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Caraway seed, often referred as meridian fennel and Persian cumin (Carum carvi), is a biennial herb in the Apiaceae family, grown in western Asia, North Africa, and Europe. It is oblong in shape with five pale ridges. It is a brown colored seed and about 3-6 mm long. Caraway's dried fruit is mainly used as a spice in cooking and baking. It is known to hold medicinal properties, and essential caraway oil is used as a flavoring agent in various types of liqueurs.The global caraway seeds market has experienced a significant growth, and is expected to grow considerably in next few years owing to the rise in consumption.
COVID-19 Scenario Analysis
The worldwide outbreak of COVID-19 has led to serious implications in all the economic sectors. The pandemic has created medical emergency due to which the demand for food items, hygiene products, and medical product market has increased. In the COVID-19 scenario, people are more inclined toward consuming safe, reliable, and healthy foods, which has increased the sales of traditional, healthy, and staple food items. The frozen non-vegetarian food, fruits & vegetables, eggs, pulses, flour, and whole grains have experienced growth in the COVID-19 scenario. However, packaged and processed foods, coffee, pastries, milkshakes, sweets, chocolates, cheese, and other bakery products have experienced a decline in its sale which has decreased the demand for caraway seeds in food & beverages industries. Moreover, the lockdown scenario in various countries has hampered the production and supply chain of the caraway seeds. Moreover, demand for caraway seeds in cosmetic and personal care industry and packaged & processed food industry has declined. The consumer buying behavior may change permanently post COVID-19. Companies need to build robust sales plan for recovery. They might have to adopt e-commerce platform and omnichannel in their supply chain.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The major factor that contributed to the increase in demand for caraway seeds is increase in the usage of its final end use products. The wide usage of caraway seed in food &beverage industry, cosmetic &personal care industry, and dietary supplement & pharmaceutical industry is expected to support the market to remain profitable in the coming years. In addition, increase in the globalization in food cuisines is another factor driving the popularity of the caraway seeds products. Moreover, rise in consumption of breads with spices such asryle bread is also a prominent factor giving traction to the caraway seed market.
In addition, caraway seed is used in beverages both alcoholic and non-alcoholic. Caraway seed oil is used in beverages for flavoring it. Rise in demand for caraway seed supplements such as fennel, anise, and cumin, has surged the demand for caraway seeds. Furthermore, the boom in cosmetic and personal care industry has led to the growth of caraway seed market. Caraway seed is used in these industries to make serums, cream, and lotions. Caraway seed gives fragrance to the lotions and serums. Furthermore, the rise in awareness about various health benefits of caraway seeds increases its consumption.
The Global Caraway Seeds Market Trends
New Product Launches to Flourish the Market
The launches of new products that contain caraway seeds have been launched by leading market players. To serve the health conscious consumers, market players are producing organic caraway seed. The companies are engaged in making new food &beverages with improved taste by incorporating caraway flavors into it. For instance, in June 2020, Balaram Mullick & Radharaman Mullick franchise launched ‘Immunity Sandesh’ infused with herbs and spices. It is a sweet dish flavored with caraway seed, and turmeric.
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Questions Answered in the Caraway seeds Market Research Report
Key Market Segments
Key Market Players