Pepper Market

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Global Pepper Market is valued at USD 4.5 Billion in 2021 and is projected to reach a value of USD 5.3 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 2.5% over the forecast period.

Pepper is a flowering vine that belongs to the family Piperaceae and is often cultivated for its fruit, known as a Pepper corn. They are often dried and used in the form of spice and seasoning. Pepper is a stonefruit about 5 mm in diameter and available in a dark-red color. The global Pepper market is expected to widen its scope during the forecast period owing to rising product innovations combined with innovative packaging. Additionally, black Pepper is utilized in essential oils, sprays, and fragrances. Increasing the application of Pepper within various end-use industries, such as personal care products and food & beverage, will increase revenue exponentially.

Rising health benefits such as weight loss, promoting good skin health, helping digestion, and reducing irritation will further lead to sustainable market growth. Studies have further indicated that Pepper can promote good dental health and help consumers reduce their smoking habits. The intensity of people's smoking cravings before and after smelling black Pepper oil was measured and indicated that it could reduce nicotine cravings. Increased consumption of Pepper within Eastern nations has also increased, which will fuel the growth of the global Pepper market during the forecast period.

Growing consumer awareness of synthetic ingredient additives is expected to fuel the sales of organic Pepper. The increasing population of health-conscious people combined with rising demand for clean-label products will further widen the sales of the global Pepper market during the forecast period. Rising consumption of food fortification that provides provitamin A source within various food processing industries such as food and beverage will encourage sustainable market growth. The increasing presence of online retailers will open the market towards increased sales due to ease of convenience and wider product availability.

Economic Insights

From September 2020 to March 2022, the initial phase of the global pandemic, the US recession likelihood was essentially negligible. In April and May, the probability of a recession fell to 30% and 50%, respectively. This raised the likelihood of a US economic recession. Different recession models are also used to predict when an economic downturn will finish. According to these forecasts, the quick shortage before recessions finish will decrease to 70%. Early in 2022, as the protracted crisis between Russia and Ukraine started to play out, the world economy started to move towards faster development. The chance of a stable expanding state has been drastically reduced by this protracted battle.

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1. Increase Online Retail to Widen Product Value: The rising number of online retailers worldwide will push the market towards increased sales. Retailers and manufacturers are shifting towards online marketing to extend their consumer base. Studies have indicated that consumers are willing to pay a larger sum for a wider product portfolio combined from the comfort of their own homes.

2. Rising Medical and Therapeutic Benefit: Rising demand for healthy and natural products is expected to fuel the growth of the Pepper market. Studies have indicated that consuming black Pepper as a dietary supplement will promote the absorption of nutrients such as minerals, vitamins, and potassium. Additionally, Pepper can also help regulate hydrochloric acid within the stomach.

3. Increasing Utilization within Beauty and Skin Care Products: When Pepper is used in beauty and personal care products, it provides skin exfoliation and deformation. Additionally, it can also prevent acne in some cases and avoid the formation of wrinkles. Pepper is also finding its way into hair care products like shampoos and conditioners. Studies have indicated that Pepper-based products can make hair shiny and smooth and help reduce dandruff.

4. Widely Acceptance of Taste: Pepper is often received as the "King of all spices" Countries such as the U.K., Germany, France, Italy, and the Netherlands have begun incorporating Pepper as a staple dish within their cuisines because of its distinctive taste.

5. Increased Usage Among Ayurvedic Products: Increasing consensus has formed around Ayurvedic practitioners that Pepper contains various carminative properties and can help reduce flatulence. In fact, among many traditional Chinese medicines, black Pepper is often used for treating epilepsy. Modern medicine has also indicated various benefits of Pepper, primarily because of an alkaloid known as piperine. Piperine is a chemical that imbues Pepper with its intense flavor and acts as a potent antioxidant.

Market Segmentation

The global Pepper market can be categorized on the following: Nature, Product Type, Application, Form, and Regions. Based on nature, the market can be categorized into organic and conventional. By product type, the market can be segmented across white Pepper, black Pepper, green Pepper, and red Pepper. In terms of application, the market can be fragmented across food and bever, personal care products, and others. By form, the market can be split between whole Pepper and powdered Pepper age. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Nature

Organic Pepper to Dominate Market Owing to Rising Number of Natural and Plant-based Products

Organic Pepper is expected to dominate the global market during the forecast period. The global population is inclining towards natural, plant-based, and vegan products, thereby fuelling segmental growth. Additionally, a recent study has indicated a change in consumer spending patterns. The ongoing trend of expanding health standards and the rising number of people looking for "free form" items will further add to the segmental growth. The segment of conventional Pepper is expected to grow with the fastest growing CAGR during the forecast period owing to rising consumption of Pepper within the East nations for cooking and rising pre-treated within the foodstuff business.

Based on Product Type

Black Pepper to Occupy Largest Market Share Owing to Widening Medical Properties

Black Pepper is expected to dominate the global market and register the highest sales and revenue during the forecast period. Rising medical benefits such as antioxidants and anti-inflammatory properties combined with rising consumption of ready-to-eat food products will widen segmental growth. Increasing government support for the production of Pepper and the rising integration of black Pepper within personal care products, including soaps and toothpaste, because of its antiseptic properties will increase the footprint of black Pepper. Red Pepper is expected to grow with the fastest growing CAGR owing to rising demand for confectionary and bakery products and rising usage of black Pepper within beauty products.

Based on Application

Food & Beverage to Grow to Dominate Largest Market Share While Personal Care Products to Grow with the Fastest Growing CAGR

Food and beverage will dominate the global Pepper market during the forecast period. White Pepper is extensively used within the F&B sector as it is considered a versatile spice and has many applications ranging from seasoning to flavoring. Also, an ongoing trend of plant-based proteins combined with the rising population of health-conscious people will further widen the segmental growth. The rising availability of sustainable-based products and the tangible flavor that Pepper provides in the form of earthy, mild, and slightly sweet taste will further enable food and beverage manufacturers to increase the utilization of Pepper within their products. Personal care products will grow with the fastest growing CAGR owing to the rising utilization of Pepper for various skin care products.

Based on Form

Powdered Pepper to Dominate Sales Due to Increased Applications for Cooking Based Solutions

The segment on powdered form of Pepper is expected to dominate the global Pepper market. Powdered Pepper is utilized on a larger scale owing to increasing utilization within sauces and dressing, frozen food products, beverages, bakery and confectionery products, and meat and poultry products. Additionally, powdered Pepper is also used for cooking purposes and many food products as they give a hot and spicy taste. Whole Pepper is expected to grow with the fastest growing CAGR during the forecast period owing to increasing purchasing from various end-use verticals.

Based on Region

North America to Dominate Global Landscape Due to Rising Consumption of Ethnic Cuisine

The global Pepper market is expected to dominate the largest market share within the North American region, owing to increased consumption of ethnic cuisine. Expanded market growth is also expected as various regional food service chains in the form of Italian, Mexican, and Chinese QSR will grow in number. This trend will contribute to North America's black and white Pepper market. Black Pepper is utilized extensively in confectionery and bakery products. Various studies have indicated that black Pepper is one of the healthiest spices and seasonings. Rising health awareness for black Pepper in the form of improved hydrochloric acid secretion within the stomach will also aid a sustainable North American black Pepper market.

Asia Pacific will grow with the fastest-growing CAGR during the forecast period. Factors including the rising geriatric population within the region will increase demand for dietary supplements. This will fuel a widened market growth. Studies have indicated that consuming black Pepper will lead to the absorption of nutrients, including calcium and selenium.

Competitive Landscape

The global Pepper industry is full of players dominating a larger market share owing to their superior production capabilities. Several players in the market are focused on increasing their market share by adapting a wide range of strategic developments such as mergers and acquisitions. Additionally, manufacturers are focused on improving their crop yield so they can be sold at a higher price for increased profit margins.

The key players in the global Pepper market include - Everest Spices (India), MDH Spices (India), Gupta Trading Company (India), SAIGON HANOI IMEXCO LTD (Vietnam), British Pepper & Spice Co Ltd (U.K.), McCormick & Company Inc. (U.S.), Olam International (Singapore), Intimex Group (Vietnam) among others.

Recent Market Developments:

· September 2021: Mane Kancor announced the opening of a new, highly equipped modern innovation center at Angamaly. This acquisition was done as a part of their dedicated investment in developing new workspaces, new plants and technologies, IPOs, and an overall expansion across all its vectors.

· June 2020: Ajinomoto Co., Inc., a leading player in the food and amino acid company, announced that they were acquiring Granules OmniChem Private Ltd. to strengthen their biopharma position, especially in Asia Pacific.

Segmentation of the Global Pepper Market