Market Overview -
The global oleoresin market size was valued at USD 1.49 billion in 2023 and is projected to grow from USD 1.56 billion in 2024 to USD 2.34 billion by 2032, exhibiting a CAGR of 5.20% during the forecast period. Market participants are being offered new opportunities due to the increasing demand for ethnic foods with exotic flavors and herb & spice extracts, says Fortune Business InsightsTM in its report titled, “Oleoresin Market, 2024-2032”.
List of Key Market Players:
- Synthite Industries (India)
- PT Indesso Aroma (Indonesia)
- Ungerer & Company (U.S.)
- Universal Oleoresins (India)
- Plant Lipids, (India)
- Akay Group (India)
- Gazignaire SA (France)
- AVT Naturals (U.S)
- Kalsec Inc. (U.S.)
- Ozone Naturals (India)
Segments-
By Product, Paprika will Dominate the Market from 2024 to 2032
The market is divided into several categories by product such as paprika, black pepper, capsicum, ginger, turmeric, cinnamon & cassia, and others. Paprika is expected to account for most of the market share due to its widespread use in the food industry as a coloring and flavoring agent. The product is in high demand owing to its antioxidant, anti-inflammatory, anti-aging, and antidepressant properties.
By Application, Food & Beverages Segment to Create Massive Demand by 2032
The majority of the market is dominated by food & beverages, pharmaceuticals, animal feed, and cosmetics. The food & beverages industry is expected to drive the market. The product is widely used in a variety of foods & beverages, ranging from cheese, processed meats, and spice fixtures to orange juice, sauces, and sweets.
Source: https://www.fortunebusinessinsights.com/industry-reports/oleoresin-market-100201
Report Coverage-
The report highlights leading regions globally to provide the user with a better understanding. Furthermore, it delves into the most recent industry growth trends and analyzes technologies deployed at an unprecedented rate on a global scale. It also includes market drivers and restraints, trends, company profiles, and other information to help the reader understand the market.
Drivers & Restraints-
Rising Awareness and Health Benefits of Oleoresins to Augment Market Growth
Oleoresins have advantages over traditional spices as flavoring agents. It offers food formulators a less expensive option with a stronger pungency than other spices. On a per kilo basis, oleoresin flavor is approximately 5–20 times stronger than corresponding herbs and spices, allowing 5–10 kg of spice & herb extracts to replace the equivalent of 100 kg of black pepper spice. Using spice and herb extracts in flavors and seasonings is numerous. It improves the product's visual appeal and flavors while extending its shelf life. However, raw material prices fluctuate and expand due to various agro-climatic factors. The commodity market's frequent price fluctuations increase the stock's risk and impede the oleoresin market growth.
Regional Insights-
Europe Held the Highest Market Share in 2023
Europe held the highest oleoresin market share in 2023 and is expected to make significant gains over the forecast period. The region is regarded as a significant market as it is one of the essential ingredients consumed in food & beverages applications by the region's elderly and middle-aged consumers.
In some countries, such as the U.K. and France, ethnic food is becoming more popular. The rise is due to spice and herb extracts, such as turmeric oleoresin, increasingly used in ethnic foods. This provides opportunities for exporters of spice and herb extracts to emerging markets. This pattern is likely to persist in the coming years.
Plant-derived medicines have been used for various purposes in Asia Pacific countries such as China, India, and Japan for many years. Due to increasing incidences of diseases caused by chemical and synthetic-based products, spice and herb extracts have gained commercial traction globally in the last 10 - 15 years.
Competitive Landscape-
Notable Industry Development-
March 2021: “LycoRed Ltd.”, one of the known value-added nutrition manufacturers, announced the launch of its all-new oleoresin, which can be used in soft gels and is formulated from algae called as Haematococcus Pluvialis.