The Global Oleoresin Market is anticipated to grow and reach USD 1.57 billion by 2024, according to the report published by Report Bazzar. Oleoresin has been widely used in flavouring agent in food industry owing to favourable solubility characteristics and high temperature applications. Increasing demand for spiced mixes and packaged spices in food has led the overall growth for oleoresin market.
There are several advantages for using oleoresin in flavours and seasonings. They not only enhance the visual appeal and flavour but also protects the shelf life of the products. They are considered more economical than whole grounded spices as less quantity of oleoresin can give the same effect. They are mostly preferred due to their microbial advantages, ease of storage & transport and uniformity in flavour and pungency.
The aforementioned product have large domestic as well as export market. They are widely consumed among the manufacturer of beverages, curry powders, soup powders, noodles, confectioneries, sauces, canned meats and poultry products. Most of the end-use industries are bound to increase and they have an increased preference of quality products. Oleoresins are obtained from spices by extraction process with non-aqueous solvent followed by removal of the solvent by evaporation. The extraction process involves huge production cost at preliminary stages which makes the entry barriers high for the new entrants. Increasing preference for natural ingredients over synthetic flavours and colours is expected to aid the overall market for oleoresin.
Complete report with detailed table of content is available at: http://www.reportbazzar.com/product/global-oleoresin-market-estimates-segment-forecast-2024/
The European Food Safety Authority declared the usage of capsicum oleoresin as a potential food additive for chicken to increase their fattening ratio. Paprika oleoresin accounted for over 20% of the overall market and emerged as the leading product segment in 2015. It is a red-orange oily material and is used to colour foods. Because it is derived from natural food sources, it is exempted from FDA certification for food colorants. Paprika oleoresin are commonly used in cheeses, orange juice, sauces and meats. They are also used in poultry feed for giving the meat and egg yolks a darker yellow appearance than is natural for them.
Flavours accounted for over 30% of the overall market followed by food & beverages. Growing demand for flavours can be attributed to shifting consumer preferences to participate in diet and lifestyle management. Chilli oleoresins contain capsaicinoids that are widely used for curing gastrointestinal and cardiovascular diseases. Such a factor has led the overall market positively in recent past and is expected to drive the same over the next seven years.
The European market has the highest penetration in 2015. Hungary, Germany and UK accounted a larger share in the regional spice industry. Changing dietary preferences among the consumers and their shifting trends towards ethnic food varieties has assisted the total market.
The global oleoresin market is concentrated in nature with few companies holding a major share of the overall market. It has been reported that Synthite Industries Ltd. accounted for 30% of the global oleoresin market. The company’s oleoresin or value added spice extracts are used across industries such as food & beverage, personal care, confectionary, health & wellness, and for agriculture & livestock. Some of the other market participants include Universal Oleoresins, Plant Lipids, Ungerer & Company, Akay, AVT Natural Products, Indo World, Paras Perfumers, Asian Oleoresin Company, Ambe Group and Cymbio Pharma Pvt. Ltd.
Product Outlook (Volume, Tonnes, Revenue, USD Billion; 2014 – 2024)
- Black pepper
Application Outlook (Volume, Tonnes, Revenue, USD Billion; 2014 – 2024)
- Food & beverage
- Flavours & sauces
Regional Outlook (Volume, Tonnes, Revenue, USD Billion; 2014 – 2024)
- North America
- South East Asia
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia.
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