Capsicum Market Size, Share, Growth, and Global Industry Analysis by Type (Fresh Capsicum and Dried Capsicum), By Application (Daily Cooking, Food Processing Industry, Pharmaceutical Industry, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

CAPSICUM MARKET REPORT OVERVIEW

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The global capsicum market size was USD 4812.4 million in 2021 and is projected to touch USD 7683.19 million by 2031, exhibiting a CAGR of 4.8% during the forecast period.

Capsicum is a pepper that is a genus of flowering plant in the nightshade family, Solanaceae. It is a native to Americas and has a wide variety of names depending upon place and type. The large form is called bell pepper and more piquant varieties are called chillis peppers. The fruit of capsicum helps in reducing swelling and pain. They are fruits of varieties with commercial value that is known by several names such as bell peppers, jalapeño, and pepperoncino.

The growing demand for capsicum is expected to rise due to its various properties such as anti-inflammatory properties. The nutritional properties of the pepper are anticipated to drive the market demand. Robust dietary patterns that consists of foods that are enriched with macronutrients and micronutrients is anticipated to grow the demand. Increasing uses of peppers in cooking and in salads is also anticipated to drive the demand for this market.

COVID-19 Impact: Halt on Food and Beverage Industry to Hamper Market Development

The global COVID-19 pandemic has been unprecedented and staggering, with capsicum experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the capsicum market growth and demand returning to pre-pandemic levels once the pandemic is over. 

The effects of the COVID-19 pandemic are already being felt on a global level, the global capsicum market is noticeably influenced. In 2020, COVID-19 has had a negative impact on many markets. Several countries went into lockdown. With the sudden pandemic, all kinds of businesses observed disruptions. With many restrictions in the pandemic, different types of markets were negatively impacted. Food and beverage industry was impacted significantly as the demand for raw vegetables was reduced due to halting of supply chains. At-home consumption was also limited and out of home consumption was noticeably affected due to disruptions in supply chains and logistics. Impact on agriculture sector affected the crop yields for vegetables and consequently impacted the demand for vegetables.  

LATEST TRENDS

"Trend of Plant-Based Diets to Propel Market Expansion"

Growing trend for the consuming peppers is estimated to increase the growth of the global capsicum market. The trend to consume peppers is due to rising trend for plant-based and gluten-free diets. Awareness regarding the benefits of vegetables and fruits that is driving the demand for plant-based diets. Plant-based foods do not contain gluten and offers an opportunity to eat and make food in a sustainable way. They make a practicable and cost-effective alternative to meat-based diets. The adoption is due to growing vegan population and escalating number of investments and ventures in plant-based food companies. Capsicum is one of the most popular vegetable that is used in cooking and also as a salad vegetable. The augmented trend to eat raw foods has led to generation of innovative food products.  

CAPSICUM MARKET SEGMENTATION

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• By Type

Based on type; the market is divided into fresh capsicum and dried capsicum.

Fresh capsicum is the leading part of the type segment.

• By Application

Based on the application; the market is divided into daily cooking, food processing industry, pharmaceutical industry, and others.

Daily cooking is the leading part of the application segment.

DRIVING FACTORS

"Dietary Benefits to Surge Market Growth"

The global capsicum market growth is anticipated to rise due to rising awareness regarding properties and health benefits. They are high in anti-oxidants and is expected to drive the demand in health conscious consumers. This can boost the recommendations for its usage in the diets of patients with liver, cancer, and cardiovascular diseases. They also have exceptional preservation properties due to their large degree of pungency and deep penetration. High anti-oxidant nature of the peppers predicted to enable the demand for health-conscious consumer base. Such benefits of capsicum are expected to drive the market demand.    

"Varieties of Peppers to Extend Demand  "

The popularity of such vegetables is derived from varieties of the product. There are three types of bell peppers; green, orange, yellow, purple, and red which are used differently in cooking and in eating. Such variety of peppers is anticipated to induce the demand for the pepper. It is also due to different tastes they have and properties. Inclination towards organic products is expected to increase the demand for the product. This is anticipated to augment the demand for such seeds.

RESTRAINING FACTORS

"Decreased Shelf life to Hamper Market Growth"

There are a number of factors that can push the growth of the market. Restraining factors such as presence of various alternatives. They a have very less shelf life which means they can go stale or get rotten very early. Additionally, too much consumption of peppers can cause gastrointestinal disorders which can refrain people from buying them. Such a factors are expected to reduce the demand for the product in the market.

CAPSICUM MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate Market Due to High Production"

Asia Pacific holds the largest part of the global capsicum market share as it is the highest producing region for the product. China is the largest producer of the bell peppers due to growing demand from the region. It also exports bell peppers in high quantities. The region has wide and diverse terrains with high ecological heterogeneity which is attributed to unique pepper consumption. It is due to different cultivation systems and climatic conditions They has diverse bell pepper consumption habits.

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Levarht (Netherlands)
• Lipman Produce (U.S.)
• J&J Family of Farms Corporate (U.S.)
• Pero Family Farms Inc. (U.S.)
• Oakes Farms (U.S.)
• Southern Paprika Limited (SPL) (New Zealand)
• Fruit Farm Group (Brazil)
• NatureFresh™Farms (U.S.)
• Fresh Start Produce Sales (U.S.)
• GK Fresh Greens (India)
• Paprika Oleo's India Limited (India)
• Titan Farms Inc. (U.S.)
• Lewis Taylor Farms (U.S.)

INDUSTRIAL DEVELOPMENT

April 2022: Dutch Company Frestia is planning to expand its snack bell pepper in a new country; Portugal. The expansion is done with keeping in mind the quality of snack peppers grown in the region.  

REPORT COVERAGE

This research profiles a report with widespread studies that take into an explanation of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.