According to a new research report by Global Market Insights Inc., the Black pepper Market size is likely to surpass USD 3.25 billion by 2027 driven by favorable indicators towards the consumption of spices and increasing awareness towards the benefits of black pepper intake.
Increasing demand for vitamin-rich food and development of innovative products by manufacturers in the black pepper market. Rising purchasing power and consumer adoption of health & wellness trends should also propel the market growth.
In addition, manufacturers operating in the black pepper market are investing in research & development as they are continuously launching products that are rich in vitamin and nutrients into the market. This has caught the attention of several international players, resulting in increased competition and product developments. The reasons should support the growth of the global black pepper market.
Numerous medicinal benefits and advent of new technologies should boost the consumption of Brazilian black pepper
Brazilian black pepper was valued at USD 280 million in 2020 and anticipated to witness gains over 5.5 % up to 2027. Brazilian pepper is slightly bitter in taste as compared to other varieties of black pepper. It has immense demand in the pharmaceutical industry owing to its medicinal properties, such as treating depression, hypertension, and urinary tract infection. In countries like Brazil, Peru, South Africa and other tropical region as the product finds widespread usage traditional medicine to cure cold and flu, which is stipulating towards back pepper market growth.
The advert of new technology has revolutionized various industries including, food & beverage and pharmaceuticals. Thereby, manufacturers have extracted essential oil from black pepper which can be used as effective repellent and act as hunger inhibitor. Thus, it is often used by athletes and other consumer for weight loos. Also, increasing demand for product that offer adequate spice & taste to meal along with medicinal benefits is creating lucrative growth opportunity for the market.
Easy availability and affordable prices are likely to fuel the market growth from Inorganic black pepper
The inorganic black pepper market is expected to register a CAGR of 3.5% in the predicted period. Inorganic black pepper is gaining traction owing to numerous key benefits which includes faster production methods, low raw mate rial and production costs. Inorganic black has also wider acceptance in the market as it is affordable and convenient for all types of buyers. It is also used in many foods and cuisine as dressing food items such as soup, salads, stir- fries and many others.
Furthermore, market demand has been fueled by ongoing product innovation and booming food & beverage industry. Consumer’s preferences are always changing over the time, and the market demand varies according to changing preferences. Inability to offers product which has adequate nutrition and taste leads to consumer switching brands. As a result, manufacturers are focused on improving their products in response to ever rising consumer demand.
Increasing prevalence of infectious dieses like COVID & throat infection has spurred the market demand from food & beverage end-use
Global back pepper market from food & beverage end-use industry should surpass over USD 2.50 billion by 2027 owing to increasing prevalence of infectious diseases such as coronavirus, flu, and throat infections. Growing demand for low-cost vitamin A ingredients for food fortification and supplementation purpose by food processing companies and dietary supplement manufacturers is anticipated to augment the synthetic black pepper consumption.
In recent years, the demand for black pepper has witnessed immense growth, as it helps cure congestion, cold and reduce inflammation. Thereby, many consumers have started consuming black pepper directly or in other form such as additive in meals or medicinal drinks called kadha. It is widely preferred by consumer who find it convenient and affordable to purchase these products.
Browse key industry insights spread across 180 pages with 210 market data tables and 16 figures & charts from the report, Black Pepper Market Size by Product (Brazilian Black Pepper, Lampang Black Pepper, Sarawak Black Pepper, Vietnamese Black Pepper, India Black Pepper) By source (Organic, Inorganic) By End use (Food & beverages, Pharmaceuticals, Cosmetics)”, in detail along with the table of contents:
Asia Pacific is gaining traction owing to increasing demand for functional food
Asia Pacific is projected to gain traction at a CAGR of 3% through 2027. Consumers exhibit gradual inclination to spices, which are nutrient-rich & minerals and protect them from diseases. Black pepper is rich in Vitamin A, Vitamin B-6 and magnesium. Black pepper helps prevent cancer, as it is rich in vitamins, antioxidants, flavonoids, and carotenes which helps in fighting cancer-causing free radicals. In addition, the rising demand for functional food & beverage should support the black pepper market growth.
A shift in culinary preferences has been witnessed and consumers are eager to try out new products, which taste good and are of high nutritional value. Millennials are responsible for the trend, as they are usually willing to experiment and try out innovative products and are willing to pay premium prices. Industry players are targeting this consumer demographic as a part of their marketing strategy. The continuous innovation in taste, and texture facilitates surpassing sales of natural and synthetic black pepper products. Additionally, rising trend of trying out different ethnic cuisines such as Indian, Thai and others are also stipulating towards market growth.
Key manufacturers in the black pepper industry are investing in several activities, such as mergers, acquisitions, collaborations, and research & development, as the products find an array of applications in the market including cosmetic, pharmaceutical, food and beverage. Some of the major manufacturers in the market are Givaudan Schweiz AG, The Lebermuth Company Inc., Baria Pepper, doTERRA International, and DS Group.