As consumers are progressively becoming fitness conscious, there's an increasing modification towards natural and organic products across the world. An oversized number of processed meat and packaged foods manufacturers are moving towards using oleoresins as a substitute to ground spices thanks to hygiene and food safety concerns and straightforward transportability. Food manufacturers also are moving far from synthetic flavors and nature-identical colors and are using oleoresins instead. This shift has played a vital role in propelling the expansion of the industry. The oleoresins market is projected to grow at a rate of 4.3% in terms of value, from USD 1.48 Billion in 2019 to reach USD 2.09 Billion by 2027.
The key players in this market include Akay Group (India), Synthite Industries Pvt. Ltd. (India), AVT Naturals (India), Givaudan (Switzerland), PT Indesso Aroma (Indonesia), Vidya Herbs Private Limited (India), Ungerer & Company (US), Kancor Ingredients Ltd. (India), Plant Lipids (India), Kalsec Inc.(US), Gazignaire (France), and Universal Oleoresins (India).
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Oleoresins such as paprika, capsicum, black pepper, ginger, garlic, jalapeno, oregano, rosemary, thyme, and more are primarily demanded in the manufacturing of seasonings and condiments including sauces, dips, spice mixes and more. Owing to this, the industry has witnessed significant growth over the review period. Due to the ingredients found in oleoresins such as black pepper, turmeric, and more, there has been a growing demand for these ingredients by the nutraceuticals and pharmaceutical industry. Oleoresins have healing properties such as anti-inflammation, anti-diabetic, anti-depressant, detoxification, pain-relief, anti-fungal, and many more features, which have stimulated their usage in the nutraceuticals industry. The rising demand for oleoresins such as turmeric and paprika by the animal feed industry has also positively impacted the market. These oleoresins are used as growth stimulators and also help in imparting bright yellow color to egg yolks in the poultry industry. Though intense competition from various market players and susceptibility to regulatory changes, the sector is wide-open to intense competition from other players in the herbal segment as well as the pharmaceutical industry. Uncertain availability of raw materials, the raw materials are agro-based, their prices are volatile in nature. This may lead to fluctuation in revenue and profitability.
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the Oleoresins market on the basis of source, application, extraction process and region:
By Source (Volume Kilo Tons, Revenue, USD Million; 2019-2026)
- Seed spices
- Cinnamon & cassia
- Others (cardamom, floral, asafetida, tamarind, nutmeg, onion, and garlic)
Application (Volume Kilo Tons, Revenue, USD Million; 2019-2026)
- Food & beverages
- Pharmaceuticals & nutraceuticals
- Personal care products
Extraction process (Qualitative)
- Solvent extraction
- Supercritical fluid extraction
Regional Outlook (Volume Kilo Tons, Revenue, USD Million; 2019-2026)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
Further key findings from the report suggest
- By type, turmeric based resins are extensively utilized in healthcare and pharmaceutical industries to treat several dermatological conditions. The rising application of turmeric oleoresins in food & beverage is thrusting the market growth. The rising food & beverages industry, especially in Asia Pacific, is projected to impel the market. The turmeric oleoresins are growing at a CAGR of 4.1% during the analysis period.
- Asia pacific region is expected to grow at a CAGR of 5.1% during the forecasted period. Increasing consumer awareness regarding the low-calorie diet and healthy diet is driving the market growth. Also, the major production rate is expected to foster the market. For instance, India is the one of the major producers of pepper oleoresins.
- To preserve the natural fragrance and other active components of delicate spices involves gentle processing, which is well-taken care by Universal Oleoresins (India), which gives separate extraction plants for various oleoresins and a steam distillation plant for obtaining volatile spice oils…Continued
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