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Black Pepper Segment to Dominate the Global Black Pepper Market by 2025
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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.
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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Global Black Pepper Market: Forecast by Form
By form segment of the global black pepper market includes, ground black pepper, rough cracked black pepper, and whole black pepper. Of the different forms, in terms of revenue, ground black pepper segment is estimated to dominate the market with 47.7% share in 2016 end. Whole black pepper segment is expected to grow at a CAGR of 6.0% in terms of value during the forecast period i.e. 2017 to 2025.
Global Black Pepper Market: Forecast by Application
Application segment consists of food and beverages, pharmaceuticals and personal care. By application, the food and beverages segment is expected to remain dominant during the forecast period. Food and beverages segment is estimated to account for highest market share of 65.6% in 2016 and is expected to reduce at 61.1% in 2024. The segment is estimated to be valued at US$ 3821.6 Mn by the end of 2024. The segment has been estimated to create absolute $ opportunity of US$ 1497.4 Mn between 2016 and 2024.
Global Black Pepper Market: Forecast by Source
Source segment includes organic and conventional segments. Conventional black pepper segment is estimated to account for highest market share of 82.5 % in 2016 and is expected to lose 1.1 BPS by 2024 as compared to that in 2016. The segment is estimated to be valued at US$ 1055.6 Mn by the end of 2024. Conventional black pepper segment is expected to expand at highest CAGR in terms of both value and volume over the forecast period.
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