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See Capsicum.

The best-known constituent accounting for the pungent flavor is decylene vanillylamide (also known as capsaicin), a very pungent phenolic chemical. Capsicum contains about 1.5% of an irritating oleoresin. The major component of the oil is capsaicin (0.02%). The pungency appears to be related to the presence of a 4-hydroxy-3-methoxyphenyl substituent.