Market Overview
Oleoresins are the concentrated liquid form of spices that are derived from the extraction of various spices. These are derived from different spices with the help of non-aqueous solvents. These oleoresins have the characteristics and properties of where it has been derived from. Chilli oleoresins are used in pharmaceutical applications due to their features such as antioxidants, anticancer and anti-inflammation. These are used for reducing free radicals in the human body.
Owing to the anti-inflammatory and insecticidal properties, these oleoresins act as a nervous system depressant and also assists in the controlling of fever and pain. The paprika oleoresin also finds applications in the food industry because of its coloring properties and pungent taste. It is broadly used in processed meats, sauces, sweets, orange juice, cheese, and spice mixtures.
The global Oleoresins Market Size Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR % while achieving million-dollar growth readily in the forecast period. It is the rising demand for natural aroma and flavor in the food. In these years, oleoresins are substituted with ground spices without compromising with the aroma, flavor or texture. Moreover, the oleoresins are more heat stable than raw spices and have a longer shelf life. The demand for oleoresins is increasing all over the world attributing to its microbial advantages, ease of storage and transport.
Market segmentation
Just like every other market, analysts have categorized several key factors of the market for better analysis and understanding. The global oleoresins market has been segmented based on the product, raw material, and applications. The rising consumer awareness regarding the health benefits that are associated with the pharmaceutical manufacturers to focus on the oleoresin extracts for formulating drugs. The global oleoresins market can be segmented based on product such as:
- Capsicum
- Turmeric
- Balck pepper
- Paprika
- Marigold
- Onion
- Garlic
- Ginger
- Others
And based on the raw material, the market can be divided into:
- Seeds
- Leaves
- Roots
- Flowers
- Berries
- Others
And lastly, the global oleoresins market can be segmented based on the application as:
- Pharmaceutical
- Food and beverages
- Flavoring and coloring agent
- Others
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Regional analysis
Several regions have the widespread utilization of oleoresins such as the regions of North America (Mexico, Canada, US), Europe (France, Germany, Italy, Spain, UK, Rest of Europe), Asia-Pacific (China, Japan, India), Australia and New Zealand, South America, Middle East, and Africa. The demand for oleoresins is increasing at a global level, regional level, and company level. Asia-Pacific is contributing to the growth of the market owing to the rising preference of pepper and chilies in this region. Moreover, the spice oils have been gaining huge demand in this region. More so, the increasing population and the rising disposable income are some of the drivers that are driving the oleoresin market in this region.
Industry news
Several companies including some of the major brands in the food industry are experimenting with spices. In one of such moves, the United States based food company Kalsec introduced a new line of products based on water dispersible oleoresins. There are also some companies offering a variety of products in the similar category promoting use of oleoresins.
