Pepper Market to Reach US$ 6,104.7 Mn by 2023
According to a new market report published by Credence Research Inc., “Pepper Market (By Product Type (Black, White and Green), By Application (Food & Beverages, Health Care, Personal Care & Cosmetics and others)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the worldwide pepper market was valued at US$ 3,676.3 Mn in 2015. In terms of volume the global market stood at 410.1 kilo tons in 2015.
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The global pepper market is driven by factors such as rising demand for convenient foods, bakery products and processed foods. In addition, rise in disposable income, changing food consumption patterns, rapid urbanization and rise in meat consumption is escalating the demand of spices and particularly for pepper. Pepper due to its antibacterial and antioxidant properties is also extensively used in health care and personal care & cosmetics industries.
Adulteration is one of the major concerns for the spice industry. All spices whether, rare or common have their particular adulterants that they are mixed while preparation of the spices or entirely substitute the original spices. The black pepper is adulterated with dried seeds of papaya which look exactly like the real black pepper. It is almost next to impossible to detect this adulteration in large quantities of pepper. In the course of steaming process, whole pepper’s volatile oil is extracted and then its seeds are colored and mixed with unutilized pepper seeds in minute ratios.
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The high growth potential in emerging markets and untapped regions which have started using more pepper in cooking, provide new growth opportunities for the market vendors.
The global pepper market is highly competitive with presence of various international and regional players. The market players are adopting various strategies to increase their market position. Some of the key vendors present in this market are Baria Pepper, British Pepper and Spice, Everest Spices, MDH and Catch among others.
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Focus on enhancing new application area for pepper
Untapped and emerging regions provides huge market potential
Rising demand for health and wellness products
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