Capsaicin Market: Current Analysis and Forecast (2023-2030)
Emphasis on Product (95% Purity, Others); Application (Food, Medicine, Cosmetics, Pesticides, Others); and Region/Country
The Capsaicin market was valued at USD 385 million in 2022 & is expected to grow at a CAGR of 5% from 2023-2030 Capsaicin is responsible for the spicy sensation in these peppers and is widely used in various industries due to its unique properties. Capsaicin is used in a variety of applications, including food and beverages (spices, hot sauces, and seasoning blends), pharmaceuticals (topical analgesics and pain relief creams), and personal care products (such as creams and patches for muscle pain relief). The growing demand for capsaicin can be attributed to in the food, beverage, and personal care industries, there has been a significant shift towards using natural ingredients around the globe. For instance, in 2021, BioThrive Sciences, a contract manufacturer and private labeler based in the United States, announced a strategic partnership with a leading supplier of capsaicin extracts. This partnership aimed to strengthen BioThrive Sciences’ portfolio of natural and plant-based ingredients and to meet the rising demand for capsaicin-based products in the North American market. Owing to the glaring statistics growth of genetic disease across the globe would contribute to the growth of the market in the forthcoming period as well. Furthermore, the Capsaicin market is anticipated to grow on account of its use in agriculture as a natural pesticide due to its insect-repellent properties. Moreover, ongoing research and studies on capsaicin’s potential health benefits have led to a growing demand for capsaicin market. However, some of the restraints in the market including the supply chain vulnerability and health and safety concerns are impeding the growth of this market all over the world.
Some of the major players operating in the market include Yunnan Honglv, Tianjin Shennong, Henan Bis-biotech, Great Forest Biomedical, Synthite Industries, Chenguang Biotech Group, Naturite Agro Products, Paparika Oleo’s, AOS Products, Alps Pharmaceutical. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, the 95% purity segment held a significant share of the market in 2022.”
Based on product, the market is segmented into 95% purity and others. Among them, the 95% purity segment captured a significant share of the market in 2021. The pharmaceutical industry is one of the significant drivers of the 95% purity capsaicin segment. Capsaicin, when used for medical purposes, such as topical analgesics and pain relief creams, needs to be highly purified to ensure its safety and efficacy. Higher purity levels in capsaicin are preferred in these applications to minimize potential side effects and improve therapeutic benefits.
“Amongst application, the medicine segment held the higher CAGR in the market in 2022.”
Based on the application, the market is bifurcated into food, medicine, cosmetics, pesticides, and others. Among them, the medicine segment is expected to grow at a higher CAGR in the market. Capsaicin has demonstrated analgesic properties, making it an effective natural pain reliever. When applied topically, capsaicin interacts with pain receptors on the skin, leading to a temporary reduction in pain signals. This makes it an attractive alternative to traditional pain medications, especially for conditions like arthritis, muscle pain, and neuropathic pain.
Capsaicin Market Report Coverage
“North America dominated the Capsaicin market in 2022.”
North America, particularly the United States, is a hub for biotechnology and pharmaceutical research. the increasing demand for natural and plant-based ingredients in various industries, including food, pharmaceuticals, and personal care in this region. Moreover, the growing interest in spicy and ethnic cuisines in North America has driven the demand for capsaicin-rich products. Consumers are increasingly embracing spicy flavors, leading to the incorporation of capsaicin in various food products, such as hot sauces, snacks, and ready-to-eat meals. For instance, Chosen Foods, a North American company known for its avocado-based products and healthy condiments, launched a new line of hot sauces in 2021. The hot sauce line includes several flavors with varying levels of heat, some of which contain capsaicin from chili peppers. This move was a response to the increasing demand for spicy condiments and demonstrated the company’s commitment to catering to changing consumer tastes.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Capsaicin market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Capsaicin Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Capsaicin market were the three major steps undertaken to create and analyze the adoption of Capsaicin in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Capsaicin market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Capsaicin market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Capsaicin market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Capsaicin market. Further, we conducted factor analysis using dependent and independent variables such as product and application of the Capsaicin market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Capsaicin market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Capsaicin market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Capsaicin market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Capsaicin market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Capsaicin market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product and application in the global Capsaicin market.
The main objective of the Global Capsaicin Market Study
The current & future market trends of the global Capsaicin market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Capsaicin market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product and application
- Define and analysis of the regulatory framework for the Capsaicin industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Capsaicin market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Capsaicin market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Related Reports
Customers who bought this item also bought
Antibiotic Resistance Market: Current Analysis and Forecast (2024-2032)
Emphasis on Disease Type (Urinary Tract Infections, Intra-Abdominal Infections, Blood Stream Infections, Clostridium Difficile Infections, And Others); Pathogen Type (Acinetobacter baumannii, Pseudomonas aeruginosa, Staphylococcus aureus, Streptococcus pneumoniae, and Others); Drug Class (Oxazolidinones, Lipoglycopeptides, Tetracyclines, and Others); and Region/Country
October 8, 2024
