Paprika Market Is Projected To Surge At A CAGR Of Over 5.8% During 2022 to 2030
According to forecasters at Zion Market Research, The Global Paprika Market Size accounted for USD 485.6 Million in 2021 and is projected to occupy a market size of USD 803.8 Million by 2030 growing at a CAGR of 5.8% from 2022 to 2030.
Paprika is having excellent anti-aging, anti-inflammatory, antioxidant, and anti-depression properties. Paprika can also be helpful for cancer therapy; while oleoresin can be utilized in dysentery, nausea, and arthritis treatments. A number of applications include flavors, food & beverages, pharmaceuticals, and other segments. Other applications consist of sauces, confectionery, meat canning, perfumery, and as a base in different seasoning applications. Applications, like beverages, perfumery, and pharmaceuticals, have shown substantial growth in the last few years and this trend is estimated to persist in the coming few years.
Higher Demand For Product In Developing Countries To Boost The Global Paprika Market
The growth of the global paprika market is attributed to factors, like increasing disposable proceeds and high product demand from the emerging economies. Paprika chiefly consists of non-volatile resinous fractions and volatile essential oils containing the flavor of the spice. Regarding food and flavor formulation, paprika can be utilized as a promising substitute for whole ground spices without altering the flavor. This states that the product to be utilized in applications, like sauces, meat canning, bakery, and beverages. The high entry obstacles, due to the difficulty in listing and heavy capital investments, are projected to uphold intense competition amongst the obtainable manufacturers. The major aspect behind the development of the paprika market is rising demand for oils and spices in the food processing, augmenting awareness concerning the health benefits of the normal coloring agents over the artificial one, and amplifying demand in the ready to eat dishes and specialty food market.
The global paprika market is segmented based on type, end-user, and geography. Based on the type, the market is divided into spice paprika, paprika oleoresin, colorant paprika, vegetable paprika, and others. On the basis of end-user, the market is divided into pharmaceutical industry, food industry, and cosmetic industry.
The Europe Region Is Projected To Record The Major Share In The Global Paprika Market
Based on the geographical analysis, the global paprika market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Regionally, Europe holds the maximum share of paprika market and it is projected to rule the global paprika market in the forecasted period. Owing to the advanced processing and production technology, European nations like the U.K., Germany, France, and Italy are likely to have a fast pace in the paprika extract market. The Asia Pacific and North America regions reported major growth in the market.
Some of the major players in the market are -
- Chr. Hansen Holding A/S
- Synthite Industries Ltd.
- Plant Lipids
- Ungerer & Company Unilever Food Solutions
The global paprika market is segmented as follows:
By type:
- Vegetable paprika
- Spice paprika
- Colorant paprika
- Paprika Oleoresin
- Others
By end-user:
- Food Industry
- Pharmaceutical Industry
- Cosmetic Industry
By region:
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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