The global clove market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global clove market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is increasing usage of cloves as an ingredient. Cloves are multipurpose spices that are used as ingredients in various industries such as the food and beverage, personal care and cosmetics, cigarettes and ayurvedic medicines. Thus, with many such applications, the market is expected to grow at a positive rate during the forecast period.
This market research report on the global clove market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rise in export to European countries as one of the key emerging trends in the global clove market:
Global clove market: Rise in export to European countries
European countries are reliant on developing countries for the supply of cloves. Madagascar, Sri Lanka, India, and Indonesia are the major suppliers of cloves to the European markets. Cloves are used for different purposes in Europe. For instance, they are used in long-simmered meat, and pickles and used as a spice mixture. In 2017, Europe imported about 2,300 tons of cloves from developing regions. The major clove importing countries in Europe include Germany, Netherlands, the UK, Spain, France, and Italy. The imports from European countries add to a significant value to the global clove consumption as European currency Euro has the highest exchange value. Therefore, the dependence of European countries on developing countries for the consumption of cloves will drive the global clove market.
“Apart from imports, another factor boosting the growth of the global clove market is the health benefits associated with cloves. Cloves are rich in antioxidants, help against cancer, aid diabetes and are effective against toothache. Thus, with such advantages, the market is expected to witness a positive outlook during the forecast period,” says a senior analyst at Technavio for research on food.
Global clove market: Segmentation analysis
This market research report segments the global clove market by product (whole and crushed) and geographical regions (APAC, EMEA, and the Americas).
The whole clove segment led the market in 2018 with a market share of over 84%, followed by the crushed segment. Whole cloves are more popular than the crushed ones. However, the market for crushed clove is anticipated to experience a faster growth during the forecast period due to their ease of application.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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