Rising Demand for Processed Food Drives the Oleoresins Market

The report Oleoresins Market by Source (Paprika, Capsicum, Seed spices, Turmeric, Herbs, Ginger, Cinnamon & cassia), Application (Food & Beverages, Pharmaceutical & Nutraceutical, Personal Care Products, Feed), Extraction Process, and Region – Global Forecast to 2025″ According to MarketsandMarkets, the oleoresins market is estimated to be valued at USD 1.2 billion in 2019 and is projected to reach USD 1.7 billion by 2025, recording a CAGR of 6.0% from 2019 to 2025. The rapidly growing demand for natural flavors in the food & beverage industry and the wide application of oleoresins in various other industries such as pharmaceuticals, personal care, and feed sectors are some of the key factors driving the growth of the market. 

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Report Objectives:

  • To describe and forecast the oleoresins market, in terms of source, application, extraction process, and region
  • To describe and forecast the oleoresins market, in terms of value, by region–Asia Pacific, Europe, North America, and the Rest of the World-along with their respective countries
  • To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, and challenges)
  • To strategically profile the key players and comprehensively analyze their market position, in terms of ranking and core competencies, along with details on the competitive landscape of market leaders
  • To analyze strategic approaches such as acquisitions & divestments, expansions, product launches & approvals, and agreements in the oleoresins market

By application, the food & beverages segment is projected to account for the largest share in the oleoresins market

The food & beverages segment is projected to dominate the oleoresins market, on the basis of application, during the forecast period. This is attributed to the increasing use of oleoresins that provide a natural flavor and fragrance in confectioneries and beverages. Further, growing awareness among consumers about the benefits of consuming products rich in natural ingredients such as oleoresins has contributed to the growth of the market. In addition, the use of oleoresins in the pharmaceutical industry remains high due to the growing awareness of the side-effects of allopathic medicines, increasing instances of antibiotic allergies among people, rising vegan population, and busy lifestyles of consumers are projected to drive the growth of the pharmaceuticals & nutraceuticals segment during the forecast period. Natural flavors provided from oleoresins are scientifically demonstrated to promote positive effects on consumers beyond basic nutrition. Further, many governments are increasingly promoting the use of herbal extracts for medication instead of synthetic ones, which is further driving the growth of the segment during the forecast period.

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North America is projected to account for the largest market share during the forecast period

In 2018, North America accounted for 40.8% market share in the oleoresins market. This is attributed to the high consumption of processed food in this region, which inadvertently leads to increasing demand for oleoresins. The use of traditional treatments and medicines, which are derived from plants, continue to persist in Asian countries. Due to the increasing instances of diseases caused by chemical-based and synthetic products, the market has gained momentum at a commercial level in the last 10 to 15 years, globally. Further, the increasing expenditure on plant-derived nutritional & health products is projected to widen growth opportunities for key manufacturers in the Asia Pacific oleoresins market. Due to these factors, the region is projected to grow at the highest CAGR during the forecast period.

Key Market Players:

The key players in this market include Akay Group (India), Synthite Industries Pvt. Ltd. (India), AVT Naturals (India), Givaudan (Switzerland), PT Indesso Aroma (Indonesia), Vidya Herbs Private Limited (India), Ungerer & Company (US), Kancor Ingredients Ltd. (India), Plant Lipids (India), Kalsec Inc.(US), Gazignaire (France), and Universal Oleoresins (India).