The report "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", According to MarketsandMarkets, the 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 rapidly growing demand for natural flavors in the food & beverage industry and the wide application of oleoresins in various other industries such as pharmaceuticals, personal care, and feed sectors are some of the key factors driving the growth of the market.
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The growing awareness about the health benefits associated with oleoresins results in increasing industrial applications in the pharmaceuticals & nutraceuticals industries. The anti-inflammatory and antimicrobial nature of oleoresins helps in prevention of chronic diseases, due to which it is becoming popular among consumers. Various spices are known to provide a range of health benefits that makes them an indispensable part of traditional foods and medicines. Oleoresins are available in more concentrated forms of their respective spices, and the growing awareness regarding their benefits are factors driving their demand across industries. According to a study by the Nutrition Foundation of India, oleoresins are increasingly used to prevent chronic diseases in pharmaceutical applications due to their antioxidant and anti-inflammatory properties. Oleoresins increasingly find applications as a counterirritant, antiseptic, and rubefacient. In addition, oleoresins of dried berries are also used to improve digestive health and provide relief from nausea, dysentery, and dyspepsia.
The formulation of oleoresins from chili plant such as paprika and capsicum is very common. They are used in pharmaceutical applications due to their analgesic, antioxidant, and anti-inflammation features; chili oleoresins (oleoresins extracted from paprika and capsicum) are also being studied for anti-carcinogenic effects. According to CBI (Ministry of Foreign Affairs), the paprika segment accounted for nearly 25% share in the total oleoresin market, in terms of value, in 2015. Moreover, one-third of the Indian oleoresin production is derived from paprika. The increased demand for paprika oleoresin in the market is due to the increasing inclination of consumers toward natural food extracts with coloring properties.
The Asia Pacific oleoresins market is projected to have higher growth potential in the coming years. Chilies such as paprika and capsicum are the major spices that are used in cuisines in Asia. The growing food and beverage industry and the increasing consumer preference for diets that includes natural flavors and fragrances are factors projected to drive the growth of the oleoresin market in the region. With the rising middle-class population in developing Asian countries, growing disposable income of the consumers, and imports of oleoresin products offered at lower prices from China to other Asian countries are key factors projected to drive the growth of the oleoresins market in the region.
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Key players in this market include 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).
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