Oleoresins are the fundamentals of spices that represent a holistic view of flavor and taste attributes. Worldwide rising interest in use of natural colorants for food products and red pepper or paprika is expected to drive the market in the years to come. Oleoresin is highly vulnerable to light and heat that causes oxidation and can result in deterioration of contents in it. Oleoresin market is driven by rise in consumer awareness and health benefits associated. The anti-oxidant and anti-microbial properties enable it as a natural food preservative. Increase in demand for packaged spices in hotel and restaurants boosts the market growth in the forecast period. Rise in population, change in lifestyle, and growth in the number of fatal diseases across the globe is likely to affect the market growth in the forecast period.
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Product segmentation for oleoresin market includes paprika, black pepper, turmeric, ginger, garlic and onion. Application segment for oleoresin industry includes pharmaceuticals, food &beverages and flavors. Food & beverages segment accounts for a substantial market growth. Geographical segmentation for oleoresins market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa.
European market is likely to grow at a significant CAGR in the forthcoming period as the region has considerable market size and rise in consumption of ethnic foods that have resulted in higher consumption in the regional market. Change in lifestyle along with rise in consumption of natural food leads into a positive demand in the market.
North America accounts for a greater market share in the forecast period due to rise in population and high production of oleoresin. Rise in consumer demand and increase in health benefits obtained by use of oleoresin in food is likely to propel the demand in the U.S. market. The key players in the oleoresin industry include Plant Lipids, Akay, Synthite, Indo World, Paprika Oleo’s, Paras Perfumers, Ambe Group, Ungerer & Company, Asian Oleoresin Company, Bioprex Labs, and Cymbio Pharma Pvt Ltd.
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