Clove Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Clove Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The clove market is projected to register a CAGR of 3.1% during the forecast period, 2021-2026. The trade restrictions imposed during the COVID-19 pandemic have impacted the export of cloves. The reduced disposable income of consumers owing to unemployment has resulted in low demand for herbal products with clove due to the high price of the commodity.

Indonesia was the largest producer of cloves, with a production volume of 123,399.0 metric ton in 2018, accounting for global output of nearly 73.7%. Other largest producers of cloves include Madagascar, Zanzibar, India, and Sri Lanka. Indonesia, being the largest producer of cloves, is also the largest consumer in the world. Indonesia consumes around 90% of its own clove production.

Cloves were usually sold in unbranded packages or in bulk. However, this trend is shifting as consumers demand branded and packaged products that validate the authenticity of the spice, where labels communicate important information about the ingredients used. Therefore, the growing demand across the world, aided by the rising consumption, may lead to the steady growth of the market over the forecast period.

Key Market TrendsMedicinal Properties and Health Benefits of Cloves

The rise in demand for herbal and natural products and medicines boosted the growth of the cloves market due to the medicinal benefits of cloves, especially in developing economies. Cloves are one of the highly prized spices, widely recognized all over the world for their medicinal and culinary qualities. Clove is a versatile spice that is extensively used to flavor curries, meat, and fruits, in addition to being used as an aromatic agent in hot beverages. Additionally, it also aids in digestion, protects the liver, boosts the immune system, and fights cancer. The changing consumer preference toward the use of herbal and natural products, due to greater effectiveness and absence of side effects, led to an increased demand for cloves. Also, the emerging demand for herbal supplements among middle-aged women and older adults is a factor driving the market growth. The increased disposable income of consumers in developed countries, coupled with the enhanced consumption of natural products, may drive the market for cloves during the forecast period.

Indonesia is the Largest Producer and Exporter

Clove production in Indonesia accounted for 139.6 thousand metric ton during 2016 with 545.0 thousand hectares of cultivated area. The production declined to 123.3 thousand metric ton in 2018, which was cultivated in 561.2 thousand hectares of land. Despite the increased acreage, production declined, and one of the reasons was lower productivity. The yield of cloves in 2016 was 0.3 metric ton per hectare, and it declined to 0.2 metric ton per hectare in 2018. Bad weather is another factor that immensely affects clove production. In 2019, India, Saudi Arabia, the United Arab Emirates, Singapore, and Pakistan were some of the major export destinations for Indonesian cloves. India is the leading importer from Indonesia, and the export of clove to India amounted to 9,100 metric ton, which was valued at USD 33,535.0 thousand, sharing 31.3%, in 2019. With the rising global demand and significant clove production in Indonesia, the export is anticipated to rise at a steady rate during the forecast period.

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