Press release
Rising adoption of black pepper market in bakery and confectionary products
Rising number of mergers and acquisitions
Growing strategic acquisitions among major players will have a significant impact on growth of the global market for black pepper. Big companies in black pepper market are focusing on mergers and acquisitions to increase their product portfolio. For instance, McCormick & company has purchased 100% of the shares of Botanical Food Company- a privately held company based in Australia that manufactures and sells the Gourmet Garden brand of packaged herbs . McCormick acquires Italian flavoring company for $127 million.
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Product innovations especially for black pepper powder/oil
Black pepper is known as king of spices and there is lot of scope for new product innovations in black pepper market. Manufacturers are focusing on continuous new product innovations such as essential oils, black pepper spray and fragrances. They are also focusing on innovative packaging of black pepper powder.
Increasing applications of black pepper
Black pepper is great addition to one’s diet and is one of the healthiest spice one can ever find. The increasing application of black pepper in various industry are increasing day by day. There are various health benefits of black pepper such as weight loss, promotes skin health, helps in digestion, reduces irritation, improves the dental health and are also used in cosmetic and personal care industry . Black pepper oil could help the consumer to quit smoking. In a study it was measured that the intensity of people’s smoking cravings before and after smelling black pepper oil for two minutes is different. The results showed that the oil could effectively reduce nicotine cravings.
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Rising adoption of black pepper in bakery and confectionary products
Black pepper is one of the healthiest spice among all the spices and seasonings. Now a days rising adoption of black pepper in bakery and confectionary products such as cakes, chocolates, and snacks is fuelling the growth of global black pepper market. For example, black pepper is used in rosemary bread, garlic bread and other bakery products.
Increasing inclination of consumers towards seasonings in their diets
Black pepper is the most pungent and flavorful of all types of peppers. It also helps to increases the hydrochloric acid secretion in the stomach, thereby facilitating digestion. Consumers are adding black pepper seasonings in their food to increase flavor and taste, worldwide. It is used in different cuisines around the world in both whole and grounded form. Now a days as the trend of using natural seasonings is rising, the demand for black pepper is increasing.
Future roadmap of ground/whole black pepper segment
The black pepper market demand for ground segment is increasing as manufacturers are rapidly producing new verities in seasonings and blends to increase their product portfolio. The demand for whole black pepper is more in the APAC region because of Vietnam, Indonesia and India having their own production and manufacturing centers, which are rapidly working towards the production of high quality black pepper and essential oil. The segment has been estimated to create absolute $ opportunity of more than US$ 1000 Mn between 2016 and 2024.
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Global Black Pepper Market: Overview
The optimistic scenario of global black pepper market is estimated to record the growth at a CAGR OF 7.2% to be valued at more than US$125 Mn. However, according to the conservative scenario the market may record a CAGR of 5.9% to be valued at little more than US$ 115 Mn by the end of 2024. In 2017, global black pepper market is estimated to be valued at more than US$ 3,700 Mn, which is estimated to increase at a CAGR of 6.1% over the forecast period to reach more than US$ 5,700 Mn by the end of 2024.
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