Capsaicin Market Trends
Growth Drivers
- Increasing Demand for Capsaicin-Spiced Products Worldwide – Capsaicin is widely used in food products to add flavor and coloring agents to the food. Additionally, the demand for capsaicin-spiced food is expected to drive the growth of the capsaicin market in the forecast period. Chili pepper production is steadily increasing globally. According to the United Nations Food and Agriculture Organization (FAO), global pepper production in 2019 reached 38.9 million tonnes.
- Growing Prevalence of Musculoskeletal Disorders – The increasing presence of musculoskeletal disorders is estimated to drive the growth of the capsaicin market in the forecast period. This can be ascribed owing to the wide application of capsaicin in treating patients with this disorder. Musculoskeletal disorders are one of the most common health problems worldwide. According to the World Health Organization (WHO), up to 30% of the population in developed countries is affected by musculoskeletal disorders, with back pain being the most common condition.
- Prevalence of Chronic Pain – One of the most significant applications of capsaicin is that it is used in the pharmaceutical industry in the production of pain-relieving medicines owing to its pain-relieving, analgesic, and anti-inflammatory properties. Therefore, the growing prevalence of chronic pain is expected to drive the growth of the capsaicin market in the upcoming years. The Centers for Disease Control and Prevention (CDC) reports that an estimated 20.4% of U.S. adults suffer from chronic pain in 2019, and 7.4% have chronic pain that limits their activities in life and work.
- Rising Cosmetic Industry - Capsaicin has been found to have anti-aging properties owing to its ability to stimulate collagen production and increase blood flow to the skin. Moreover, capsaicin has also been found to promote hair growth by increasing blood flow to the scalp and stimulating the hair follicles. A survey found that 41% of US consumers are interested in trying hair care products with natural ingredients, and 35% are interested in trying products containing stimulating ingredients like capsaicin.
Challenges
- Limited Supply of Capsaicin - Capsaicin is primarily derived from chili peppers, and the supply of high-quality chili peppers is limited. Therefore, this factor might pose restrictions on the growth of this market in the upcoming years.
- Strict Rules & Regulations Associated with Capsaicin
- Acute Health Effects of Capsaicin
Capsaicin Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.5% |
|
Base Year Market Size (2024) |
USD 8.89 million |
|
Forecast Year Market Size (2037) |
USD 17.83 million |
|
Regional Scope |
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