The Global Oleoresin Market size accounted for USD 1,392 Mn in 2021 and is expected to reach USD 2,439 Mn by 2030 with a considerable CAGR of 6.6% during the forecast timeframe of 2022 to 2030.
Oleoresins are used in a variety of industries, including food and beverage, as well as pharmaceuticals. They are used by food processors to make beverages, processed and fast foods, curry powders, sweets, soup powders, sauces, and noodles. Oleoresins are widely used in the food and beverage industries due to their strong base flavor and simple flavor profile. Aside from that, these are used to add natural color to foods and beverages, increasing demand for oleoresins and, as a result, driving the oleoresins market growth. Furthermore, Oleoresins are widely available, allowing them to create novel or enhanced organic foods and flavorings. Some manufacturers prepare marinades as well as other forms of spices rather than flavoring them. Aside from that, oleoresins are used as additives in the production of marinades, sauces, mayonnaise, and chutney, which drives the oleoresin market.
|Market Size 2021||US$ 1,392 Mn|
|Market Forecast 2030||US$ 2,439 Mn|
|CAGR||6.6% During 2022 - 2030|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Ozone Naturals, PT Indesso Aroma, Kancor Ingredients Ltd., Paprika Oleo's India Limited, Universal Oleoresins, Synthite Industries Ltd., Akay Group Ltd., Paras Perfumers, Kalsec Inc., Givaudan, Plant Lipids, and Chenguang Biotech Group Co. Ltd.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Oleoresin Market Dynamics
The fast-growing food and beverage industry is aiding and abetting the expansion of the oleoresin market. However, because oleoresin has the same taste, fragrance, and texture as the original spice but has a longer life span, it is progressively being used in the food and beverage industry, which is fueling oleoresins market revenue. The growing preference for oleoresins in the food and beverage industries due to their ease of quality control, economic feasibility, non-volatility, and need for less storage space is driving the oleoresin industry forward. Furthermore, the growing popularity of nutritional supplements for emotional and physical well-being is driving oleoresin market trends.
The increasing popularity of traditional dishes with iconic flavors in countries such as Germany, the United Kingdom, India, Italy, France, Spain, and the United States, among others, is driving oleoresin market size. Furthermore, the rising consumption of natural flavoring agents due to increased consumption of baked goods, confectionery products, and processed meat, as well as the introduction of quick-service restaurants in emerging markets, is driving the market growth. Besides that, the continued growth of oleoresin in a variety of end-use industries such as pharmaceutical, food, and beverage, cosmetic, and personal care is positively impacting the oleoresin industry's growth.
Oleoresins Market Segmentation
The global oleoresin market segmentation based on the product, application and geographical region.
Market by Product
In terms of product, the black pepper segment is expected to have the largest oleoresin market share in 2021. Black pepper oleoresins have grown in popularity as a natural ingredient food additive in a wide range of processed food products, driving revenue growth of the segment. The widespread use of black pepper oleoresins in the food industry, with a concentration on nutritional potential, is primarily due to end-use industries' need for these to utilize black pepper's antimicrobial and antioxidant properties. In recent years, the revenues of black pepper oleoresin have increased due to increased adaptation in the healthcare market.
Furthermore, the paprika oleoresin segment is expected to grow significantly in the coming years. Because of its distinct colorant characteristics and distinct pungent flavor, paprika oleoresin reveals its use in the food business. Paprika oleoresin, derived from red paprika or red chili pepper, has skyrocketed in popularity as consumers recognize its value as a natural food coloring and flavoring ingredient. It is commonly found in processed foods, spice blends, desserts, sauces, and cheese.
Market by Application
Based on the application, the food segment is expected to account for the largest market share in 2021. This expansion can be attributed to the widespread use of oleoresins in food as ingredients, flavoring agents, coloring agents, antioxidants, and other applications. Furthermore, rather than using marinades from food additive producers, meat product manufacturers, and distributors, such as sausages, frequently use oleoresins as ingredients. Some of them use oleoresins and other spice formulations to make marinades. Furthermore, increased demand for fast food and baked goods, as well as increasing popularity for natural ingredients over synthetic flavor or color, are driving oleoresin demand in the food and beverage industry. Besides that, paprika oleoresin is recognized as a Capsanthin pigment of Class A by both the Food and Agriculture Organization and the World Health Organization. The Food and Drug Administration in the United States has approved paprika oleoresin as an organic food colorant that can be used safely in food products. As a result of these factors, the demand for oleoresins in the food and beverage industry is increasing.
Oleoresin Market Regional Overview
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa
The European region will dominate the industry in 2021, with a significant revenue share. This is due to the rise in the food and beverage industry's demand for flavor enhancers and coloring agents. Another factor contributing to the region's high product demand is demand from the beauty care, fragrance, and personal care industries, which provide a significant end-use market for oleoresins. Customer preferences for culinary traditions, as well as the growing use of oleoresins in current healthcare system treatments and applications, are expected to be major drivers of growth in this region. Rising demand for spice oils and food coloring is driving the region's growth. Furthermore, increasing consumer expendable income, a sudden change in lifestyle, and a growing preference for packaged foods are all expected to contribute to market development in the region.
Some of the prominent global oleoresin market companies are Ozone Naturals, PT Indesso Aroma, Kancor Ingredients Ltd., Paprika Oleo's India Limited, Universal Oleoresins, Synthite Industries Ltd., Akay Group Ltd., Paras Perfumers, Kalsec Inc., Givaudan, Plant Lipids, and Chenguang Biotech Group Co. Ltd.
The estimated value of global oleoresin market in 2021 was accounted to be US$ 1,392 Mn.
The projected CAGR of oleoresin during the analysis period of 2022 to 2030 is 6.6%.
The prominent players of the global oleoresin market involve Ozone Naturals, PT Indesso Aroma, Kancor Ingredients Ltd., Paprika Oleo's India Limited, Universal Oleoresins, Synthite Industries Ltd., Akay Group Ltd., Paras Perfumers, Kalsec Inc., Givaudan, Plant Lipids, and Chenguang Biotech Group Co. Ltd.
Europe held the dominating share for oleoresin during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for oleoresin during the analysis period of 2022 to 2030.
Growing demand from the pharmaceutical and food and beverage industry as well as excessive consumption of fast foods are the prominent factors that fuel the growth of global oleoresin market.
Based on product, black pepper segment held the maximum share for oleoresin market in 2021.