Ginger Market

The article discusses the forecasted growth in the global ginger market, driven by increasing demand worldwide. It includes data on market performance, consumption trends, volume, and value forecasts up to 2030. India emerges as the largest consumer and producer of ginger, with substantial growth rates. The article also covers global trends in production, yield, harvested area, imports, exports, and prices, providing a comprehensive overview of the ginger market.

Market Forecast

Driven by increasing demand for ginger worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market volume to 6.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.8% for the period from 2022 to 2030, which is projected to bring the market value to $12.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Ginger

In 2022, after two years of growth, there was decline in consumption of ginger, when its volume decreased by -3.8% to 4.9M tons. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +101.8% against 2014 indices. Over the period under review, global consumption hit record highs at 5.1M tons in 2021, and then fell modestly in the following year.

The global ginger market size declined to $7.1B in 2022, waning by -4.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +80.8% against 2014 indices. Global consumption peaked at $7.5B in 2021, and then shrank modestly in the following year.

Consumption By Country

India (2M tons) constituted the country with the largest volume of ginger consumption, accounting for 41% of total volume. Moreover, ginger consumption in India exceeded the figures recorded by the second-largest consumer, Nigeria (711K tons), threefold. Nepal (286K tons) ranked third in terms of total consumption with a 5.9% share.

In India, ginger consumption increased at an average annual rate of +9.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Nigeria (+7.6% per year) and Nepal (+0.9% per year).

In value terms, the largest ginger markets worldwide were India ($2.3B), Nigeria ($1.5B) and Nepal ($769M), together comprising 63% of the global market.

In terms of the main consuming countries, India, with a CAGR of +8.3%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of ginger per capita consumption was registered in Nepal (9.5 kg per person), followed by Nigeria (3.3 kg per person), India (1.4 kg per person) and Thailand (1.3 kg per person), while the world average per capita consumption of ginger was estimated at less than 0.1 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the ginger per capita consumption in Nepal was relatively modest. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Nigeria (+4.8% per year) and India (+8.8% per year).

Production

World Production of Ginger

In 2022, after four years of growth, there was decline in production of ginger, when its volume decreased by -4.1% to 4.8M tons. Overall, the total production indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +99.8% against 2014 indices. The most prominent rate of growth was recorded in 2016 with an increase of 31% against the previous year. Over the period under review, global production hit record highs at 5M tons in 2021, and then dropped modestly in the following year. The general positive trend in terms output was largely conditioned by a resilient increase of the harvested area and perceptible growth in yield figures.

In value terms, ginger production totaled $6.7B in 2022 estimated in export price. Over the period under review, production showed a mild descent. The pace of growth appeared the most rapid in 2016 when the production volume increased by 36%. Global production peaked at $7.7B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

India (2M tons) constituted the country with the largest volume of ginger production, accounting for 42% of total volume. Moreover, ginger production in India exceeded the figures recorded by the second-largest producer, Nigeria (747K tons), threefold. China (629K tons) ranked third in terms of total production with a 13% share.

From 2012 to 2022, the average annual growth rate of volume in India amounted to +10.5%. In the other countries, the average annual rates were as follows: Nigeria (+7.0% per year) and China (+2.5% per year).

Yield

The global average ginger yield shrank to 11 tons per ha in 2022, almost unchanged from the previous year. Over the period under review, the yield indicated a pronounced increase from 2012 to 2022: its figure increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ginger yield increased by +63.3% against 2013 indices. The most prominent rate of growth was recorded in 2018 when the yield increased by 19% against the previous year. The global yield peaked at 11 tons per ha in 2021, and then fell modestly in the following year.

Harvested Area

In 2022, the global harvested area of ginger fell modestly to 433K ha, dropping by -3.7% on 2021. The harvested area increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2016 when the harvested area increased by 13% against the previous year. The global harvested area peaked at 450K ha in 2021, and then dropped modestly in the following year.

Imports

World Imports of Ginger

After ten years of growth, supplies from abroad of ginger decreased by -6.4% to 918K tons in 2022. Overall, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 13%. Over the period under review, global imports attained the peak figure at 981K tons in 2021, and then declined in the following year.

In value terms, ginger imports shrank remarkably to $1.1B in 2022. Over the period under review, imports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 41% against the previous year. Over the period under review, global imports attained the peak figure at $1.5B in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, the United States (108K tons), Bangladesh (102K tons), the Netherlands (88K tons), Pakistan (80K tons), Japan (62K tons) and Malaysia (57K tons) represented the key importer of ginger in the world, achieving 54% of total import. Germany (38K tons), Saudi Arabia (36K tons), the United Arab Emirates (32K tons), the UK (30K tons), India (28K tons), Canada (21K tons) and Yemen (19K tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +11.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest ginger importing markets worldwide were the Netherlands ($127M), the United States ($124M) and Japan ($112M), with a combined 32% share of global imports.

The Netherlands, with a CAGR of +14.4%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average ginger import price stood at $1,235 per ton in 2022, which is down by -16.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The pace of growth was the most pronounced in 2014 when the average import price increased by 32%. As a result, import price reached the peak level of $1,621 per ton. From 2015 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($2,467 per ton), while Bangladesh ($399 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+9.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Ginger

In 2022, overseas shipments of ginger decreased by -8.5% to 882K tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 42% against the previous year. The global exports peaked at 964K tons in 2021, and then shrank in the following year.

In value terms, ginger exports dropped rapidly to $922M in 2022. Overall, exports, however, saw a resilient increase. The growth pace was the most rapid in 2020 when exports increased by 38% against the previous year. As a result, the exports attained the peak of $1.4B. From 2021 to 2022, the growth of the global exports remained at a somewhat lower figure.

Exports By Country

China was the key exporter of ginger in the world, with the volume of exports finishing at 399K tons, which was near 45% of total exports in 2022. Thailand (99K tons) held the second position in the ranking, followed by India (80K tons), the Netherlands (61K tons), Peru (55K tons) and the United Arab Emirates (40K tons). All these countries together held near 38% share of total exports. Nigeria (36K tons) took a minor share of total exports.

Exports from China increased at an average annual rate of +3.2% from 2012 to 2022. At the same time, Peru (+35.7%), the United Arab Emirates (+34.2%), Thailand (+13.7%), the Netherlands (+9.7%) and India (+9.5%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in the world, with a CAGR of +35.7% from 2012-2022. Nigeria experienced a relatively flat trend pattern. Peru (+5.7 p.p.), Thailand (+5.3 p.p.), the United Arab Emirates (+4.1 p.p.), India (+2.1 p.p.) and the Netherlands (+1.7 p.p.) significantly strengthened its position in terms of the global exports, while Nigeria and China saw its share reduced by -4.3% and -17.5% from 2012 to 2022, respectively.

In value terms, China ($350M) remains the largest ginger supplier worldwide, comprising 38% of global exports. The second position in the ranking was taken by the Netherlands ($123M), with a 13% share of global exports. It was followed by India, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +2.9%. In the other countries, the average annual rates were as follows: the Netherlands (+12.8% per year) and India (+4.6% per year).

Export Prices By Country

The average ginger export price stood at $1,045 per ton in 2022, shrinking by -23% against the previous year. Overall, the export price showed a mild setback. The most prominent rate of growth was recorded in 2020 when the average export price increased by 21%. The global export price peaked at $1,480 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($2,016 per ton), while Thailand ($571 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+6.6%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform