According to the latest report by IMARC Group, titled “Paprika Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global paprika market grew at a CAGR of around 5% during 2015-2020. Paprika is a mild red condiment made from dried finely ground pods of various sweet peppers. It provides essential nutrients, including calories, proteins, fats, carbs, fiber, iron, and vitamins A, E, and B6. It also comprises several antioxidants, such as carotene, capsanthin, zeaxanthin, and lutein. Consequently, it is widely utilized in the treatment of chronic illnesses, including heart diseases and cancer.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Paprika Market Trends:
At present, there is a considerable rise in the employment of paprika in the food and beverage (F&B) industry across the globe. This represents one of the key factors strengthening the growth of the market. As paprika offers high stability, it is widely utilized in fried and cooked food at high temperatures. It also finds application as an alternative to whole-ground spices without compromising the flavor. Apart from this, as paprika has several anti-inflammatory, analgesic, anti-obesity, anti-aging, and anti-depression properties, it is used in the pharmaceutical industry for the production of drugs that assist in reducing pain, anxiety, and stress. Furthermore, due to increasing concerns about artificial ingredients used in the manufacturing of cosmetics, there is an increase in the demand for organic cosmetic products. This has positively influenced the adoption of paprika as a pigment in the cosmetics industry. Other significant factors, including inflating income levels, changing lifestyles and the escalating demand for convenience foods, are propelling the market growth. Looking forward, IMARC Group expects the market to experience moderate growth during the forecast period (2021-2026).
- Based on the product, the market has been segmented into vegetables, spice powder, paprika oleoresin, and others.
- On the basis of the application, the market has been divided into food, pharmaceuticals, cosmetics, and others.
- Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (Australia, China, South Korea, India, Japan, Indonesia, and others); Europe (the United Kingdom, Spain, Germany, Italy, France, Russia, and others); Latin America (Mexico, Brazil, and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Chr. Hansen Holding A/S, Extractos Vegetables, S.A., International Flavors & Fragrances Inc., Mane Kancor Ingredients Private Limited, Naturex S.A., Plant Lipids Private Limited, Synthite Industries Ltd., Givaudan SA, and Unilever PLC.
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