According to the report, the global oleoresins market is expected to reach approximately USD 1.65 million by 2020, growing at a CAGR of around 9% between 2015 and 2020.
Oleoresins are the concentrated liquid form of the spices obtained by the solvent extraction of the ground spices or supercritical fluid extraction process. Oleoresins comprise the volatile and non-volatile ingredients of spices. It can replace ground spices without impairing any aroma and flavor characteristic. Oleoresins are preferred because of their microbiological advantages, uniformity in flavor and aroma, ease of storage and transport. Oleoresins find wide application in a number of industries including food & beverage, personal care products, flavoring agent and others. Oleoresins are obtained by solvent extraction process, supercritical fluid extraction process, or steam distillation process.
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The major driving factors for oleoresins market is increasing popularity and food & beverage industries on the global level. Strong economic growth coupled with rising disposable income and changing lifestyle has resulted into growing demand for spicy food in India and China. Rising consumer awareness towards health benefits of spice oleoresin over traditional raw spices is further anticipated to drive the market over the forecast period.
Oleoresins market is segmented by product into black pepper, paprika, capsicum, tomato, marigold, turmeric and others. Among different product types, black pepper, paprika, capsicum comprises the largest market share in 2014. Tomato oleoresin is another leading segment and expected to grow at significant growth rate owing to its rising application in beverages, processed food, and soups. Turmeric oleoresins are widely used in pharmaceutical application segment owing to its crucial role in relieving pain, depression, and stress.
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Based on application, the oleoresins market has been segmented into food & beverage, pharmaceutical, flavoring & coloring agent and others. Food & beverage dominated the oleoresins market, which accounted for significant share of the global market. This growth can be attributed to increasing application of paprika and black pepper oleoresins in dairy, beverages and confectionery segments which include cheese, sausage, spice blends, juices, and sweets. Flavoring & coloring agent segment is another important outlook segment for oleoresin market.
The global oleoresins market was dominated by Asia Pacific with the significant share of the total volume consumed in 2014. Strong growth of oleoresins in Asia Pacific region is mainly stemmed from increasing demand from India. India dominated the global oleoresins market in production and consumption. Asia Pacific was followed by Europe with significant share in total volume consumption in 2014.
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Some of the key participants in the global oleoresins market Adani Pharmachem Private Limited, Kancor Ingredients Limited, Plant Lipids, Givaudan, Ozone Naturals, Universal Oleoresins, Asian Oleoresin Company, Bhoomi Natural Products and Exports Pvt. Ltd., Synthite Industries Ltd., Ungerer & Company and Paprika Oleo’s India Limited.