Oleoresins is an extremely concentrated naturally occurring substance. It is a combination of oil and resin that is extracted from plants for various applications. According to the research conducted by Market Research Future (MRFR), the global oleoresins market is anticipated to experience significant growth between the forecast period of 2018 and 2023. It has a number of use cases and applications. It is used as a key ingredient across different industries, especially cosmetics, pharmaceuticals and aromatherapy, fragrance and flavor, and personal care. The liquid substances are extracted from numerous spices with the help of non-aqueous solvents.
The market is expected to be driven by the rising demand for high-quality fragrances and flavor. Oleoresins have properties similar to spices and are expected to be a substitute of ground spices in the coming years without compromising the former’s flavor, aroma, or texture. The convenience of storage, ease of transportation, and properties similar to that of spices are all key drivers of the global oleoresins market. Additionally, oleoresins are much more heat stable than raw spices and have longer shelf-life due to its low moisture content. The demand for the market is also expected to see an increase due to the uniformity in flavor and pungency it brings forward and the microbial advantages it boasts. The growth of the bakery and confectionary market is another factor driving the growth of oleoresins. Moreover, over the years, there has been an increasing preference among consumers towards natural ingredients. This booming trend is expected to fuel the sales of oleoresins during the forecast period.
Competitive Landscape
The global oleoresins market manufacturing are Jean Gazignaire SA (France), Qingdao Ruibang Biotechnology Co., Ltd (China), Agnes Herbs (India), Oleoresin Company (India), Shijiazhuang City Bio Technology Co., LTD (China), Silverline Chemicals Ltd (India), Kancor Ingredients Limited (India), Plant Lipids (India), Adani Pharmachem Private Limited (India), and Ozone Naturals (India).
July 2018, Synthite Group, one of the largest producers of value-added spices, announced the start of two more units in Indonesia and the US to focus on its core activity of exporting spice oleoresins.
Market Segmentation
The global oleoresins market is segmented in terms of raw material, application, and product.
By product, the market includes paprika, capsicum, black pepper, turmeric, onion, garlic, ginger, marigold, tomato, and others.
By raw material, the market comprises leaves, roots, flowers, berries, seeds, and others.
By application, the market includes flavoring coloring agent, food beverages, pharmaceutical, and others.
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Regional Analysis
The global oleoresins market covers regional markets like Europe, Asia-Pacific, North America, and Rest of the World.
Europe stands top of the rankings in terms of market share. The high inclination towards natural ingredients and extracts used in various food products is driving the market growth for oleoresins in this region. Herein, the production of oleoresins is much more profitable as compared to the production of raw materials. The main application of oleoresins in this region is in the preparation of soups, sauces, meats, and dairy products.
Asia Pacific also contributes a decent revenue share to the oleoresins market due to the surging preference of natural ingredients like chilies and pepper in this region. Diverse countries like India and China are rich in spices and prefer a wide variety of spices in both meat as well as vegetable preparations. Moreover, other key pointers influencing the market demand of oleoresins in this region are the increasing population base and the rising per capita disposable income.
