Capsaicin Market Share

North American Market Forecast

The market in North America is estimated to grab the largest share and witness noteworthy growth over the forecast period. This can be attributed on the back of the increasing number of fast-food chains and the growing consumption of exotic foods in the region. In addition, well-established healthcare infrastructure and high medical spending in the region are also projected to drive the region’s market growth in the coming years. As per the Centers for Medicare and Medicaid Services, U.S. healthcare spending grew 4.6 percent in 2019, reaching USD 3.8 trillion or USD 11,582 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent.

The market in Latin America is anticipated to gather a significant share during the forecast period. This can be attributed to the large-scale cultivation of some of the spiciest chilies around the world, and the presence of climatic conditions in the region favoring the growth of different types of pepper. In addition, the rising demand for pain reliever tubes & patches is another significant factor expected to drive the growth of the capsaicin market in this region in the forecast period. Capsaicin has pain-relieving, analgesic, and anti-inflammatory properties that are required in the manufacturing of pain-relieving tubes and patches. As a result, capsaicin is widely used in making pain-relieving medicines and used in the pharmaceutical industry in this region.

APAC Market Statistics

The market in the Asia Pacific region is expected to see significant growth in the forecast period. This can be ascribed owing to the region's large population and increasing demand for spicy foods. Capsaicin is primarily obtained from chili pepper and is widely used in the production of spicy additives. The region is also home to major capsaicin-producing countries, such as China and India. Besides, its application can be widely seen in the food and beverage industry in the region owing to its application as a flavoring and coloring, and natural food coloring agent.