Capsicum Market Size, Share & Trends Analysis Report By Form (Powder, Oleoresin, Whole), By End-use (Food, Pharmaceuticals, Cosmetics), By Region, And Segment Forecasts, 2023 - 2030

Capsicum Market Size, Share & Trends Analysis Report By Form (Powder, Oleoresin, Whole), By End-use (Food, Pharmaceuticals, Cosmetics), By Region, And Segment Forecasts, 2023 - 2030

Capsicum Market Growth & Trends

The global capsicum market size was estimated at a value of USD 138.69 billion in 2030, expanding at a CAGR of 8.0% from 2023 to 2030, according to a new study by Grand View Research Inc. The rising health consciousness is driving the demand for the product. Additionally, the doctor-recommended inclusion of capsicum in the diets of patients with liver disease, cardiovascular diseases, and cancer is expected to boost the demand.

The COVID-19 pandemic has unsurprisingly affected the consumption of capsicum. The supply chain turned to logistical pandemonium when the country went into a drastic nationwide shutdown. The same holds true within the food and beverage industry. Despite these obstacles, the industry has been able to adapt and keep up with customer demands.

The whole form segment generated a revenue of more than USD 39,148.1 million and a volume of 62,330,193.9 tons in 2022. It is anticipated that the product's growing significance as an important source of various nutritional components, such as vitamin A and vitamin C, will continue to be a positive element over the coming years. Additionally, the catering and food industries are the main drivers of demand for whole capsicums. In restaurants, the capsicums are frequently served fresh as snacks in soups or salads, adding a fresh flavor and a crunchy texture.

The food segment held the largest revenue share more than 81.1% and a volume share of 85.7% in 2022. The food & beverage industry is the largest consumer of capsicum. More and more of the most innovative food items in the world now contain capsicums as an ingredient. Moreover, increasing income and changing lifestyles are some other factors driving the market growth. Furthermore, customers' purchasing habits are dramatically impacted by growing health concerns.

Asia Pacific led the market in 2022 with around USD 52,431.6 million and 39,222,230.3 tons of revenue and volume, respectively; due to urbanization in developing nations like China, Far East Asia, and Australia, increasing disposable income, and population growth. A major driver for the market's expansion is consumers' growing desire for nutritious products. The market has benefited from the change to a healthy and innovative strategy brought about by the growing trend of leading a healthy lifestyle is projected to have a positive impact on growth.

Some of the leading manufacturers are Levarht, Lipman, J&J Family of Farms Corporate, and International, and Pero Family Farms Inc. Market leaders are enlarging their geographic reach to capture a disproportionate part of the market. It is anticipated that developing strategies and working with customers to create new goods will continue to be crucial success factors. Companies are also focusing on new product launches, expansion, automation, and technological adoption.

Capsicum Market Report Highlights

• The whole form segment dominated the market in 2022. It is anticipated that the product's growing significance as a significant source of numerous nutritional components, such as vitamin A and vitamin C, will continue to be a positive element in the coming years
• The food segment held the largest revenue and volume share in 2022. The food & beverage industry is the largest consumer of capsicum. Moreover, the increasing income and change in lifestyle are other factors driving the growth
• Asia Pacific led the market in 2022, due to urbanization in developing nations like China, Far East Asia, and Australia, increasing disposable income, and population growth in the region

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