Paprika Market Size, Share, Growth Analysis, By Type(Vegetable paprika, spice paprika, colorant paprika, paprika oleoresin), By Application(Food industry, pharmaceutical industry, cosmetic industry), By Region - Industry Forecast 2024-2031

Paprika Market size was valued at USD 485.6 million in 2019 and is poised to grow from USD 513.34 million in 2023 to USD 803.8 million by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

Paprika is a spice made from grown-up, different varieties of Capsicum annum peppers. These can include sweet bell peppers, hot red peppers, and other varieties in between.

It is the fourth most-used spice around the world. Paprika has excellent anti-inflammatory, anti-aging, antioxidant properties, and anti-depression. It can also be useful in the treatment of cancer, while oleoresin can be used in nausea, dysentery, and arthritis treatments.

It is extensively used in oil and powder forms and is a known to have rich source of carotenoids, antioxidants, natural lipids, and essential vitamins & minerals that help in the formation of new red blood cells (RBCs).

It is widely used in food and beverages, such as spice blends, rubs, sauces, marinades, stews, pasta and sausages, cosmetics, and pharmaceutical products.

It is also rich in capsaicinoids used for improving cardiovascular and gastrointestinal health. Additionally, the launch of natural paprika powder, which is produced using organic ingredients, is favouring the market growth. Other factors include rising expenditure capacities of the consumers.

US Paprika Market is poised to grow at a sustainable CAGR for the next forecast year.