The global oleoresin market is expected to witness positive growth rate over the forecast period.
Global Oleoresins Market Outlook to 2025: Ken Research
The report titled publication “Global Oleoresins Market Outlook to 2025- By Product Type (Paprika, Black Pepper, Turmeric, Capsicum, Ginger, Marigold, Onion and Others), By Application (Food & Beverages, Nutraceuticals & Pharmaceuticals, Animal Feed and Others) and By Region (US, Brazil, UK, Germany, France, India, China and Others)” provides a comprehensive analysis of the oleoresin market across all regions. The report also covers the overview and genesis of the industry, overall market size in terms of revenue, segmentation on the basis of oleoresins types, major applications and demand regions, country profiles, trends and developments, issues and challenges, government regulations, value chain analysis, porter’s five forces analysis, competitive scenario and company profiles of major players in the industry. The report concludes with future market projection and analyst recommendations highlighting the major opportunities and cautions for new and existing players in the market.
Global Oleoresin Market Overview and Size
The global oleoresin market grew at a positive growth rate over the review period 2014-2019. The market growth was supported by increase in demand for oleoresins by the food and beverage sector, particulary the seasonings and flavors manufacturers and the packaged food industry. The demand for oleoresins by the nutraceutical as well as the pharmaceutical industry over the review period has also driven the growth of the market. The market will continue to witness growth in the coming years with increasing adoption from other industries.
Global Oleoresin Market Segmentation
By Type: Out of the different types of oleoresins offered in the global market, paprika oleoresin dominated the market in 2019, due to the robust demand by the natural food colorant as well as flavors industry. Black Pepper, Turmeric and Capsicum were found to be other major types contributing the maximum revenue to the industry globally. Out of the different applications within the food and beverage sector, the seasonings, condiments and flavors industry accounted for the highest consumption of oleoresins across the globe.
By Application: The food and beverage sector accounted for majority of the revenue contribution to the oleoresin industry globally over the review period as oleoresins help in standardizing flavor, color and aroma in the products as compared to ground spices. The nutraceutical and pharmaceutical industry also contributed significant revenue to the industry owing to the medicinal properties and active ingredients present in oleoresins.
By Region: In 2019, the European region dominated the global oleoresin market, consuming the largest amount of oleoresins, on the basis of revenue, due to the presence of large number of flavor and fragrances companies in the region. North America also accounted for significantly large revenue share in the market owing to the huge demand from the processed meat and packaged food industry in the region. Within the APAC region, China, Indonesia, India and South Korea are the largest concumers of oleoresins. The penetration of oleoresins within the the South American and Middle-East and African regions is low as consumers still prefer ground spices.
The competition within the global oleoresin is moderately concentrated within the players, with most of the major manufacturers being concentrated in India and China. Although most players have extraction facilities in India, they are gradually expanding their production facilities in other countries such as China, Sri Lanka and Indonesia, Vietnam etc owing to availability of better raw material. The competitive rivalry between the players is high due to negligible product differentiation. Oleoresin producers compete on the basis of parameters such as product portfolio, regional presence, prices, strategic agreements, research and development and more. Most of the players supply oleoresins to food and beverage and nutraceutical industries while some of the players also cater to animal feed and beauty and personal care products manufacturers and others.
Global Oleoresin Market Future Outlook & Projections
The global oleoresin market is expected to witness positive growth rate over the forecast period. Rapid growth of the packaged and processed food as well as the nutraceutical industries is expected to be the key factor driving the growth of the oleoresin industry. Rising demand from developing countries as a substitute to ground spices and synthetic flavors is also expected to positively impact the market over the forecast period. Improvement in extraction technology as well as rising investment in research and development for developing new oleoresin products and its blends for meeting specific requirement of the clients is further expected to propel the growth of the industry. The demand for other oleoresins such as clove, cumin, cardamom, celery, rosemary, nutmeg, mace and more is also expected to augment the industry growth in the coming years.