Categories: Food & Beverages

Black Pepper Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Black Pepper Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Black Pepper Global Market Report 2024, The black pepper market size has grown strongly in recent years. It will grow from $3.61 billion in 2023 to $3.86 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to culinary uses and flavor enhancement, traditional medicine and health benefits, globalization of food culture, growing popularity of ready-to-eat and convenience foods, increasing consumer awareness of natural ingredients.

The black pepper market size is expected to see strong growth in the next few years. It will grow to $4.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising interest in ethnic and exotic cuisines, health and wellness trends driving functional foods, exploration of black pepper in non-food applications, global expansion of foodservice and restaurant chains, sustainable and ethical sourcing practices. Major trends in the forecast period include product innovations, traceability and transparency in the supply chain, culinary exploration and ethnic flavor preferences, focus on sustainable and ethical sourcing, health and wellness positioning in marketing.

The growing penetration of the fast-food industry is expected to propel the growth of the black pepper market going forward. The fast-food industry refers to a segment of the food service sector that focuses on providing quick and convenient meals to customers. Black pepper is a commonly used spice in the fast-food industry for adding to various menu items to enhance flavor and give a spicy kick, versatile spice, a strong flavor, and a natural preservative, which makes fast food tastier. For instance, in October 2022, according to the reports shared by Visual Capitalist., a US-based online publishing company, the US Fast food business’s worth was $331.4 billion in 2022. Furthermore, in 2023, according to Budget Branders, a US-based restaurant products supply company, in the US, people will spend $200 billion on fast food annually, or 2.2% of US people’s fast-food consumption, and 50 million Americans will eat fast food daily. Moreover, the fast-food industry is expected to reach $931.7 Billion in 2027. Therefore, the growing penetration of the fast-food industry is driving the growth of the black pepper market.

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The black pepper market covered in this report is segmented –

1) By Product: Brazilian Black Pepper, Lampang Black Pepper, Malabar Black Pepper, Sarawak Black Pepper, Talamanca Black Pepper, Tellicherry Black Pepper, Vietnamese Black Pepper

2) By Source: Organic, Inorganic

3) By Form: Ground Black Pepper, Rough Cracked Black Pepper, Whole Black Pepper

4) By Distribution Channel: Direct Sales, Supermarket, Convenience Stores, Specialty Store, E-Commerce, Other Distribution Channels

5) By End-Use: Pharmaceuticals, Food And Beverages, Personal Care, Other End Uses

The development of next-generation black pepper extracts is a key trend gaining popularity in the black pepper market. Major companies operating in the black pepper market are developing innovative, advanced black pepper extraction methods to sustain their position in the market. For instance, in March 2023, Natural Innovations Group, an Australia-based biotechnology company, developed PhytoCann BP, a next-generation black pepper extract enhanced with terpenes and other compounds. This makes it a more effective carrier for other ingredients, such as CBD and THC. It is made from black pepper grown in the mountains of Sulawesi, Indonesia. The pepper is extracted using a proprietary process that preserves the beneficial compounds in the pepper. The extract is then titrated with phytocannabinoids and other terpenes to create a product demonstrating cannabinoid activity. Additionally, it has provided such benefits as improved absorption of nutrients, enhanced cognitive function, reduced inflammation, improved sleep quality, and increased energy levels.

The black pepper market report table of contents includes: