The global Oleoresins Market is expected to reach USD 2,749.86 million by 2030 with a revenue CAGR of 5.43% during the forecast period. The market growth is driven by the increasing demand for oleoresins in organic and clean label products due to strict regulations regarding the use of artificial colouring and flavouring in food products. The rising inclination of consumers towards processed foods and beverages, coupled with increasing innovations and product development, is expected to drive market revenue growth.
Oleoresins are increasingly replacing spices due to their strong flavours, colours, and longer shelf-life. The food and beverage industry accounts for the largest revenue share in the global market due to the rising focus on ready-to-eat and packaged food products and the increasing application of oleoresins in various ethnic cuisines. One of the key factors driving demand for oleoresins is their lipophilicity property, which enables formulators to offer halal and kosher-certified oleoresins with customized specifications.
The Asia-Pacific market accounts for a significantly larger revenue share in the global market due to technological advancements in food processing and rising consumption of oleoresins in the food industry. The report segments the global oleoresins market based on raw material, source, extraction process, application, and region. Some major companies operating in the market include Akay Group, Universal Oleoresins, and Plant Lipids Private Limited, among others.
The Notable Innovation of Oleoresins Market:
One notable innovation in the Oleoresins Market is the opening of an innovation centre by Mane Kancor Ingredients Pvt. Ltd. in India in October 2021. The centre is aimed at developing and innovating natural shelf-life, culinary taste and colour solutions, personal care ingredients, and nutraceutical products. This highlights the industry's focus on research and development to offer unique and cost-effective oleoresins to food and flavouring manufacturers. Technical advancements, such as the use of Supercritical Fluid Extraction (SCFE) green technology, can also help to eliminate the usage of solvents and ensure that the true profile of natural spices is maintained.
Some of the major companies of Oleoresins 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
- Ambe Phytoextracts Pvt. Ltd
Several Driving Factors of Oleoresins Market:
Firstly, the growing demand for organic and clean label products is driving the demand for oleoresins, as strict regulations are in place regarding the use of artificial colouring and flavouring in food products. Secondly, increasing innovation and product development, coupled with rising consumer preference for various processed foods and beverages worldwide, is expected to drive market revenue growth.
The food and beverage segment accounted for the largest revenue share in the global market in 2021, primarily due to the growing demand for ready-to-eat and packaged food products, as well as the increasing application of oleoresins in various ethnic cuisines like Indian, Thai, and Mexican. Additionally, the lipophilicity property of oleoresins enables food manufacturers to formulate a wide variety of food products, making them highly versatile.
Furthermore, there is a rising demand for natural colours and flavours in the food and beverage industry, which is expected to drive the demand for oleoresins over the forecast period. Formulators are also focusing on offering halal and kosher.
Some of the major companies of Oleoresins 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
- Ambe Phytoextracts Pvt. Ltd
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