Spices have been an integral part of human diet that have significant therapeutic potential against various ailments. Chili peppers are one of the most common spices used for their strong flavor and pungent aroma. In the recent years, pepper extracts are increasing in popularity for their use in food & beverage industry as a flavoring and coloring agent and even in a range of hot sauces. Some pepper extracts are gaining momentum among fiery food chains, ranging from 1 million Scoville units to as high as 16 million Scoville units. With emerging trends of fusion of global cuisines, pepper extracts are expected to witness elevating demand for their application in foods all over the world.
Pepper Extracts Market – Notable Developments
Ashley Food Company, LAMEIZI, Guangdong Maodegong, Guilin Huajiao, Daesang Group, Armadillo Pepper, Laoganma, Sichuan Fansaoguang, and Foshan Haitian Flavouring & Food Co. Ltd. are among the key players operating in pepper extracts market.
- In October 2018, Daesang Group, South Korea’s food-producing conglomerate and a leading player in pepper extracts market, announced that it has signed a contract to transfer the company’s lysine technology to Chengfu Group of China in 10 billion won deal. The two firms are planning to expand their alliance in other chemicals beyond lysine. In November 2016, the company completed 99.99% acquisition of Duc Viet Food Joint Stock Company, a Vietnamese meat processor and distributor, in a $32 million deal.
- In October 2018, the Ashley Food Company introduced its new product – Mad Dog 357 Pain on a Chain – specially designed silver vial containing one gram of hottest ground pepper with a gasket-lined cap. According to company, it is developed to solve the consumers’ dilemma for instant seasoning, which is attached to a key chain, is convenient, and better alternative to bulky sauce bottles.
- In September 2018, Laoganma, the world-renowned Chinese chili sauce brand, introduced a clothing range on its Tmall flagship store, in an effort to attract new generation of customers, after its logo appeared on a hoodie at New York Fashion Week.
Pepper Extracts Market Dynamics
Pepper extracts are being combined with a variety of dishes to increase the complexity, authenticity, and depth of flavor. Increasing interest among global consumers in spicy and tangy foods is considered to be one of the key factors influencing the development of pepper extracts market. According to a 2018 Flavorcon report on ‘The World of Specialty Chili Peppers’, 1 out of 5 Europeans and 1 out of 4 Americans are consuming spicy foods more often than they did a year earlier. These factors are expected to be significantly impactful on the growth of pepper extracts market. Rising adoption of hot sauces among consumers for enhancing the flavor of various foods will continue to augment the market growth. In addition, emerging trends of sweet-heat flavor combinations in dairy foods such as spicy yogurt and hot cheese are likely to create lucrative opportunities for key players participating in the pepper extracts market.
As consumers are increasingly exposed to global cuisines, they are willing to explore a range of spicier foods as well as unique flavor combinations which will possibly shape the future of pepper extracts market. Apart from their use in introducing heat into dairy products, pepper extracts also find applications in a number of cosmetic products such as deep cleansing body wash for their ability to fight against skin aging. This in turn is anticipated to complement the global expansion of pepper extracts market in the coming years.
Pepper Extracts Market Segmentation
On the basis of type, the pepper extracts market can be segmented into:
- Hot Sauce
- Hot Pepper Sauces
On the basis of application, the pepper extracts market can be segmented into:
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