The black pepper market is estimated to reach a valuation of US$ 2,476.4 million in 2024. It is projected to reach a value of US$ 5,432.5 million by 2034, reflecting a CAGR of 8.20% over the assessment period.
When seasoning food, black pepper, a tasty powder spice made from dried and powdered peppercorns, is employed. It is known as the “King of Spices” because of the abundance of antioxidants and other nutrients in it. For new suppliers, the rising demand for peppers offers an attractive market opportunity. In the current market environment, it is projected that the fresh harvest of black pepper will make up 30% to 35% of the market. Black pepper prices will rise in response to increased demand, increasing market vendors’ profit margins.
Because of its widespread use in culinary applications and documented health benefits, the black pepper business is rapidly rising. Black pepper’s therapeutic benefits, such as its anti-inflammatory and antioxidant properties, have grown in popularity as people become more health concerned. The spice’s adaptability in diverse cuisines contributes to its expanding global demand, which is driving market growth.
In addition, black pepper powder is used to make pharmaceuticals. It is frequently applied to the treatment of cancer, pneumonia, and digestive issues. In order to cure scabies, a skin condition, and nerve pain (neuralgia), it is occasionally applied directly to the skin. Black pepper is frequently employed as a painkiller.
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Black Pepper Market: Drivers & Restraints
The black pepper market is directly influenced by the growing processed food industry. The rise in consumption of bakery products, confectionery products, and ready-to-eat and dried food in the developed economies is driving the market for the spice. The recent trend of using natural flavor enhancers has also catalyzed the growth of the global market. In the year 2013-15, the global pepper consumption is estimated at around 400,000 tons and has been increasing steadily. Increasing demand from Far East countries, which have started using more pepper in cooking, has been quite significant in driving the global black pepper market. Growth in the cosmetics industry is also directly influencing the pepper market. Due to the antioxidant and antibacterial properties of black pepper, it is often included in skin care products.
As stated earlier, the market is experiencing a major year-on-year increase in demand for black pepper. But unfortunately, this demand is not backed by adequate supply, which has proved to be a major restraint in this market. This is majorly due to the intensive crop losses in various parts of the world, especially in India & Brazil. Sudden climatic changes and untimely rainfall has significantly led to the fall in the yield of black pepper.
Black Pepper Market: Segmentation
The global black pepper market can be broadly segmented on the basis of; type, end use and application. On the basis of type, the market can be further segmented into – organic and inorganic. Based on end use, the market can be segmented into bakery and confectionery products, frozen products, soups, sauces & dressing, beverages, meat & poultry products, snacks and convenience food, and others. Based of application, the black pepper market can be segmented into food & beverages, health care and personal care & cosmetics.
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Black Pepper Market: Region Wise Outlook
Geographically, the global black pepper market is segmented into seven regions which are ; North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific excluding Japan (APEJ), and Middle East and Africa (MEA) and Japan.
Vietnam, followed by Brazil, India & Indonesia are the leading producer of black pepper in the year 2014 globally.India saw a fall in its average production in the same year. The leverage of large scale production and productivity helps Vietnam growers to offer world’s lowest price tags.
In terms of export, Vietnam leads the market globally. U.S. market continues to be the largest importer of black pepper from Vietnam. While most markets like India, Saudi Arabia, Pakistan, Netherlands, Spain have seen an increase in their imports, except Germany. German market recorded a drop in imports from Vietnam. Thus, with a market share of approximately 50% per cent in the global market, Vietnam has been able dominate the market.
Black Pepper Market: Key Players
Some of the major companies operating in the global black pepper market are Baria Pepper, British Pepper and Spice, Catch, Everest Spices, McCormick, MDH, Agri food Pacific, Akar Indo, Brazil Trade Business, DM AGRO, Gupta Trading, Pacific Production, PT AF, Silk Road Spices, The Spice House, Vietnam Spice Company, Visimex, and Webb James, Olam International Limited.
The report covers an exhaustive analysis on:
- Black Pepper Market Segments
- Black Pepper Market Dynamics
- Historical Actual Market Size, 2013 – 2015
- Black Pepper Market& Forecast 2016 to 2026
- Supply & Demand Value Chain
- Black Pepper Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
- Black Pepper Market Drivers and Restraints
Regional analysis for Black Pepper Market includes
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
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