Garlic Market Forecast, Trend Analysis and Growth
Garlic is a plant from the onion family it has a very unique and strong taste and smell and is used in cooking to flavors. Garlic is considered one of the most important crops in most Asian countries. It is an ideal food that provides a wide range of nutrients with a lot of health benefits. In India, garlic is used in almost every home and hence it has fairly constant market demand. Garlic is used in various food preparations such as chutneys, curry powders, curried vegetable meat products, etc. Even the raw garlic is also used in Not only raw garlic is used in various second-generation products but also used as a popular remedy for different disorders. India is considered a key player in the garlic export industry, along with countries such as South Korea, China, and Egypt. India’s garlic production mainly comes from the northern and central parts. The garlic produced by these parts is considered to be of superior quality. NPCS researchers found out that India exported 18,000 tons in the first quarter of the year valued at Rs 123.84 crore, an overwhelming upsurge of 169% in quantity and 107% in value, the maximum growth among the spices exported from India including the usual top-performing ones like chili, cumin, and spice oleoresins. India stands at the second-highest producer of garlic globally at 5.29%, China being the world leader of garlic in production donating to 77.07% of world capacity followed, South Korea at 2.08%, and Russia at 3.98 %.
Variety of Garlic Based Products:
The consumption of pickled garlic by Korean, cannot be ignored, which is about 60 pounds a year. Whereas the homemade pickled market is easily available and easy to make at home. Another easy to sell garlic product is garlic pesto sauce, it is easy to make with the garlic and herbs easily available in the market. Gourmet chefs love it and generally pay a premium price for convenience. A quite expensive garlic product is garlic vinegar, it is widely being used by a lot of trendy chefs. Due to its popularity and profit garlic growers make bottles of this gourmet product. A lot of researchers found that garlic can provide effective, safe, and cheap insecticide. A very basic garlic spray can kill up to 95% of common pests. Garlic insecticide profit margins are huge. Gourmet garlic powder has also made its place in the spice market. It is easy to make a food product that has a lot of superior products and is healthy to eat.
Production and Growth
The market of garlic is anticipated to bring in the US $ 19,488.2 million in revenue by the end of the year 2022. From 2019-2024, it is anticipated that the garlic market will rise at a CAGR of 4.7% globally. Garlic holds the title of the most important crop in the majority of Asian countries. Therefore, Asia-Pacific holds a 90% share of the market globally, in terms of consumption of garlic. The global market for garlic extract is a growing phase and is anticipated to record a significant growth rate over the forecasted period. In a lot of the region, black garlic that is being obtained from fresh garlic is als0 in high demand as it is considered more beneficial than fresh garlic. Hard neck garlic is also an emerging industry gaining nearly two-third revenue share of the garlic market towards the end of 2017. Hard neck garlic is also projected to create incremental opportunities between 2017 and 2022.
NIIR project consultancy services (NPCS) is committed to offering an unbiased and independent market research solutions to their clients. The project report by NPCS on “Garlic and Garlic based Products” provides all the major components of the industry and all the data is compiled after months of executive research.