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Oleoresins are extensively used across food & beverage as well as in the fragrance industry due to their ability to impart exotic flavors and superior solubility characteristics. The product is the best alternative of whole spices and has several applications, such as in jellies and jams preparations, in cheese, butter, pickles, and in meat preparations as a coloring agent, in frozen food, desserts, soap and candle preparations, and others. Fostering demand for exotic food flavors and efficient natural coloring agents by the food & beverage industry, the pharmaceutical industry, and others is contributing positively in scaling up the growth of oleoresin market.
Several key market players operating in oleoresin market are focusing on the launch of oleoresins produced from different spice and vegetable types and increasing their investment to produce more refined oleoresins for broader applications. Synthite Industries Ltd., Kancor Ingredients Ltd., and Naturex are some of the leading oleoresin producing global companies with the most significant market shares.
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Oleoresins are natural extracts that are capable of inducing holistic taste, color, texture, and aroma. Oleoresins are extracted from different plants, and hence their method of extraction varies greatly. Solvent extraction process, steam distillation process, and supercritical fluid extraction process are some of the most common oleoresin extraction methods. The product is a highly concentrated liquid and has similar properties as of original spice. Low moisture content and higher shelf-life properties associated with oleoresins make them preferable over traditional raw spices.
Rapid growth in the beverage industry is leading to an increase in demand for oleoresins as they can offer great base flavors for several drinks. Availability of wide range of oleoresins is providing beverage as well as bakery and processed food manufacturers to use combination flavors in food and drinks to make them more appealing, which in turn is projected to drive the growth of oleoresin market. Furthermore, uniformity in pungency and flavor of food products and easy transportation of oleoresin is expected to propel the growth of the market.
The factors that are projected to inhibit the growth of oleoresin market are high investment required to establish oleoresin extraction plants. High investment needed may discourage new players from entering the market, which may contribute to market growth stagnancy during the forecast years.
Some of the major companies that are present in the global oleoresin market are AVT Naturals, Asian Oleoresin Company, Naturex, Ungerer & Company, Kalsec Inc., Bioprex Labs, Universal Oleoresins, Ambe Group, Synthite Industries Ltd., Chr. Hansen, Paprika Oleo’s, and Cymbio Pharma Private Limited.
· Capsicum and Paprika
· Black Pepper
· Food & Beverage
· Fragrance Industry
· North America (USA, Canada, and Mexico)
· Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Vietnam, and Rest of Asia Pacific)
· South America (Brazil, Argentina, and Rest of South America)
· Middle East & Africa (South Africa, UAE, and Rest of MEA)
Paprika product segment is anticipated to witness crucial growth over the forecast period, owing to increased utilization of paprika oleoresin as coloring and flavoring agent in the processed food industry, which is experience continuous rise across the globe. Paprika oleoresin, extracted from sweet red pepper pods is used in the production of sausage, cheese, spice mixtures, emulsified processed meat, and others.
Among application, food & beverage segment is projected to grow significantly over the forecast period, and account for the major market share in the global oleoresin market. Rising demand for specialty food ingredients as well as organic food ingredients due to changing consumer preferences is projected to escalate the demand of oleoresin. The application of oleoresin in the production of baked food products and processed food, due to their rising consumption across the globe is expected to further aid the growth of the segment during the forecast years.
At present, Europe holds the major market share in the global oleoresin market and is expected to dominate the market during the forecast period, owing to well-established food & beverage industry of the region, coupled with increased consumption of ethnic food & beverages by the population of the region. Increased inclination of European consumers towards food prepared with natural ingredients is expected to boost the growth of European oleoresin market. Europe is one of the major importer of oleoresins, and it majorly depends on the Asian countries for the supply of oleoresins.
The Asia Pacific is expected to be the fastest growing regions in the global market, owing to increased production of oleoresins in Asian countries, such as China and India. The inclination of the Asian population towards food products infused with exotic spice varieties and has an exotic flavor, texture, and the color is further projected to boost the growth of the market in the forthcoming years.
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