IMARC Group's latest report, titled "Oleoresin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the global oleoresin market size reached US$ 1.4 Billion in 2021. Oleoresins are organic extracts containing a complex mix of resins and fatty oils. They are obtained through solvent extraction and are more shelf-stable than the whole spice. They offer numerous benefits over conventional herbs and spices, such as affordability, heat stability, flavor consistency, prevention of microbial contamination, convenient storage and handling, and long shelf life. As a result, oleoresins are widely used in processed foods, including chutneys, confectionery products, soups, sauces, dressings, cheeses, snacks, processed meat and seafood, baked goods, processed vegetables, and beverages.
Global Oleoresin Market Trends:
Rapid expansion in the food and beverage (F&B) industry due to rising demand for snacks and fast-food items represents the primary factor driving the market growth. Moreover, food manufacturers are rapidly replacing artificial ingredients with clean-label ingredients due to rising awareness among individuals about maintaining health and increasing consumer willingness to spend on quality products, which is positively influencing market growth. Additionally, the increasing usage of oleoresins in luxury hotels and gourmet restaurants due to the rising popularity of ethnic cuisines with exotic flavors and significant growth in interpopulation is another major growth-inducing factor. Besides this, the surging adoption of oleoresins in the pharmaceutical sector to manufacture medicines and in the personal care industry to produce soaps and body lotions is contributing to the market growth. Furthermore, the increasing use of oleoresins as natural flavoring agents and colorants in animal feed for domestic livestock on account of rapid expansion in the agriculture industry has catalyzed market growth. Other factors, including the escalating demand for convenience food products, inflating consumer disposable incomes, rising number of quick service restaurants (QSRs), and increasing consumption of organic food and beverages, are also propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 1.9 Billion by 2027, expanding at a CAGR of 6.23% during 2022-2027.
- Based on the product, the market has been divided into paprika, black pepper, capsicum, turmeric, ginger, garlic, onion, and others.
- On the basis of the application, the market has been segmented into food and beverages, flavors, pharmaceuticals, and others.
- Region-wise, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Akay Natural Ingredients Private Limited, Ambe Phytoextracts Pvt. Ltd., AVT Natural Products Limited, Bioprex Labs, Gurjar Phytochem Pvt. Ltd., Jean GAZIGNAIRE S.A.S., Kalsec Inc., Kancor Ingredients Ltd, Plant Lipids, Synthite Industries Ltd., and Universal Oleoresins.
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