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Oleoresin Market Dynamics and Competitive Landscape By 2030

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Henry Paul

Oleoresin Market Growth & Trends

 

The global oleoresin market is expected to reach USD 2.60 Billion by 2030, as per the new report by Grand View Research, Inc. The growth is majorly driven by increased demand from the pharmaceutical, healthcare, and food and beverage industries. Therapeutic properties and multiple health benefits of oleoresins are considered to be major driving forces for the oleoresin market.

 

U.S. oleoresin market size, by product, 2020 - 2030 (USD million)

 

Oleoresin Market Segmentation

 

Grand View Research has segmented the global oleoresin market report based on the product, application and region:

 

Based on the Product Insights, the market is segmented into Paprika, Black Pepper, Capsicum, Turmeric, Ginger, Garlic, Onion, Seed Spice, Herbs, Others.

  • Black pepper products dominated the global oleoresin market with more than 23% revenue share. The growth of the segment is attributable to the extensive use of black pepper in the food and beverage industry. Black pepper is used as a spice, flavoring agent, additive, and as well as coloring agent. It is also used for healing cuts and wounds and also sometimes used in the perfume industry.
  • Furthermore, paprika and garlic are utilized extensively in the food industry as an additive. Paprika is used as a coloring agent as well as for its distinctive taste. It is also consumed in sweets, emulsified processed meats, spice mixtures, sauces, orange juice, and cheese.
  • In recent years, capsicum oleoresin has gained wide popularity among law enforcement & police agencies owing to its usage as a pepper spray, which acts as a safe and effective means to avoid danger or threat from individuals. Depending on consumer preferences, manufacturers make these spray products in various formulations, distance ranges, types of trigger mechanisms, and spray patterns.
  • End users in the pharmaceutical and food & beverage industries have entered into long-term supply agreements with capsicum oleoresin processors located across Spain and India in order to ensure a constant supply. However, exporters must comply with ISO standards to determine the capsaicinoid content in the fruit, thereby maintaining the quality of the product.
  • Turmeric is the fastest growing product segment exhibiting proliferate growth in terms of revenue during the forecast period. This growth rate is attributed to high demand from the food, beverage, cosmetic, pharmaceutical, and healthcare industries. Turmeric is used as a flavoring agent, coloring agent, antioxidant and healing wounds among others. India is the largest producer and exporter of turmeric globally.

 

Based on the Application Insights, the market is segmented into Food, Beverages, Fragrances, Pharmaceutical, Nutraceutical, Others.

  • Food application dominated the market with a revenue share of over 27% in 2021. Its high share is majorly attributable to the extensive use of a variety of oleoresins in food as additives, flavoring agents, coloring agents, antioxidants, and others. Oleoresin gives the food distinct flavor and fragrance making the food attractive, pleasurable, and flavorful.
  • The pharmaceuticals application segment is expected to exhibit a CAGR of 7.2% in terms of revenue during the forecast period. This is attributable to multiple health benefits of oleoresins and growing investment in pharmaceutical research and development. The pharmaceutical company is utilizing these products to manufacture organic solutions for health problems. Oleoresins only have benefits for consumption and they do not have any side effects in comparison to synthetic medicines. Pharmaceutical industry players are utilizing the therapeutic properties of oleoresins to expand their product portfolio, which has resulted in growing demand from the pharmaceuticals application segment.
  • Rising consumer awareness regarding the health benefits associated with oleoresins has prompted pharmaceutical drug manufacturers to focus on the utilization of oleoresin extracts for drug formulations. Increased product demand for drug formulations coupled with several health benefits of oleoresins is the major factor projected to drive the market during the forecast period.

 

Oleoresin Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East and Africa (MEA)

 

Market Share Insights

  • November 2019: Givaudan expanded its Nantong manufacturing facility in China and doubled its flavor production capacity. The company invested USD 33.149 million in the facility expansion to meet the country's growing demand for food & beverages.

 

Key Companies Profile & Market Share Insights

 

The global market is highly competitive and has numerous players across the globe. The market is majorly driven by demand from the food, beverage, and pharmaceuticals industry. It is heavily affected by fluctuations and volatility in the raw material market. For ensuring the constant supply of raw materials, the players have long-term contracts with the raw material producers.

 

Some of the prominent players operating in the global oleoresin market include,

 

  • Chenguang Biotech Group Co. Ltd.
  • Kancor Ingredients Ltd.
  • Kalsec Inc.
  • Universal Oleoresins
  • Givaudan
  • Akay Group Ltd.
  • Synthite Industries Ltd.
  • AVT
  • Indo - World
  • Paprika Oleo's India Limited
  • Paras Perfumers
  • Manohar Botanical Extracts Pvt. Ltd.
  • Naturite Agro Products Ltd
  • MRT GREEN PRODUCTS
  • All-Season Herbs
  • TMV Aroma
  • Plant Lipids
  • Ozone Naturals

 

Order a free sample PDF of the Oleoresin Market Intelligence Study, published by Grand View Research.

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