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

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.