The global oleoresin market is expected to reach USD 695.1 million by 2024, according to a new report by Grand View Research, Inc. Growing interest among consumers toward ethnic food varieties has positively affected the flavoring application segment, which in turn is expected to assist the market demand.
Oleoresins are flavor extracts obtained from solvent extraction process of ground spices. They help in imparting a pungent aroma of the ground spices. Shifting consumer preferences towards quality product item has resulted in these products growth owing to its anti-microbial and easy storage properties compared to ground spices.
However, the rise in raw material prices due to highly priced pesticide usage and reduction in arable land is expected to critically impact the market growth over the next eight years. Prolonged exposure to capsicum oleoresins may also cause eye irritation, diarrhea and vomiting. Nevertheless, there have not been any long-term side effects associated with oleoresin usage as they are significantly used in pharmaceutical and culinary household applications.
In recent past, fragrance designers are benefitting from these products owing to its applications in perfumery and therapeutic applications. Turmeric oleoresins which have curcumin content in it is widely used for skin cream formulation.
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Further key findings from the report suggest:
- The global oleoresin market demand exceeded 15.0 kilo tons in 2015 and is expected to reach 22.3 kilo tons by 2024, growing at a CAGR of 4.6% from 2016 to 2024
- Turmeric oleoresin is presumed to be the fastest growing product segment growing at a CAGR of 5.8% over the forecast period. It is reported that these products contain both coloring & flavoring matter, which makes it useful as a flavoring agent in various food applications. They are also preferred in skin care pharmaceuticals.
- Oleoresins used in pharmaceuticals are presumed to grow at a CAGR of 5.0% over the next eight years. Increasing concern for gastrointestinal diseases among individuals is expected to aid the market demand due its anti-inflammatory and anti-oxidant properties.
- Europe accounted for over 30% of the total demand in 2015 and is expected to follow the same trend over the next few years. Shifting consumer preference towards ethnic food is expected to be an important reason for the regional growth.
- The industry is consolidated in nature with top four companies holding the majority share of the overall industry revenue. Key manufacturers are integrated backward in the value chain process which makes them independent raw material producers and reduces logistics cost.
- Key companies in the industry include Synthite, Plant Lipids, TMV Group, Ozone Naturals, Asian Oleoresin Company, Indo World and Ambe Group.
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Grand View Research has segmented the global oleoresin market on the basis of product, application and region: