According to a recent study by Fact.MR, the global garlic market is expected to experience over 5% CAGR during the forecast period 2021-2031. According to the study, a valuation of US$ 32 Bn has been projected for the market by the end of the aforementioned forecast period. In the short-run, by 2022, expected revenue for the market is US$ 19.2 Bn.
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Historically, from 2016 to 2020, market demand for garlic surged at a CAGR of around 4%, closing in at around US$ 19 Bn by 2020. Sales accelerated amidst the COVID-19 pandemic, as documented health benefits, mostly attributed to strengthening immunity against the virus, have acquired center stage. Moreover, the pandemic imposed lockdowns provided consumers the opportunity to experiment with different cuisines requiring garlic as the primary ingredient.
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Manufacturers are also producing garlic in various forms such as paste, powder, oil, etc. to make it easy to use and to also balance the flavor. Increasing consumption of black garlic, attributed to the presence of greater quantities of essential vitamins and minerals, has generated substantial growth opportunities across several regions.
Key Takeaways from the Market Study
- Global market for garlic to expand 1.6x until 2031, compared to 2021
- Culinary garlic applications to remain prominent, generating over 2 out of 5 sales through 2031
- Fresh garlic to generate revenues worth US$ 11.1 Bn by 2022, attributed to greater effectiveness
- Hard necked garlic likely to generate incremental $ opportunity worth US$ 2.6 Bn by 2031
- Asia to emerge as an opportunistic region, surpassing US$ 8.1 Bn in value in the short-run
- U.S to experience noteworthy expansion, registering a CAGR of nearly 5% through 2031
- China to be an important investment destination, yielding 4 out of 5 garlic sales
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“Growing inclination towards consuming spice-rich foods as well as preference for naturally sourced vitamins and minerals is augmenting demand for garlic across key regions,” comments the Fact.MR analyst.
Key players operating in the garlic market include Italian Rose Garlic Products Inc., The Garlic Company, California Garlic Company, Mcfadden Farm, Mr. Lucky, Monterey Bay Spice Company Inc., Filaree Garlic Farm, Shandong Liancheng Garlic Industry Co. Ltd, Atmiya International, and South West Garlic Farm, among others.
Leading market players are focusing their efforts on developing innovative products to strengthen their position in the global market and are adopting strategies like acquisitions and mergers.
Key Segments Covered
- Product Type
- Hard Neck Garlic
- Soft Neck Garlic
- Fresh Garlic
- Dehydrated Garlic
- Frozen Garlic
- Preserved/Canned Garlic
- Garlic for Culinary Applications
- Garlic for Soups, Sauces and Dressings
- Garlic for Snacks & Convenience Foods
- Garlic for Bakery Products
- Garlic for Fast Food Restaurant Chains
- Garlic for Meat & Poultry Products
- Garlic for Other Applications
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For More Insights-https://www.globenewswire.com/news-release/2022/03/09/2400432/0/en/Low-Code-Development-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-187-Bn-by-2032-Currently-US-Accounts-For-the-Largest-Market-Share-in-the-World.html
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