Growing processed food industry has direct impact on jalapeno pepper market as increasing disposable income of middle-class groups of emerging and developed economies has resulted in an increased per capita spending on processed food products thus enabling consumers to try out different regional processed food products which is anticipated to drive the growth of global jalapeno pepper market over the forecast period.
Furthermore, growing demand for hot and spicy fast food products among younger demmography is also anticipated to boost the sales of jalapeno pepper products in the near future. However, low level of calibration between supply and demand due high concentration of production in Latin America region coupled with variation in production yield of jalapeno pepper crop due to climatic factors and other macroeconomic factors are anticipated to restrain the growth global jalapeno market over the forecast period
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Attributed to the increasing consumer demand, jalapeno pepper is used as topping ingredient by major fast food chains around the globe which have resulted in the increased traction of jalapeno products in the market thus driving the growth of jalapeno pepper market over the forecast period. In addition, to cater the growing appetite of jalapeno pepper, key players are offering various processed forms such as pickles, sauces, powders etc. of jalapeno pepper in the untapped market. The Jalapeno pepper is a medium sized, pod type chili pepper belonging to the capsicum family with mild to medium pungency and originating from Mexico. The growing period for jalapeno is around 65-75 days, while each plant produces approximately 20 to 35 pods. Moreover, the pungency of jalapeno depends on the ripening of the pod, as jalapeno pepper ripens it changes its color to red hence making them more pungent than the green jalapeno pepper. Furthermore, the corking on jalapeno also have the correlation with the heat level of jalapeno as the jalapenos with more corking tends to be more pungent. However, the corking in the jalapenos is perceived as unattractive in North America market while in the Latin America market, it is looked as a favorable trait for pickling of jalapeno.
Jalapeno pepper Market Segmentation
Global Jalapeno pepper market can be segmented on the basis form, nature, distribution channel, and region. On the basis of form, Jalapeno pepper market is segmented into processed, dry and raw. The processed sub-segment is further sub-segmented into pickles, powdered, sauce, chipotle and others. On the basis of nature, jalapeno pepper market is segmented into organic jalapeno pepper and conventional jalapeno pepper. On the basis of the distribution channel, Jalapeno pepper market is segmented into direct and indirect sales. Indirect sales can be sub-segmented into modern trade, specialty stores, online retail, and convenience stores. Under indirect sales segment, online retail sub-segment is anticipated to increase with highest CAGR owing to increasing preference among millennials to shop from e-commerce coupled with increasing penetration high-speed internet globally
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Jalapeno pepper Market: Regional Outlook
On the basis of geography, the Jalapeno pepper market is segmented into North America, Latin America, Europe, Asia-Pacific, and MEA. Globally, among all regions, Latin America is expected to be the largest market for the Jalapeno pepper, owing to the relatively high consumption, as Jalapenos are native to the region and has been used traditionally in their cuisines. Furthermore, Latin America region is also the largest producer of jalapeno pepper globally. In Latin America region Mexico is anticipated to be the largest market of jalapeno owing to the high production and consumption of jalapeno pepper as they have been originated in the Veracruz state of Mexico. After Latin America, North America is anticipated to hold substantial market share over the forecast period owing to increasing consumer preference for Mexican food. In addition, Asia Pacific is anticipated to witness significant growth over the forecast period owing to the increasing product visibility in the supermarket and fast food chains.