Over the past few decades, the world has witnessed a rapid growth in veganism especially in the Asia Pacific, Europe, and the North America regions. The confluence of factors such as the rise in awareness about the health benefits on consumption of vegan products and the consumers’ desirability of adopting a healthier lifestyle has been driving the consumers to shift into the vegan diet. Owing to this factor, the products such as the pimento has been gradually gaining traction among its target segments. Pimento and its various formats such as the pimento extract has witnessed large scale application in the pharmaceutical, cosmetics as well as in the food industry.
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Owing to the rise in awareness about health benefits associated with the consumption of natural and organic food and beverages products, there is rising in demand for the same over the past couple of decades. Consequently, taking into account the fact that consumers’ rising preference for the natural food product, manufacturers are increasingly looking out for natural ingredients no matters it’s in cosmetics, pharmaceutical or the food industry. Pimento Extract is one such natural ingredient that is used in large scale in these industries. In the food industry, Pimento Extract is famously used as a stuffing for green olives, in pimento cheese and pimento loaf. Pimento Extract is also used in the bakery as well as in the ice cream segments. In the pharmaceutical industry, Pimento Extract is also being used for flatulence, indigestion and cramps healing. Pimento extract is also used as a preferred ingredient for the production of several cosmetic products.
Major shareholding companies for Pimento Extract have been expanding its operation and presence through several critical acquisitions. Moreover, the companies have been executing several promotional strategies in order to bring awareness about its products and services among its target segments.
- In 2017, B&G Foods announced the acquisition of Back to Nature Foods Company, LLC a leader in the better-for-you snack foods category, from Mondel?z International and certain other entities and individuals for approximately $162.5 million.
- Naissance has been active in online social media channel promoting its products and services to its target customers.
Due to rise in awareness about the critical health benefits associated with consumption of natural and organic products, the segment (natural and organic foods) has gradually started gaining traction in major shareholding regions such as Asia Pacific, Europe, and North America. The confluence of factors such as consumers’ desire of adapting themselves into healthier lifestyle and rise in per capita income which has been triggering the demand for natural and organic products. Taking this account into consideration, the food processing industry, as well as the cosmetic industry, has been stressing over using natural or functional ingredients in its products. Hence the consumers’ preference for natural and organic products paves an opportunity for Pimento Extract market, especially in the food industry.
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A modeling-based approach and triangulation methodology will be followed to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms, and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.