According to the report by Expert Market Research (EMR), the global oleoresin market size was around USD 1.89 billion in 2023. Aided by robust growth of the food and beverage industry and surging popularity of health supplements, the market is projected to further grow at a CAGR of 5.70% between 2024 and 2032 to reach a value of USD 2.62 billion by 2032.
Oleoresins are potent, semi-solid extracts obtained from plants and spices. They encircle the flavour and aroma profile of the source from which they are extracted. Common sources include capsicum, black pepper, turmeric, and ginger. Due to their concentrated nature, they find extensive use in food formulations, offering consistent taste, colour, and aroma without the constraints of seasonal variations. Furthermore, oleoresins hold an advantage over raw spices due to their longer shelf life and ease of transportation, making them an attractive option for the food and beverage industry.
One of the major oleoresin market trends is a growing global inclination towards natural food additives and flavouring agents. As synthetic additives come under scrutiny for potential health risks, the demand for natural and organic alternatives like oleoresins has surged. The burgeoning trend of ethnic and exotic flavours in global cuisine is further pushing the demand for oleoresins, with culinary professionals seeking consistent flavour profiles that these extracts provide.
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The oleoresin market growth is also supported by the growth of the cosmetic and personal care sector. These extracts, rich in essential oils and natural compounds, are often incorporated in cosmetic formulations for their antioxidant, anti-inflammatory, and aromatic properties. Perfumes, creams, and lotions infused with oleoresin extracts not only provide aromatic richness but also offer therapeutic benefits.
Moreover, the beverage industry, especially the alcoholic segment, is experimenting with oleoresins to introduce novel flavours in liquors and cocktails. Distilleries are infusing spirits with spice oleoresins to impart unique taste notes, which are gaining popularity among consumers seeking novel drinking experiences.
The oleoresin market analysis also highlights the significance of the pharmaceutical industry and its impact on the market demand. Oleoresins derived from medicinal plants and herbs are integrated into various drug formulations for their therapeutic properties. For instance, turmeric oleoresin, rich in curcumin, is renowned for its anti-inflammatory and antioxidant properties and finds application in nutraceutical formulations.
Furthermore, the increasing global demand for clean-label products, which are free from synthetic additives and are transparent about their ingredient sourcing, is bolstering the oleoresin market demand. Consumers, due to the growing health consciousness, are actively seeking products that are naturally derived, thus fuelling the adoption of oleoresin.
Oleoresin Market Segmentation
The market can be divided based on product, application, and region.
Market Breakup by Product
- Paprika
- Black Pepper
- Capsicum
- Turmeric
- Garlic
- Onion
- Others
Market Breakup by Application
- Food and Beverages
- Pharmaceuticals
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Oleoresin Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global oleoresin market. Some of the major players explored in the report by Expert Market Research are as follows:
- Universal Oleoresins
- Trilogy Essential Ingredients, Inc.
- Paprika Oleo’s (India) Ltd.
- S.A.S. Jean GAZIGNAIRE
- Indesso
- Synthite Industries Private Limited
- Others
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