The global Oleoresins Market size is expected to reach USD 2,749.86 Million in 2030 and register a revenue CAGR of 5.43% over the forecast period, according to latest report by Reports and Data. Demand for oleoresins is steadily increasing from organic and clean label products and due to strict regulations regarding the use of artificial coloring and flavoring in food products, which is driving market revenue growth.
In addition, increasing innovations and product development, and rising inclination of consumers towards various processed foods and beverages globally are expected to drive market revenue growth. Oleoresins have rapidly replaced spices, and exports of oleoresins rather than raw spices can lead to considerable value addition. Oleoresins have strong flavors, colors, and a long shelf-life, and they can be produced by solvent extraction method and supercritical fluid method.
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Some major companies operating in the global market include Akay Group, Universal Oleoresins, Plant Lipids Private Limited, Kalsec Inc., AVT Natural Products Limited, PT Indesso Aroma, Jean Gazignaire - Groupe Mul, Ozone Naturals, and Ambe Phytoextracts Pvt. Ltd, among others.
Oleoresins are anti-microbiological and have a much longer expiration period than spices. Food and flavoring manufacturers are constantly looking for unique flavors and cost-effective oleoresins to develop new products. The food beverage segment accounted for largest revenue share in the global market in 2021, which can be attributed to rising focus on ready-to-eat and packaged food products, and increasing application of oleoresins in various ethnic cuisines, including Indian, Thai, and Mexican, among others.
One of the important factors to increase demand for oleoresins is their lipophilicity property, which enables food manufacturers to formulate a variety of food products. Formulators are now focusing on offering halal and kosher-certified oleoresins with customized specifications (including color, physical appearance, and absorbency ratio). Furthermore, there is increasing demand for natural colors and flavors from the food beverage industry, which is expected to drive demand for oleoresins over the forecast period.
Some Key Highlights From the Report:
- In October 2021, Mane Kancor Ingredients Pvt. Ltd. inaugurated an innovation centre at Angamaly, Kochi, India, to develop and innovate natural shelf-life, culinary taste and color solutions, personal care ingredients, and nutraceutical products.
- Supercritical fluid extraction segment is expected to register a relatively faster revenue CAGR of 5.67% throughout the forecast period. This can be attributed to the capacity of supercritical fluid method to provide high solubility, improved mass transfer rate, and increased selectivity with small changes in chemical properties, such as temperature and pressure. The supercritical fluid extraction method is rapid due to low viscosity and high diffusivity associated with supercritical fluids. Technical advancements and use of Supercritical Fluid Extraction (SCFE) green technology can help eliminate the usage of solvents, ensuring that the true profile of natural spices is maintained.
- The Asia-Pacific market accounted for a significantly larger revenue share of 33.59% in the global market in 2021, which can be attributed to technological advancements in food processing, and rising consumption of oleoresins and their multiple applications in the food industry, which include production of butter, jellies, jams, gelatin preparations, meat, cheese and snacks, poultry feeds, and frozen foods. Moreover, increasing demand for oleoresins in processed food and fragrance industries as natural coloring and flavoring agents is driving revenue growth of the market in Asia-Pacific.
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For this report, Reports and Data has segmented the global oleoresins market based on raw material, source, extraction process, application, and region:
Raw Material Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
- Leaves
- Seeds
- Flowers
- Roots
- Berries
- Others
Source Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
- Paprika
- Capsicum
- Seed Spices
- Turmeric
- Ginger
- Cinnamon cassia
- Herbs
- Others
Extraction Process Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
- Solvent Extraction
- Supercritical Fluid Extraction
Application Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
- Food Beverages
- Beverage
- Bakery
- Seasonings and Condiments
- Meat and Seafood Products
- Other Food and Beverages
- Pharmaceuticals Nutraceuticals
- Personal care products
- Feed
- Others
Regional Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East Africa
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