USD 1.43 billion
Oleoresin Market Size, Share, Growth Analysis, By Product(Paprika, Black Pepper, Capsicum, Turmeric), By Application(Food, Beverages, Fragrances, Pharmaceutical), By Raw Material(Flowers, berries, seeds, leaves), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2138 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
102
|Figures:
78
Oleoresin Market Insights
Global Oleoresin Market size was valued at USD 1.43 billion in 2021 and is poised to grow from USD 1.53 billion in 2022 to USD 2.61 billion by 2030, growing at a CAGR of 6.9% in the forecast period (2023-2030).
The global oleoresin market is being driven by the growing demands from the pharmaceutical, food, and beverage, healthcare, and healthcare industries. Oleoresins are produced using a wide range of organic substances and spices that may be found all over the world. Usually, it takes the shape of a semi-solid extract. According to the spice from which they are produced, different oleoresins have different properties. They are used in the pharmaceutical, healthcare, food, and beverage industries and exhibit a wide range of therapeutic and antioxidant properties.
The U.S. is North America's largest oleoresins market, contributing more than 80% of total revenue in 2022. The high demand from the food, beverage, and pharmaceutical industries is to credit for the product's high consumption in the U.S. Nutmeg oleoresin is the most frequently used oleoresin product. It is commonly used as an addition in the food and beverage industries to increase the product's taste and fragrance.
Furthermore, increasing demand for organic spices as a consequence of increasing organic food and beverage consumption is anticipated to offer up a wide range of new growth prospects for organic oleoresins used in food and beverage applications. More non-volatile products with more convenience appeal to consumers. Oleoresins are becoming more and more popular among companies that make medications, cosmetics, and tastes and fragrances as it has higher non-volatile matter as essential oils.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Food
Fastest Growth
Pharmaceuticals
Growth Rate
6.9% CAGR
Global Oleoresin Market, 2022-2030 ($ Bn)
Country Share for Europe Region- 2022 (%)
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Oleoresin Market Segmental Analysis
The global oleoresin Market is segmented on the basis of product, application, raw material, and region. Based on Product, the market is segmented into black pepper, capsicum, paprika, turmeric, ginger, garlic, onion, seed spice, herbs and others. In terms of application, the market is segmented into food, beverages, pharmaceutical, fragrances, nutraceutical and others. Based on raw material the market is segmented into flowers, berries, seeds, leaves, and others. Based on region the global Oleoresin Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
Black pepper products led the global market for extracts with a revenue share of more than 23%. The significant use of black pepper in the food and beverage industry is to blame for the development of this sector. Black pepper is used as a spice, ingredient, flavoring, coloring, and additive. It is also employed occasionally in the perfume business and for the treatment of cuts and wounds.
The product category with the fastest growth in terms of revenue during the predicted period is turmeric. High demand from the food, beverage, cosmetic, pharmaceutical, and healthcare industries is attributed with this growth rate. Among other things, turmeric is used as a wound healer, colorant, flavoring agent, and antioxidant. Turmeric is produced and exported globally primarily by India.
Food additives, paprika and garlic are frequently utilized by the food industry. In addition to being used as a coloring agent, paprika has a distinct flavor. Moreover, it is eaten in cheese, sauces, emulsified processed meats, cheese, and sweets.
Analysis by Application
In 2021, the market was dominated by the food application, which had a revenue share of almost 27%. The broad usage of a variety of oleoresins in food as additives, flavoring agents, coloring agents, antioxidants, and other ingredients is largely responsible for its high proportion. The peculiar smell and fragrance that oleoresin imparts to the food makes it enticing, enjoyable, and tasty.
In terms of revenue, the pharmaceuticals application segment is anticipated to experience a CAGR of 7.2% over the forecast period. This is due to the numerous health benefits of oleoresins and the rising amount of money spent on pharmaceutical research and development. These products are utilized by the pharmaceutical industry to create natural remedies for health issues. Oleoresins solely offer benefits for consumption and they do not have any adverse effects in comparison to synthetic medicines. Oleoresins' therapeutic properties have allowed pharmaceutical industry players to broaden their product offering, which has led to rising demand from the pharmaceuticals application segment.
Global Oleoresin Market By Application, 2022 (%)
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Oleoresin Market Regional Insights
Asia Pacific market is projected to emerge as the fastest growing region during the forecast period. Growth of this region is attributed to an increased production rate and the application of trying to cut industrial technologies. Asia Pacific is the leading producer of and exports the majority of goods worldwide. China, India, Malaysia, Vietnam, Indonesia, and China are a few of the region's top spice manufacturers. The large production of paprika oleoresins in the Asia Pacific region has led to price competition. Oleoresins need to go through additional processing, which increases stability, intensifies the color, and lessens lingering pungency. The product's stability and compatibility with pharmaceutical and food & beverage applications are expected to be the primary factors driving its increased demand.
The European region held the leading position in the market in 2022 with an estimated 30% in the total market revenue. This is a result of the increased demand for flavorings and coloration in the food and beverage industry. The region's growing need for the commodity is also being driven by the demand from companies that make cosmetic, fragrance, and personal care goods, which constitute an important end-use market for oleoresins. The shift in consumer preferences towards traditional cuisines and the increasing use of oleoresins in healthcare applications and treatments are expected to have a significant effect on sales in this region.
Global Oleoresin Market By Geography, 2022-2030
- Largest
- Fastest
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Oleoresin Market Dynamics
Drivers
Growing Interest in Ingredients
- The demand for oleoresins is expanding as a result of consumers' growing rate of health consciousness and their desire for natural ingredients in their food and beverages.
Increasing acceptance of ethnic food
- Oleoresins are widely used in ethnic cuisines such as Indian, Mexican, and Thai. The need for oleoresins is rising along with the popularity of these cuisines.
Numerous Applications Demanding Oleoresins
- The demand for oleoresins is being driven by an array of industries, including food and beverage, pharmaceuticals, and personal care.
Restraints
High cost
- The production of oleoresins requires specialized equipment and technology, which makes them relatively expensive.
Limited Availability of Raw Materials
- The production of oleoresins requires a steady supply of high-quality raw materials, which may be limited in some regions.
Stringent Regulations
- The production and use of oleoresins are subject to stringent regulations, particularly in the food and beverage industry, which may hinder their growth.
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Oleoresin Market Competitive Landscape
The global oleoresin market is very competitive in nature and has many players worldwide. The demand from the food, beverage, and pharmaceutical industries dominates the market. The market for raw materials is highly volatile and subject to change. The players have long-term arrangements with the raw material manufacturers to guarantee a steady supply of raw materials.
Companies are focusing on increasing their production capacities by expanding their operations to other parts of the world. For instance, Givaudan doubled the capacity of its flavor production at its Nantong manufacturing facility in China in November 2020. The company's latest location is situated in the heart of the city and is readily accessible via public transport.
Top Player’s Company Profiles
- Synthite Industries Ltd.
- Givaudan SA
- Akay Group Ltd.
- Plant Lipids
- Vidya Herbs Pvt Ltd.
- Kancor Ingredients Ltd.
- AVT Naturals
- Ozone Naturals
- Universal Oleoresins
- India Essential Oils
- Shaanxi Jiahe Phytochem Co. Ltd.
- Ungerer Limited
- Lionel Hitchen (Essential Oils) Ltd.
- Cymbio Pharma Pvt Ltd.
- Kalsec Inc.
- Dupont de Nemours Inc.
- K.Patel Phyto Extractions Pvt Ltd.
- Kuber Impex Ltd.
- Kancor Ingredients Ltd.
- Indo World Trading Corporation
Recent Developments
- In 2021, SH Kelkar and Company Ltd (SHK), which is an India-based flavor and fragrance company, announced with its totally owned subsidiary Keva Europe BV the acquisition of a 100% ownership in a subsidiary of Holland Aromatics' BV, in the Netherlands. By doing this, the business will be able to serve the new market and expand its operations.
- In 2021, Sensient Natural Ingredients LLC announced the acquisition of New Mexico Chili Products Inc., a dehydrated chili production plant in Deming that dehydrates capsicums and a range of specialty chilies for sale to CPG food manufacturers, spice blenders, and foodservice clients. The corporation will be able to boost its global sales volume with the help of this acquisition.
Oleoresin Key Market Trends
- Ethnic foods are growing more and more popular throughout the globe, especially in countries like Italy, the United Kingdom, India, China, Mexico, Spain, and others, due to their distinctive flavors and the use of turmeric oleoresin. This is driving market growth. Oleoresins are often replaced for marinades from flavoring producers by manufacturers, particularly those of meat items like sausages. Some people prepare their own marinades with oleoresins and spices (for example, dried spices). The increased demand for baked products and confectioneries, as well as customers' growing preference for natural and organic ingredients over artificial flavor or color, all add to the company's need for oleoresins. Oleoresins are also used as ingredients by many producers of mayonnaise, sauces, marinades, and pickles in replacement of goods with artificial flavorings. Oleoresins are simple to store and heat-stable, resistant to microbial contamination, and have a far longer shelf life than fresh or dried spices. As a result of the increased demand from food and beverage companies around the world, the oleoresins industry is experiencing higher growth.
Oleoresin Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Oleoresin market is the global oleoresin market is being driven by the growing demands from the pharmaceutical, food & beverage, healthcare, and healthcare industries. Oleoresins are produced using a wide range of organic substances and spices that may be found all over the world. Usually, it takes the shape of a semi-solid extract. A variety of oleoresins has multiple characteristics based on the spice they are derived from. They are used in the pharmaceutical, healthcare, food, and beverage industries and exhibit a wide range of therapeutic and antioxidant properties. Oleoresins are also used as ingredients by many producers of mayonnaise, sauces, marinades, and pickles in replacement of goods with artificial flavorings. Oleoresins are simple to store and heat-stable, resistant to microbial contamination, and have a far longer shelf life than fresh or dried spices. As a result of the increased demand from food and beverage companies around the world, the oleoresins industry is experiencing higher growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.43 billion |
| Market size value in 2031 | USD 2.61 billion |
| Growth Rate | 6.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Oleoresin Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Oleoresin Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Oleoresin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Oleoresin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Oleoresin Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Oleoresin Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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