Selbyville, Delaware, March 02, 2022 (GLOBE NEWSWIRE) -- As per the latest research report by Global Market Insights Inc., the Black Pepper Market was estimated at USD 2.45 billion in 2020 and is expected to reach a valuation of around USD 3.25 billion by 2027, registering with a CAGR of 3.5% from 2021 to 2027. The report gives a detailed analysis of market size & estimations, drivers & opportunities, competitive scenario, top winning strategies, wavering market trends, and major investment pockets.
Black pepper finds extensive usage as medicine to treat diseases related to the digestive and respiratory tracts caused by viral infections, such as chronic indigestion, asthma, acute respiratory infection, and fever. Rising awareness pertaining to the health benefits of black pepper is speculated to support market growth through the forecast timeline.
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Lampang black pepper provides pine and citrus aromas, along with other health benefits like anti-cancer properties, and supports good digestion and weight loss. These beneficial properties have boosted product demand significantly. Driven by these factors, the black pepper market size from the Lampang black pepper product segment is foreseen to grow at a CAGR of above 2.5% over the estimated period.
Key reasons for black pepper market growth:
- Growing usage in personal care products.
- Rising demand for Lampang black pepper.
- High adoption in pharmaceuticals industry.
- Increasing healthcare applications in Europe.
2027 forecasts show ‘pharmaceuticals’ segment retaining its dominance:
Based on end use, the pharmaceuticals segment is expected to see robust growth to reach a valuation of about USD 485 billion by 2027. Black pepper is widely used in the pharmaceutical industry due to its numerous health benefits for skin, heart, and eye development. It also has zinc, potassium, magnesium, and other vitamins like niacin, riboflavin, thiamin, and vitamin B6. These nutrients help in regulating high blood pressure and heart rate, and producing red blood cells, among others. Moreover, mounting consumption of black pepper through diverse sources is known to reduce cancer risk, which is slated to boost segmental growth through the study timeframe.
Meanwhile, the cosmetics end-use segment is anticipated to observe considerable expansion by 2027, progressing at more than 4.5% CAGR over the review timeline. Climate change has led to an increase in demand for personal care products like skin care, hair care, and other products, which is calculated to impel segmental uptake over the following years.
Europe to maintain top status in terms of revenue:
In the regional landscape, the Europe black pepper market is projected to showcase notable growth at a CAGR of approximately 4% through the forecast period on account of the expanding pharmaceutical sector, growing geriatric population, and increasing healthcare expenditure in the region. Additionally, mounting consumer preference for healthier lifestyles in order to receive optimal nutrition and prevent diseases has caused an upsurge in nutraceutical consumption among health-conscious customers, which is likely to fuel regional market growth in the future.
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Impact of COVID-19 pandemic on black pepper market:
Black pepper is considered a good source of piperine that helps bolster the plasma level of coenzyme Q10. It also increases lipid per oxidation, enzymatic activity, bioavailability enhancer, antioxidant, immunomodulatory effect, and WBC count, and inhibits adipogenesis. Notably, the bioavailability effects of piperine increase the level of catechin and curcumin in plasma and plays a crucial role in preventing the entry of the novel coronavirus in cell. As a result, growing focus on the use of black pepper in the prevention of several diseases, particularly COVID-19, has been favorable for market growth during the pandemic.
Leading market players:
Key firms operating in the global black pepper industry are Kancor Ingredients Ltd., Webb James Srl, Ajinomoto Co., Inc., Olam International, and The British Pepper & Spice Co., Ltd., among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
