Global Oleoresin Market Size, Share, and COVID-19 Impact Analysis, By Product (Black Pepper, Herbs, Ginger, Capsicum, Seed Spices, Cinnamon & Cassia, Paprika, and Others), By Raw Material (Seeds, Roots, Flowers, Berries, Leaves, and Others), By Application (Food & Beverages, Feed, Pharmaceutical & Nutraceutical, Personal Care Products, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

Industry: Food & Beverages

RELEASE DATE Feb 2024
REPORT ID SI3668
PAGES 200
REPORT FORMAT PathSoft

Global Oleoresin Market Insights Forecasts to 2033.

  • The Global Oleoresin Market Size was Valued at USD 1.63 Billion in 2023
  • The Market Size is Growing at a CAGR of 6.36% from 2023 to 2033
  • The Worldwide Oleoresin Market Size is Expected to Reach USD 3.02 Billion by 2033
  • Asia-Pacific Market is expected to grow the fastest during the forecast period

Global Oleoresin Market

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The Global Oleoresin Market Size is Anticipated to Exceed USD 3.02 Billion by 2033, Growing at a CAGR of 6.36% from 2023 to 2033.

 

Market Overview

Evaporating the solvents utilized in the manufacturing process produces oleoresins, which are semi-solid extracts made of resins along with essential or fatty oils. The conifer oleoresin, sometimes referred to as gum turpentine or crude turpentine, is made up of rosin and turpentine oil. Oleoresins are made from spices like parsley, mace, nutmeg, fir balsam, ginger, jambu, labdanum, cardamom, celery seed, clove bud, fenugreek, thyme, pimenta (allspice), rosemary, vanilla, pepper (black/white), savory (summer/winter), sage, turmeric, and West Indian Bay leaves. It is feasible to use polar (alcohol) or nonpolar (carbon dioxide, hydrocarbon) nonaqueous solvents. The properties of different oleoresins determine which of them should be used. For instance, the primary uses of paprika oleoresin are as a taste and colorant in cheese, sauces, drinks, candies, and processed meat items. Because they provide flavor and antioxidant qualities, black pepper oleoresins are frequently found in medical products. An important driver propelling the market's revenue growth is the growing demand for organic and conventional food products. Growing health consciousness among consumers has led to a desire for natural meals devoid of harmful chemicals and additives. Because artificial flavors and colors are frequently linked to several health problems, oleoresins are perceived as a safer, more natural alternative, which is driving the growth of the global oleoresin market.

 

Report Coverage

This research report categorizes the market for the global oleoresin market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global oleoresin market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global oleoresin market.

 

Global Oleoresin Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 1.63 Billion
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:6.36%
2033 Value Projection:USD 3.02 Billion
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Product, By Raw Material, By Application, By Region
Companies Covered: Indo World Trading Corporation, Givaudan SA, Akay Group Ltd., Plant Lipids, Dupont de Nemours Inc., K.Patel Phyto Extractions Pvt Ltd., Vidya Herbs Pvt Ltd., Kancor Ingredients Ltd., Ozone Naturals, Universal Oleoresins, India Essential Oils, Shaanxi Jiahe Phytochem Co. Ltd., Ungerer Limited, Lionel Hitchen (Essential Oils) Ltd., Cymbio Pharma Pvt Ltd., AVT Naturals, Synthite Industries Ltd., Kalsec Inc., Kuber Impex Ltd., Kancor Ingredients Ltd., and Other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Driving Factors

The global oleoresin market is driven by various factors, including several government regulations over the global regions. The European Union (EU) has imposed labeling regulations for goods containing oleoresins and set maximum amounts of oleoresin oils in food items. Oleoresin oil quality is regulated by the Food and Drug Administration (FDA) in the United States. Before being utilized in F&B, medicines, or cosmetics, oleoresins must adhere to safety criteria outlined in current good manufacturing practices laws. To guarantee consumer safety, the World Health Organization (WHO) has set rules for the use of oleoresins in food and beverage, pharmaceutical, and cosmetic products. The global oleoresin market is expanding due in part to the rapid development of technological innovations that have improved the economy, efficiency, and environmental friendliness of oleoresin extraction and processing. Using supercritical fluid extraction (SFE) technology, which does away with the requirement for solvents during the extraction process, is one illustration of this. In addition, the industry is expanding swiftly because of the exponential rise in international travel and migration as well as the growing popularity of ethnic cuisines around the world. In addition, the growing number of quick-serve restaurants (QSRs), rising consumer disposable incomes, growing demand for convenience food goods, and expanding consumption of organic food and drinks are all contributing to the growth of the global oleoresin market.

 

Restraining Factors

The season affects the availability of spices, which are needed all year round to manufacture oleoresins. Firms must stock up and buy throughout the year, taking on the risk of unexpected losses. Various agro-climatic factors cause raw material costs to differ and rise. The stock is extremely risky due to the commodities market's regular price fluctuations. The amount of time processors is allowed to reexport is another major issue that Indian manufacturers are worried about. Processors are allowed to import spices, but they must pay a duty equal to 75% of the import value or re-export the spices with value-added within 120-130 days. Given that India's supply of spices is decreasing owing to a significant reliance on agroclimatic conditions, Indian processors are requesting an extension of the time. The market for oleoresins has developed into a commodity with narrow profit margins. Companies can only thrive and expand in the market by cutting costs and rising the value chain, which puts pressure on the global oleoresin market.

 

Market Segmentation

The Global Oleoresin Market share is classified into product, raw material, application

  • The black pepper segment is expected to hold the largest share of the global oleoresin market during the forecast period.   

Based on the product, the global oleoresin market is divided into black pepper, herbs, ginger, capsicum, seed spices, cinnamon & cassia, paprika, and others. Among these, the black pepper segment is expected to hold the largest share of the global oleoresin market during the forecast period. This is due to black pepper's strong flavor and aromatic, spicy properties make it a common ingredient in culinary goods. Usually, ethanolic extraction is used to create black pepper oleoresin, along with a tiny amount of dried crushed black pepper. Over the course of the forecast period, rising demand for the product due to its antibacterial and antioxidant qualities is anticipated to have a favorable impact on the global oleoresin market.

 

  • The berries segment is expected to grow at the fastest pace in the global oleoresin market during the forecast period.    

Based on the raw material, the global oleoresin market is divided into seeds, roots, flowers, berries, leaves, and others. Among these, the berries segment is expected to grow at the fastest pace in the global oleoresin market during the forecast period. This is due to the growing desire for natural tastes, and berries, being naturally occurring sources of vivid and varied flavors, are in high demand as flavoring agents for a wide range of food and drink items. Berries have potential applications in the personal care and cosmetics sectors in addition to the food and beverage industry. This could encourage the expansion of the berries segment in the global oleoresin market.

 

  • The food & beverages segment is expected to hold the greatest share of the global oleoresin market during the forecast period.

Based on the application, the global oleoresin market is divided into food & beverages, feed, pharmaceutical & nutraceutical, personal care products, and others. Among these, the food & beverages segment is expected to hold the greatest share of the global oleoresin market during the forecast period. This is due to the widespread usage of oleoresins in a wide range of food and drink items, including cheese, sauces, spice blends, processed meat, candies, and some fruit juices. In many food preparations, they are also utilized as seasonings and coloring agents. The food & beverage segment is dominating the global oleoresin market due in part to the industry's continuous expansion in oleoresin use as well as the growing appeal of classic recipes with recognizable tastes.

 

Regional Segment Analysis of the Global Oleoresin Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Europe is anticipated to hold the largest share of the global oleoresin market over the predicted timeframe.

Europe

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Europe is anticipated to hold the largest share of the global oleoresin market over the predicted timeframe. This is a result of the growing need for flavor enhancers and coloring agents in the food and beverage sector. The region's strong product demand is further influenced by the demand from the personal care, fragrance, and beauty care sectors, which offer a sizable end-use market for oleoresins. Consumer preferences for regional cuisine and the expanding usage of oleoresins in treatments and applications within the present healthcare system are anticipated to be key development factors in this area. The region is growing because of the growing need for food coloring and spice oils. In addition, a shift in lifestyle, a rise in the inclination for packaged goods, and rising consumer disposable income are all anticipated to support the global oleoresin market expansion in the region.

 

Asia Pacific is expected to grow at the fastest pace in the global oleoresin market during the forecast period. This region's growth is ascribed to both the use of trying to cut industrial technology and a rise in output rate. Most of the world's goods are produced and exported mostly from Asia Pacific. Among the leading producers of spices in the area are China, India, Malaysia, Vietnam, Indonesia, and China. There is price rivalry as a result of the Asia Pacific region's huge output of paprika oleoresins. Further processing is required for oleoresins, which improves stability, deepens color, and reduces residual pungency. It is anticipated that the product's stability and suitability for use in food and beverage and pharmaceutical applications would be the main drivers for the rising demand of the global oleoresin market.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global oleoresin along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Indo World Trading Corporation
  • Givaudan SA
  • Akay Group Ltd.
  • Plant Lipids
  • Dupont de Nemours Inc.
  • K.Patel Phyto Extractions Pvt Ltd.
  • Vidya Herbs Pvt Ltd.
  • Kancor Ingredients Ltd.
  • Ozone Naturals
  • Universal Oleoresins
  • India Essential Oils
  • Shaanxi Jiahe Phytochem Co. Ltd.
  • Ungerer Limited
  • Lionel Hitchen (Essential Oils) Ltd.
  • Cymbio Pharma Pvt Ltd.
  • AVT Naturals
  • Synthite Industries Ltd.
  • Kalsec Inc.
  • Kuber Impex Ltd.
  • Kancor Ingredients Ltd.
  • Others.

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Developments

  • In August 2023, Collectively, Divi and Algalif created concentrated beadlets of naturally occurring astaxanthin. It is used to organically produce astaxanthin oleoresin from microalgae for use in renewable energy sources.

 

  • In January 2022, Givaudan declared that it had acquired a 48% share in Nanovetores Group. The Criatec vehicle, a Brazilian investment vehicle that prioritizes cutting-edge, early-stage businesses, was the seller of the share. Givaudan's strategic objective of growing its market share and footprint in the beauty goods industry is evident in this purchase.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Oleoresin Market based on the below-mentioned segments: 

 

Global Oleoresin Market, By Product

  • Black Pepper
  • Herbs
  • Ginger
  • Capsicum
  • Seed Spices
  • Cinnamon & Cassia
  • Paprika
  • Others

 

Global Oleoresin Market, By Raw Material

  • Seeds
  • Roots
  • Flowers
  • Berries
  • Leaves
  • Others

 

Global Oleoresin Market, By Application

  • Food & Beverages
  • Feed
  • Pharmaceutical & Nutraceutical
  • Personal Care Products
  • Others

 

Global Oleoresin Market, By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions (FAQ)

  • 1. Which are the key companies that are currently operating within the market?
    Indo World Trading Corporation, Givaudan SA, Akay Group Ltd., Plant Lipids, Dupont de Nemours Inc., K.Patel Phyto Extractions Pvt Ltd., Vidya Herbs Pvt Ltd., Kancor Ingredients Ltd., Ozone Naturals, Universal Oleoresins, India Essential Oils, Shaanxi Jiahe Phytochem Co. Ltd., Ungerer Limited, Lionel Hitchen (Essential Oils) Ltd., Cymbio Pharma Pvt Ltd., AVT Naturals, Synthite Industries Ltd., Kalsec Inc., Kuber Impex Ltd., Kancor Ingredients Ltd., and others.
  • 2. What is the size of the global Oleoresin market?
    The Global Oleoresin Market Size is expected to grow from USD 1.63 Billion in 2023 to USD 3.02 Billion by 2033, at a CAGR of 6.36% during the forecast period 2023-2033.
  • 3. Which region is holding the largest share of the market?
    Europe is anticipated to hold the largest share of the global oleoresin market over the predicted timeframe.
  • 1. Which are the key companies that are currently operating within the market?
    Indo World Trading Corporation, Givaudan SA, Akay Group Ltd., Plant Lipids, Dupont de Nemours Inc., K.Patel Phyto Extractions Pvt Ltd., Vidya Herbs Pvt Ltd., Kancor Ingredients Ltd., Ozone Naturals, Universal Oleoresins, India Essential Oils, Shaanxi Jiahe Phytochem Co. Ltd., Ungerer Limited, Lionel Hitchen (Essential Oils) Ltd., Cymbio Pharma Pvt Ltd., AVT Naturals, Synthite Industries Ltd., Kalsec Inc., Kuber Impex Ltd., Kancor Ingredients Ltd., and others.
  • 2. What is the size of the global Oleoresin market?
    The Global Oleoresin Market Size is expected to grow from USD 1.63 Billion in 2023 to USD 3.02 Billion by 2033, at a CAGR of 6.36% during the forecast period 2023-2033.
  • 3. Which region is holding the largest share of the market?
    Europe is anticipated to hold the largest share of the global oleoresin market over the predicted timeframe.

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