Oleoresins Market by Source (Paprika, Capsicum, Seed spices, Turmeric, Herbs, Ginger, Cinnamon & cassia), Application (Food & Beverages, Pharmaceutical & Nutraceutical, Personal Care Products, Feed), Extraction Process, and Region - Global Forecast to 2025
The global oleoresins market is estimated to be valued at USD 1.2 billion in 2019 and is projected to reach USD 1.7 billion by 2025, recording a CAGR of 6.0% from 2019 to 2025.
The rising trend of using natural flavors in processed food and an increasing number of QSRs have led to a surge in demand for oleoresins. The rise in awareness regarding the side-effects of synthetic flavors and health benefits offered by phytomedicines and herbal extracts has significantly driven the growth of the market.
The pharmaceuticals nutraceuticals segment is projected to witness the fastest growth during the forecast. Based on application, the oleoresins market is segmented into pharmaceuticals nutraceuticals, food beverages, personal care products, and feed. The pharmaceuticals nutraceuticals segment is projected to witness the fastest growth during the forecast period, due to the increasing preference for herbal medicines and increasing intake of natural dietary and health supplements in developed and developing countries.
Capsaicinoids present in capsicums possess antibiotic characteristics. Thus, they act as an ailing agent in medicines and reduce pain sensations. Capsicum oleoresins also find applications in the nutraceuticals industry as key ingredients in supplement formulations, which helps in managing body weight. These factors are collectively projected to drive the pharmaceuticals nutraceuticals segment in the oleoresins market during the forecast period.
Major key players are Akay Group (India), Synthite Industries Pvt. Ltd. (India), AVT Naturals (India), Givaudan (Switzerland), PT Indesso Aroma (Indonesia), Vidya Herbs Private Limited (India), Ungerer Company (US), Kancor Ingredients Ltd. (India), Plant Lipids (India), Kalsec Inc.(US), Gazignaire (France), and Universal Oleoresins (India).