Paprika Market (By Product: Vegetable, Spice Powder, Paprika Oleoresin, Others; By Application: Food, Pharmaceuticals, Cosmetics) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026

Introduction

The international paprika market’s value is all set to reach USD 621.5 million by 2026 and the market is predictable to showcase a CAGR of 6.0% during the estimate years.

Market Dynamics

Rising mindfulness with respect to the medical advantages of paprika is relied upon to drive the market. The oleoresin segment drove the worldwide business and comprised over 36% of the complete piece of the overall industry in 2018. A segment of the main organizations, for example, Ungerer and Company, Synthite, Chr. Hansen Holding A/S, and Unilever Food Solutions, offer a wide scope of paprika. Other crucial market players incorporate Ingredients Naturales Seleccionados, EVESA and Kancor Ingredients Limited. Rising need for colorants combined with normal flavours has moved the demand for paprika over the world.

Paprika are utilized in F&B applications, for example, squeezed orange, cheeze, flavor blends, sauces, flavouring material in cheap food, emulsified process meats, and desserts. They help in giving a particular shading surface to nourishment items. Paprika oleoresins are broadly utilized as characteristic enhancing in meat items, cheese, popcorn oil, and cheddar sustenance coatings. Paprika likewise find wide applications in pharmaceuticals division. They help diminish agony, tension, and stress when utilized in appropriate fixations. Paprika additionally have characteristic properties, for example, pain relieving, calming, and hostile to heftiness properties and can likewise be utilized in anti-cancer treatments.

Market Insights

Paprika have various features such as anti-aging, anti-inflammatory, anti-depression, and antioxidant properties. Paprika can likewise be valuable in the treatment of malignant growth; while oleoresin can be utilized in sickness, dysentery, and arthritis treatments. Significant applications incorporate food & beverages, flavours, pharmaceuticals, and others. Different applications incorporate meat canning, sauces, candy parlour, perfumery, and as a base in different flavouring applications. Applications, for example, perfumery, drinks, and pharmaceuticals, have seen a significant development in the ongoing past and this pattern is anticipated to proceed sooner rather than later.

This development can be ascribed to factors, for example, increasing disposable income and high product demand in the emerging nations. Paprika fundamentally comprises of volatile essential oils and non-volatile resinous fractions parts containing the kind of the flavour. Regarding flavour and sustenance plan, paprika can be utilized as potential substitute for entire ground flavours without changing the flavour. This makes ready for the product to be utilized in applications, for example, meat canning, sauces, refreshments, and pastry shop. The market is portrayed by vertical incorporation over every segment of the value chain.

Market Segmentation

Market By Product

• Vegetable
• Spice Powder
• Paprika Oleoresin
• Others

Market By Application

• Food
• Pharmaceuticals
• Cosmetics

Market By Geography

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Chile
  • Rest of Latin America
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia
  • Rest of MEA

Regional Insights

Europe is considered as one of the main regional markets pursued by Asia Pacific and North America. Strong demand for zest oils combined with sustenance shading products is the key factor boosting the district's development. Moreover, ascend in consumer disposable income, evolving ways of life, and expanding demand for convenience foods are probably going to adding to the market advancement in the region. Rising changing lifestyles, customer dispensable livelihoods, and expanding demand for comfort sustenance are adding to the improvement of the product market in the region.

In spite of the fact that Spain is the significant maker in the region, the majority of the need is satisfied by imports from India. North America is anticipated to represent a critical market share over the gauge time frame because of heightening need for paprika that are utilized in flavouring, flavours, and scents small amounts. Subsequently, wide scope of uses is relied upon to fuel the territorial market development. Quickly growing pharmaceuticals and makeup enterprises in the district are likewise assessed to goad the product demand during the estimate period.

Market Participants

Plant Lipids, Synthite Industries Ltd., Ungerer & Company Unilever Food Solutions, and Chr. Hansen Holding A/S.are significant companies operating in the worldwide paprika market.