Ginger properties such as antioxidant and anti-inflammatory have increased the use and demand of the plant and its products globally. Owing to this, there has been notable growth in the ginger market in recent years, and its demand is expected to grow, projecting a gradual increase in its prices. This can be attributed to the increasing use of ginger in the many different thriving industries, including the food and beverage industry, cosmetic industry, and pharmaceutical industry (IMARC, 2022).
Overview of Global Ginger Market
The consistent demand growth for ginger worldwide has led to good product returns. The total production of ginger is 1683.00 tons, the major producers of ginger being China, India, Nepal, and Thailand. The top importers of ginger over the recent years include the United States, European Union, Japan, Netherlands, and Pakistan. The IMARC’s latest report shows growth in the global ginger market at an estimated CAGR of 6% from 2015 to 2020 and projects additional growth with a CAGR of 3.13% from 2021 to 2027. This, therefore, means that the global ginger market is expected to reach US$ 8.46 billion by the end of 2027.
Description, Features, and Uses of Ginger
Ginger (Zingiber officinale) is a palm-shaped, beige rhizome whose stem can be used in powdered, fresh, dried, pickled, crystallized, and preserved forms. In the pharmaceutical industry, ginger has been found to have vital chemicals that help control nausea and vomiting, menstrual cramps, and migraine headaches (Thompson & Potter, 2006). Ginger has for decades been a popular flavoring herb in Asian dishes, and this flavoring has gained traction worldwide in the food and beverage industry. It has been used in flavoring soups, meats, baked goods, and jams. The cosmetics industry makes use of the antioxidants in ginger that have been found to help fade scars, restore skin, stimulate hair growth, and reduce dandruff to make cosmetic products (Schmidt, 2012). A report by expert market research in 2018 further divides the demand of ginger within these industries as follows;
Global Ginger Market
Cost of Ginger per kilogram
The prices of ginger in America are continuously changing due to various factors propelling the market, such as the economic environment in the country and tariffs put in place for the export and import of ginger. The price of ginger per kilogram ranges between US$ 2.24 and US$ 2.3, which remains in the same range as previous years.
Ginger wholesale prices
Constant shifts of ginger per ton have been noted over the years as indicated in the following prices per ton 2016- US$ 2,267.64; 2017-US$ 2,192.43; 2018-US$ 2,300.67; 2019-US$ 2,244.52; 2020-US$ 2,344; 2021 and presently, the price of a ton of ginger is US$ 2244.52. This information is presented in the chart below
Ginger Wholesale Prices
Ginger Export Prices in the US today
According to the IMARC group report, America has an estimated 63 hectares primarily used to cultivate ginger. The top export markets for ginger in the US include Japan, Mexico, Canada, India, and Turkey. The average price of US exported ginger has fallen from US$ 1561.12 in 2021 to $854.43
Export Values of Ginger since 2015
The following are the total values for export of ginger for the years 2015, 2016, 2017, 2018, 2019, 2020 and 2021 were as follow respectively US$4,621.453;US$ 4,177; US$4,694;US$ 5,494, US$5,526;US$ 6,439. This data is presented in the chart below for easier understanding and analysis
Ginger Export Values
Like any other market, the ginger market is constantly changing due to changes in consumer purchase behaviors. For this particular market, these behaviors result from an increased health consciousness among populations, changing demographics, and increased diversity in the lifestyles of individuals globally (IMARC, 2022).
Expert Market Research, EMR (2018). Ginger market: Global industry, analysis, trends, market size and forecasts up to 2024
IMARC group.(2022). Ginger market size, share, price, trends and forecast 2021-2026. Digital Journal Retrieved from https://www.imarcgroup.com/ginger-market
Schmist,.B. (2012). Responsible use of medicinal plants for cosmetics. Hortscience 47, 985-991
Thompson, H.J., & Potter, P.J. (2006). Review: Ginger prevents 24 hour postoperative nausea and vomiting 9 (3), 80