USD 485.6 million
Report ID: SQSG15A2055 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 64 | Figures: 75
Global Paprika Market size was valued at USD 485.6 million in 2021 and is poised to grow from USD 513.34 million in 2022 to USD 803.8 million by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).
Paprika is a spice made from grown-up, different varieties of Capsicum annum peppers. These can include sweet bell peppers, hot red peppers, and other varieties in between.
It is the fourth most-used spice around the world. Paprika has excellent anti-inflammatory, anti-aging, antioxidant properties, and anti-depression. It can also be useful in the treatment of cancer, while oleoresin can be used in nausea, dysentery, and arthritis treatments.
It is extensively used in oil and powder forms and is a known to have rich source of carotenoids, antioxidants, natural lipids, and essential vitamins & minerals that help in the formation of new red blood cells (RBCs).
It is also rich in capsaicinoids used for improving cardiovascular and gastrointestinal health. Additionally, the launch of natural paprika powder, which is produced using organic ingredients, is favouring the market growth. Other factors include rising expenditure capacities of the consumers.
US Paprika Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 485.6 million
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Paprika Market is segmented on the basis of type, application, and region. By type, the Paprika Market is segmented into vegetable paprika, spice paprika, colorant paprika, and paprika oleoresin. By application, the Paprika Market is segmented into food, pharmaceutical, and cosmetic industry. By region, the Paprika Market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Paprika Market Analysis by Type
Increasing demand for certified organic paprika oleoresin is contributing to the growth of paprika oleoresin segment over the forecast period. Consumers today expect transparency and accountability of the goods, including details about the ingredients resent in food products.
Rising consumer awareness of positive impact of consuming products that include natural plant-derived extracts is expected to help expand the market size of botanical extracts over the forecast period without compromising on flavour and taste.
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Europe held the largest global paprika market share in 2021. Due to improved production and processing technology, European countries such as the U.K., France, Germany, and Italy are expected to have a rapid pace in the paprika extract market.
North America will show significant growth in the market. The region's expansion is being fuelled by strong demand for spice oils and food coloring products. Rising consumer disposable income, changing lifestyles, and rising demand for convenience foods are all expected to help to the region's market development.
North America is expected to account for a considerable market share throughout the projection period. A diverse set of applications is likely to drive regional market expansion. The region's rapidly developing pharmaceutical, and cosmetics industries are expected to boost product demand.
High entry barriers, owing to the difficulty of registering and large capital commitments, are likely to keep existing producers in fierce competition.
Asia Pacific will occupy large market shares as India imports the majority of the need because of rising demand for paprika, which is used in small amounts in seasoning, tastes, and Perfumes.
Rising consumer disposable incomes, changing lifestyles, and rising demand for convenience meals are all factors contributing to the region's product market growth.
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Paprika Market Driver
Increasing Popularity of Ethnic Food Cuisines will Augment Demand for Paprika in Global Market
Paprika Market Restraint
Restrictions in International Export and Import Policies might Hinder Market Growth
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The market's major players are based in the United States and India. Through product and technological improvements, these companies aim to increase their market share and profitability. The market is expecting entrance of new players in regional and global level. Investing in collaborations, mergers, and acquisitions might provide them with an edge over their competitors.
Paprika Market Top Player’s Company Profiles
Paprika Market Recent Developments
Holistic Benefits of Consuming Paprika will Steer Market Growth
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global paprika market analysis, various companies are focusing on organic growth strategies such as product launches, product approvals, and patents & events. These activities have paved the way for the expansion of business and the customer base of market players. Increasing consumer conciousness of the benefits of ingesting products containing natural plant-derived extracts is likely to aid the market size of paprika during the forecast period without jeopardizing flavor and taste.
|Market size value in 2021||USD 485.6 million|
|Market size value in 2030||USD 513.34 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Paprika Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Paprika Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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