Poppy Seeds Market Is Estimated To Witness High Growth Owing To Rising Usage in Food Industry

The Poppy Seeds Market is estimated to be valued at US$ 322.6 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

Poppy seeds are widely used as a food additive and find applications in various food preparations such as bread, jam, desserts, and salad dressings among others. Poppy seeds are a rich source of nutrition containing minerals, fatty acids and fiber. Moreover, rising health benefits associated with poppy seeds such as relief from constipation, reduced inflammation and better bone health is propelling its demand across the food industry. However, geopolitical uncertainties and regulations around poppy cultivation can impact its supply and hinder market growth over the forecast period.

Key Market Trends:

Organic Poppy Seeds- Consumers have been shifting their preferences towards organic food products due to rising health awareness. Organic poppy seeds cultivated without the use of pesticides and additives are gaining popularity among health conscious consumers. Major players are focusing on introducing organic variants to leverage opportunities in premium market segment.

Application in Pharmaceutical Products- Poppy seeds extract have traditionally been used for medicinal purposes in treatments related to anxiety, sleep and pain management. Ongoing research on poppy seeds alkaloids and their derivatives for development of new pharmaceutical drugs will provide new growth prospects over the coming years. Players are investing in R&D to develop specialized pharmaceutical-grade poppy seeds products. More coverage can be found in the sample copy.

Market Opportunities

Poppy seeds are widely used in various cuisines all over the world. They are used in breads, desserts, sweets and others. With the growing food industry and changing dietary preferences, the demand for poppy seeds is expected to rise significantly from the food industry over the forecast period. The easy availability and wide applications in cooking is supporting the growth of this segment.

Poppy seeds contain alkaloids like morphine and codeine which are important pharmaceutical compounds. The extraction and processing of these alkaloids from poppy seeds is an important application in the pharmaceutical industry. With the growing pharmaceutical sector and demand for pain relievers and other drugs, pharmaceutical applications of poppy seeds are anticipated to create high growth opportunities over the next few years.

Key Market Takeaways

Poppy Seeds Market size in 2024: USD 322.6 Mn; CAGR: 5.6%, Forecast Period: 2024- 2031

Food Industry is anticipated to witness a CAGR of 6.4% during the forecast period, owing to increasing demand from bakery, desserts and other food products.

organic poppy seeds segment is expected to hold a dominant position, owing to rising health awareness and preference for chemical-free products.

North America is dominating the poppy seeds market and is expected to hold a dominant position over the forecast period, due to growing food industry and pharmaceutical sector in the region.

Competitor Insights:

Olam International

KSP Spices

Micro Powders, Inc

MITHRAGEM

Recent Developments in Poppy Seeds Market

Despite enhanced global production, wholesale prices of poppy seeds remained low and stable from June-August 2023. The average international price ranged from $2.5-3 per kilogram depending on quality and variety. Prices were around 10-15% lower than the levels seen in early 2022. This can be attributed to efficient sourcing and bulk deals fixed by leading importers. The favorable cost dynamics are encouraging trial among new industrial and culinary users. Prices are expected to change marginally, if at all, during 2023-24 primarily depending on crop yields rather than demand-supply imbalance. This makes it an opportune time for commercial buyers to procure sizeable stocks. Full coverage of the report available here.