Cloves Market

Cloves Market Value and Growth Analysis (2023-2028):

Cloves Market is predicted to experience moderate growth to record a CAGR of 3.1% throughout the forecast period 2023-2028

Cloves Market Overview:

Cloves fall under the category of spices. The cloves are characterized by a pungent aroma along with a strong spicy taste. Cloves are grounded or are used as they are in preparing several cuisines like marinades and meat. Cloves are also used in perfumes, toothpaste, mouth fresheners, etc. Cloves are spices with an aromatic flavor, and they have a compelling spicy character and a pungent aroma. They are eaten whole and have a submission in marinades, meats, culinary foods, and many other cuisines. In addition, cloves are also in demand on the world market in the procedure of oil that is broadly used in private care, cosmetic and health products. In the present situation, the need for clove is growing in the world market due to its full application in the food and beverage market for a unique flavor and aroma, while in private care and makeup. It is used in toothpaste, perfume and mouthwash, and many other products. In addition to its use in food and personal care products, it is also attaining demand in the health care industry as it benefits to cure many health problems such as cough and colds, toothache, etc. Cloves are used to make clove cigarettes; this cigarette contains 60% to 70% tobacco and 30% to 40% crushed teeth. Clove cigarettes comprise a considerable amount of tobacco and are therefore just as addictive and harmful as regular cigarettes. Kreteks are even riskier. According to research from the United States Centers for Disease Control and Prevention (CDC), clove cigarettes contain more nicotine, tar, and carbon monoxide than conventional American cigarettes. 

Cloves Market Detailed Segmentation:

Based on Form:                             

• Whole       

• Powder    

• Oil               

Based on Application: 

• Food and Beverage Industry           

• Personal Care and Cosmetics          

• Health Care Products          

Based on End Users:                    

• Commercial            

• Household              

Based on Distribution Channel:                               

• Online Retailers    

• Departmental Stores          

• Hypermarket/Supermarket             

• Grocery Stores      

Cloves Market Growth Drivers and Restraints:

The increasing demand for herbal and natural products and medicines has spurred growth in the clove market due to the medicinal benefits of cloves, especially in developing economies. Clove is one of the significant precious spices, broadly recognized worldwide for its medicinal and culinary qualities.

Furthermore, the emerging need for herbal supplements among middle-aged women and the elderly is the likely driver of market growth. The main driver driving the need for cloves in the world market is the increasing demand for cloves in the food industry, mainly in the kitchens of Asia and the Middle East, as it adds a remarkable flavor and a robust spicy flavor in food. On the other hand, cloves are also in high demand from personal care and health care manufacturers to meet the growing demand from consumers looking for herbal products and natural ingredients. Lifestyle changes, growing health concerns, and demand for herbal and natural products are some of the main factors driving the growing demand for cloves in developing countries.The key driving factor of the global Cloves market is its increasing use in the food industry. There are regions that add cloves in the preparation of their cuisines in order to make the food flavourful and has that strong spicy taste. The cloves are being also used in the personal care and healthcare sectors owing to the rising demand from the consumers for herbal and natural products. Also, other factors that are propelling the growth of this market are rising awareness among the consumers about the benefits of natural products, changing preferences of the consumers, and lifestyle changes among others.

REPORT COVERAGE:

Recent Developments In the Cloves Industry:

1. Clove Dental and Denty's dental chains announced that they had joined forces to form a single company collectively. The company plans to open 120 more clinics in the next fiscal year.

2. Star Dental Center Pvt. Ltd, the operator of the Clove Dental chain of clinics, acquired rival Today's Healthcare India Pvt. Ltd is a rare consolidation move in one sector.

3. Amit Sirsikar, partner at Clove Legal, and Akshat Shrivastava, partner, represented Mswipe Technologies. PayU's internal team advised and acted on their own behalf in the transaction. Clove also performed for Mswipe almost two years ago.

4. the Competition Court approved the acquisition of Clover Industries by Milco SA, a foreign dairy company, without any withdrawal for three years from the existing cost reduction plan, the creation of 550 new jobs in five years and others supply criteria.

5. The agreement, initially announced in February, will see a consortium led by Tel Aviv's Central Bottling Company to acquire all of Clover's shares for R25 each.

Cloves Market Regional Analysis:

• North America (Canada, USA)

• Asia Pacific (China, Japan, India Korea, Australia, Singapore)

• Europe (Germany, Spain, Italy, Argentina)

• Latin America (Mexico, Brazil)

• Middle East and Africa

The area that dominates the cloves market in the Asia-Pacific. The Asia-Pacific region has the highest clove consumption, and therefore this region dominates the market in terms of volume and value. There is a growing demand for cloves in countries such as North America and Western Europe. The contributing factor to market growth in these areas is the increasing application to cloves in the health, private care, and cosmetic industries. 

Most cloves worldwide are produced in Asia-Pacific and Latin American countries. Currently, in terms of consumption, there is a high demand for cloves in global market accounts that comes from the regions Asia-Pacific and North America. The second-largest producer is Madagascar, and it is the first one to export cloves with more than 31.5% of world exports. For India, Madagascar is the preferred source of clove due to the bilateral trade agreement, where India obtains the product without any import duty. Furthermore, Indonesia mainly imports cloves from Madagascar for use in the production of clove cigarettes called kretek. The leading cloves importers from Madagascar, in terms of value, in 2018 are India, Indonesia, Singapore, and Malaysia, among others.

Impact of COVID-19 on Cloves Market:

We know that this pandemic is an outbreak of respiratory disease caused by a new coronavirus. Coronaviruses are a large family of viruses common to humans and many different animal species. At the start of the COVID-19 epidemic, demand for cloves increased dramatically. Food demand is generally inelastic and its effect on overall consumption is likely to be limited, although eating habits may change. There is a possibility of a higher and disproportionately lower consumption of animal protein due to fears that animals host the virus and other higher-value products such as fish, fruits and vegetables.

Cloves Market  Key Players:

1. Royal Spices

2. Lankan Flavour

3. Super Africa Products

4. Wee Kiat Development Pte Ltd

5. NOW Foods

6. Sapiro Biotech Private Limited

7. True Ceylon Spices

8. Aroma Aromatics & Flavours

9. PTC Agro Ltd.

10. Manohar Botanical Extracts Pvt. Ltd.