4.4%. The industry's estimated value will increase from US$ 383.2 million in 2023 to US$ 589.5 million in 2033. The Cloves Market was worth US$ 366.7 million at the end of 2022.
Market Size Value in 2023
US$ 383.2 Million
Market Forecast Value in 2033
US$ 589.5 Million
Global Growth Rate (2023 to 2033)
4.4%
Forecast Period
2023 to 2033
Global Market Share of US, Germany, Japan, and Australia
63.3%
The fragrant flower buds of the clove tree are used to make cloves, a type of spice. Cloves have a very strong, spicy flavor and a strong, pungent scent. They are used in culinary meals, meat, marinades, and many other cuisines. They can be eaten whole or ground. Additionally, clove oil, which is widely utilized in personal care, cosmetics, and healthcare goods, is in demand on the international market.
Due to their widespread use in the food and beverage industry and their distinctive flavor and aroma, cloves are currently in high demand on the global market. They are also used in a variety of personal care and cosmetic products, including toothpaste, perfumes, mouthwash, and many others.
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Historical Outlook versus Future Projections for Cloves Market
With a CAGR of 4.5% between 2018 and 2022, the global market for Cloves Market expanded from US$ 307.5 Million to US$ 366.7 Million.
The food industry's growing need for cloves, particularly in Middle Eastern and Asian cuisines where they contribute a noticeable flavor and strong spicy taste, is a major factor driving the demand for cloves on the global market.
To address the rising demand from customers looking for goods made with herbal and natural ingredients, personal care and healthcare firms are also in high demand for cloves. The rising demand for cloves in developing nations is largely due to changing lifestyles, rising health concerns, and consumer demand for herbal-based and natural products.
With a high CAGR of 4.4% over the projected period, it is expected that the global Cloves Market would increase from US$ 383.2 million in 2023 to US$ 589.5 Million by 2033.
Country-wise Insights
How is the Cloves market developing in North America?
Cloves are an aromatic spice that is used in a variety of cuisines around the world. In North America, cloves are being increasingly used not just in cooking, but also for medicinal purposes. Therefore, the cloves market is rapidly developing in North America.
Clove exports from North American countries have seen a significant increase over the past few years and this trend is expected to continue for many years to come. A number of factors such as rising health awareness among consumers and increasing demand for natural remedies have led to an increase in the demand for cloves. Additionally, technological advancements have made it easier for manufacturers to process and package cloves which have further contributed to its growth.
How is the market for Cloves in Europe developing?
In Europe, the market for cloves is seeing strong growth due to rising demand from consumers. Cloves are an exotic spice known for their sweet and pungent flavor and aroma, which has been popular in European cuisine for centuries. Recently, however, cloves have also become a sought-after ingredient for many different types of beverages and food products. As such, the market for cloves in Europe has seen a considerable increase in demand over the past few years.
How is the market for Cloves expanding in the Asia Pacific?
Cloves have been a popular spice used in many recipes for hundreds of years. But, recently the market for cloves has been drastically expanding throughout the Asia Pacific. With advanced technology and improved transportation networks, more countries are now able to access this highly sought-after spice.
Cloves are mainly grown in Indonesia and make up a large portion of the country’s exports to other nations around the world. The high demand for cloves has resulted in an increased production of the crop across the Asia Pacific as well as various forms of scientific research being conducted on how to improve yield and quality. This indicates that there is definitely potential for further expansion of the market within this region.
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Category Wise Insights
How powder form of Cloves is propelling the market growth?
The powder form of cloves is becoming increasingly popular among consumers due to its convenience, availability, and affordability. In recent years, the market growth for the powder form of cloves has seen a significant surge as more and more people are incorporating this spice into their diets. Cloves have been known to have many medicinal properties which can be beneficial for health if consumed in moderation.
What is the use of Cloves in the food & beverage industry?
Cloves are an important and often under-appreciated spice that has been used in food and beverage for centuries. Whether you’re looking to add flavor to a dish or drink, cloves can be the perfect addition. With their unique taste, aroma, and health benefits, it is easy to see why they have long been appreciated as a delicious seasoning.
Cloves have a warm and sweet flavor that enhances many dishes. They are often used in desserts such as pies, cakes, and other baked goods; however, their strong yet distinct aroma makes them great for savory dishes like curries or stews too. Cloves can also be added to tea or coffee for a spicy twist on these traditional beverages. Aside from adding a wonderful flavor, cloves provide numerous medicinal benefits due to their high levels of antioxidants which help support the immune system and reduce inflammation within the body.
Competitive Landscape
The global cloves market is a competitive landscape that is continuously evolving and changing. With the increasing demand for cloves, both from traditional and emerging markets, suppliers are competing to provide the best quality product. This competition has made prices for cloves more competitive, resulting in lower costs for end users.
The production of cloves has been rising over the years owing to factors such as technological advancements in cultivation methods, increased investments by producers into research & development activities, and changes in consumer preferences toward health-promoting products containing spices like cloves. Furthermore, the availability of good-quality raw materials at lower prices has enabled manufacturers to reduce their overall production costs while still maintaining high-quality standards.
Leading companies in the cloves market include Saipro Biotech Private Limited, ROYAL SPICES, True Ceylon Spices, Lankan Flavour, and Aroma Aromatics & Flavours.
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Cloves Market Report Scope
Attribute
Details
Forecast Period
2023 to 2033
Historical Data Available for
2018 to 2022
Market Analysis
USD Million for Value and Units for Volume
Key Regions Covered
North America
Latin America
Europe
Asia Pacific
Middle East & Africa (MEA)
Key Countries Covered
Philippines
India
Malaysia
Thailand
The US
Germany
China
Japan
Denmark
Canada
Mexico
Poland
The UK
Turkey
France
Italy
Spain
South Korea
Russia
Australia
Brazil
Argentina
South Africa
Key Segments Covered
Form
Application
Distribution Channel
End-use
Region
Key Companies Profiled
Saipro Biotech Private Limited
True Ceylon Spices
ROYAL SPICES
Aroma Aromatics & Flavours
Lankan Flavour
PTC Agro (PVT) LTD.
Super Africa Products
Wee Kiat Development Pvt. Ltd.
NOW Foods
Manohar Botanical Extracts Pvt. Ltd.
Report Coverage
DROT Analysis, Market Forecast, Company Share Analysis, Market Dynamics and Challenges, Competitive Landscape, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Segmentation of Cloves Market
Segmentation By Form:
Oil
Powder
Whole
Segmentation by Application:
Food and Beverage Industry
Personal Care and Cosmetics
Health Care Products
Segmentation By Distribution Channel:
Hypermarket/Supermarket
Departmental Stores
Neighborhood Stores
Online Retailers
Segmentation By End-Use:
Commercial
Household
Segmentation By Region:
North America
Latin America
Europe
Asia Pacific
Middle East & Africa (MEA)
Frequently Asked Questions
How big is the Cloves Market?
The Cloves market will reach nearly US$ 383.2 Million by 2023.
At what rate Cloves market is expected to grow?
The Cloves market is expected to rise at a CAGR of 4.4%.
Which are the major countries driving the demand for Cloves market?
The US, Canada, Mexico, Argentina, Brazil, Germany, the UK, France, Turkey, Italy, Russia, Spain China, Japan, India, Indonesia, South Korea, and Australia are the major countries driving the demand for Cloves market.
At what rate will Cloves market grow in China?
The China Cloves market will grow at 4.5% CAGR between 2023 and 2033.
At what rate will Cloves market grow in India?
The India Cloves market will grow at 4.1% CAGR between 2023 and 2033.
At what rate will Cloves market grow in UK?
The UK Cloves market will grow at 3.9% CAGR between 2023 and 2033.
Which companies dominate the market?
The major players in the market include Saipro Biotech Private Limited, ROYAL SPICES, True Ceylon Spices, Lankan Flavour, and Aroma Aromatics & Flavours.
What is the demand outlook forecast for the Cloves market?
The global demand for the Cloves market is forecasted to surpass US$ 589.5 Million by the year 2033.
