The global Oleoresins Market size is expected to reach USD 2,473.52 Million in 2028 and register a revenue CAGR of 5.40% over the forecast period, according to latest report by Reports and Data. Demand for oleoresins is steadily increasing from organic and clean label products and due to strict regulations regarding the use of artificial coloring and flavoring in food products, which is driving market revenue growth.
In addition, increasing innovations and product development, and rising inclination of consumers towards various processed foods and beverages globally are expected to drive market revenue growth. Oleoresins have rapidly replaced spices, and exports of oleoresins rather than raw spices can lead to considerable value addition. Oleoresins have strong flavors, colors, and a long shelf-life, and they can be produced by solvent extraction method and supercritical fluid method.
Oleoresins are anti-microbiological and have a much longer expiration period than spices. Food and flavoring manufacturers are constantly looking for unique flavors and cost-effective oleoresins to develop new products. The food beverage segment accounted for largest revenue share in the global market in 2020, which can be attributed to rising focus on ready-to-eat and packaged food products, and increasing application of oleoresins in various ethnic cuisines, including Indian, Thai, and Mexican, among others.
One of the important factors to increase demand for oleoresins is their lipophilicity property, which enables food manufacturers to formulate a variety of food products. Formulators are now focusing on offering halal and kosher-certified oleoresins with customized specifications (including color, physical appearance, and absorbency ratio). Furthermore, there is increasing demand for natural colors and flavors from the food beverage industry, which is expected to drive demand for oleoresins over the forecast period.
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Top Key Players:
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).
Some Key Highlights From the Report:
In October 2021, Mane Kancor Ingredients Pvt. Ltd. inaugurated an innovation centre at Angamaly, Kochi, India, to develop and innovate natural shelf-life, culinary taste and color solutions, personal care ingredients, and nutraceutical products.
Supercritical fluid extraction segment is expected to register a relatively faster revenue CAGR of 5.65% throughout the forecast period. This can be attributed to the capacity of supercritical fluid method to provide high solubility, improved mass transfer rate, and increased selectivity with small changes in chemical properties, such as temperature and pressure. The supercritical fluid extraction method is rapid due to low viscosity and high diffusivity associated with supercritical fluids. Technical advancements and use of Supercritical Fluid Extraction (SCFE) green technology can help eliminate the usage of solvents, ensuring that the true profile of natural spices is maintained.
The Asia-Pacific market accounted for a significantly larger revenue share of 33.59% in the global market in 2020, which can be attributed to technological advancements in food processing, and rising consumption of oleoresins and their multiple applications in the food industry, which include production of butter, jellies, jams, gelatin preparations, meat, cheese and snacks, poultry feeds, and frozen foods. Moreover, increasing demand for oleoresins in processed food and fragrance industries as natural coloring and flavoring agents is driving revenue growth of the market in Asia-Pacific.
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Market Insights:
Power is among the most critical component of infrastructure, crucial for the economic growth and welfare of nations. The existence and development of adequate infrastructure is essential for sustained growth of the Indian economy.
Sources of power generation range from conventional sources such as coal, lignite, natural gas, oil, hydro and nuclear power to viable non-conventional sources such as wind, solar, and agricultural and domestic waste. Electricity demand has increased rapidly and is expected to rise further in the years to come. In order to meet the increasing demand for electricity massive addition to the installed generating capacity is required, which is expected to foster power and energy market growth. In addition, new capital investments of power projects by both public private sectors, smart grid to better manage services reduce transmission losses, use of smart metering to cater to growing electricity demand will further foster market size through 2028.
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By Source:
Paprika
Capsicum
Seed spices
Turmeric
Ginger
Cinnamon cassia
Herbs
Others (cardamom, floral, asafetida, tamarind, nutmeg, onion, and garlic)
Application:
Food Beverages
Beverage
Bakery
Seasonings and Condiments
Meat and Seafood Products
Other Food and Beverages
Pharmaceuticals Nutraceuticals
Personal care products
Feed
Others
Regional analysis covers:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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