The global oleoresins market size is expected to reach USD 2,749.86 Million in 2030 and register a revenue CAGR of 5.43% over the forecast period, according to latest report by Reports and Data. Demand for oleoresins is steadily increasing from organic and clean label products and due to strict regulations regarding the use of artificial coloring and flavoring in food products, which is driving market revenue growth.
In addition, increasing innovations and product development, and rising inclination of consumers towards various processed foods and beverages globally are expected to drive market revenue growth. Oleoresins have rapidly replaced spices, and exports of oleoresins rather than raw spices can lead to considerable value addition. Oleoresins have strong flavors, colors, and a long shelf-life, and they can be produced by solvent extraction method and supercritical fluid method.
Oleoresins are anti-microbiological and have a much longer expiration period than spices. Food and flavoring manufacturers are constantly looking for unique flavors and cost-effective oleoresins to develop new products. The food & beverage segment accounted for largest revenue share in the global market in 2021, which can be attributed to rising focus on ready-to-eat and packaged food products, and increasing application of oleoresins in various ethnic cuisines, including Indian, Thai, and Mexican, among others.
One of the important factors to increase demand for oleoresins is their lipophilicity property, which enables food manufacturers to formulate a variety of food products. Formulators are now focusing on offering halal and kosher-certified oleoresins with customized specifications (including color, physical appearance, and absorbency ratio). Furthermore, there is increasing demand for natural colors and flavors from the food & beverage industry, which is expected to drive demand for oleoresins over the forecast period.
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Some major companies operating in the global market include Akay Group, Universal Oleoresins, Plant Lipids Private Limited, Kalsec Inc., AVT Natural Products Limited, PT Indesso Aroma, Jean Gazignaire – Groupe Mul, Ozone Naturals, and Ambe Phytoextracts Pvt. Ltd, among others.
Some Key Highlights from the Report:
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For this report, Reports and Data has segmented the global oleoresins market based on raw material, source, extraction process, application, and region:
Raw Material Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
Source Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
Extraction Process Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
Application Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
Regional Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
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