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Paprika Market size was valued at USD 485.6 million in 2019 and is poised to grow from USD 513.34 million in 2023 to USD 803.8 million by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

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 level. Investing in collaborations, mergers, and acquisitions might provide them with an edge over their competitors. 'Synthite Industries Ltd', 'Olam International Limited', 'The Kraft Heinz Company', 'McCormick & Company, Incorporated', 'Everest Spices', 'Baria Pepper', 'Univar Solutions Inc.', 'ADF Foods Ltd.', 'Visimex JSC', 'Paprika Oleo's India Limited', 'HORGOS LUHU SPICE CO., LTD.', 'BIO-PAPRIKA Kft.', 'NATURAL SPICES GmbH', 'BATA FOOD', 'Ungerer Limited', 'HalleysBlue', 'Jiaozuo Hengrun Food Co., Ltd.', 'Guangzhou Fung Yue Hang Trading Co., Ltd.', 'Batory Foods', 'Frontier Co-op.'

Increasing demand for spices and oils in the food processing procedure is leading to rising awareness about the health benefits of the natural colouring agents over the artificial one. Growing demand in the specialty food market and ready to eat dishes are propelling the growth of paprika market. The macro-economic factors such as economic growth, changing lifestyle along with rising disposable income favours the demand for paprika in the market. The rise in demand for paprika across various applications such as pharmaceutical, cosmetic, and food for skin and hair care products due to its antioxidant, anti-bacterial, anti-fungal, colourings, and flavourings properties are key factors driving market growth. There is also an increase in demand in food processing as well as an increase in awareness for natural colorants that offer a variety of benefits.

Paprika possesses unique anti-depression, anti-inflammatory, antioxidant, and anti-aging properties and this will steer the market trends. It is also utilized in treating cancer, arthritis, dysentery, and nausea. These features will provide added advantage to the market. Changing food habits and life patterns along with massive demand for spicy flavors will increase the utility of the product within the span of the next few years. Furthermore, growing consciousness about natural coloring agents providing numerous health advantages to consumers will result in market growth in coming years.

Europe held the largest 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.

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Global Paprika Market

Product ID: SQMIG15A2358