Oleoresins Market Analysis Recorded Strong Growth in 2024; COVID-19 Pandemic Set to Drop Sales

Oleoresins are a naturally occurring combination of oil and resin that can be extracted from plants. They are a highly concentrated substance that exists in liquid form. Oleoresins are generally obtained by evaporation of solvents used for their production. Oleoresins are natural liquid flavoring that contain both volatile and non-volatile flavor components especially obtained from ground spice or herb with more rapid flavor release. Application of oleoresins in foods and personal care products is increasing from last few years. Oleoresins is replacing the original ground spice with a standardized taste and aroma that can be personalized as per the requirement of the product which is reflecting positive attitude of consumers towards oleoresins.

Market Forecast

Globally the Oleoresins Market is mainly driven by increasing application of oleoresins in food industry as a flavoring and coloring agent. Growing demand for Ready to Eat (RTE) meals has boosted the sales of oleoresins especially capsicum, onion and black pepper as flavoring agent. Rising application of oleoresins in pharmaceutical industry due to health benefits associated with oleoresins is influencing the market growth. Increasing demand in bakery products is also supporting the market growth. Many personal care products manufacturers are using oleoresins for fragrance which is also driving the demand of oleoresins.

These factors will play a key role in the growth of Oleoresins market at the CAGR of 4% during 2016-2022.

By Application Analysis-

Oleoresins are largely used for used as a flavoring and coloring agent in food and beverages products. Among the various ingredients vanilla, green ginger, cumin, fennel are popular due to their increase in applications in confectionery, candies, jellies and dairy products. Increase in demand for frozen foods, desserts, soups, meat sauces as a vibrant coloring agent is supporting market growth for oleoresins. Soaps, candle, perfume and hair lotion manufacturers are using oleoresins to get desired fragrance in their products. Poultry feed is also driving higher demand for oleoresins as they enhance color of eggs and poultry products.

Competitive analysis-

The major key players in oleoresins market are

• Asian Oleoresin Company (India)
• Silverline Chemicals Ltd (India)
• Jean Gazignaire SA (France)
• Qingdao Ruibang Biotechnology Co., Ltd (China)
• Agnes Herbs (India)
• Shijiazhuang city bio technology co., ltd (China)
• Adani Pharmachem Private Limited (India)
• Kancor Ingredients Limited (India)
• Ozone Naturals (India)
• Plant lipids (India)

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Regional Analysis

The global oleoresins market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). Among this Asia Pacific region is dominating the oleoresins market followed by Europe. Growing popularity of healthy and nutritious food products in world is driving the demand of natural flavoring and coloring agent in food. Increasing disposable income and awareness about health benefits of oleoresins in developing countries like India and China has creating the demand of oleoresins in Asia Pacific regions. The European Food Safety Authority has recommend the capsicum oleoresins as potential feed additive for chicken which is playing the key role in growth of oleoresins market in Europe.

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