Tuesday, June 25, 2024

Oleoresins Market Expected to Reach USD 3.68 Billion By 2032

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The global oleoresins market size was USD 2 Billion in 2022 and is expected to reach USD 3.68 Billion in 2032, and register a rapid revenue CAGR of 7 % during the forecast period. Rising demand for natural and Organic Food Products, improvements in extraction techniques, and rising public knowledge about health advantages of oleoresins are major factors driving market revenue growth. Oleoresins are organic extracts made from botanical, herbal, and spice sources by solvent extraction techniques. These oleoresins are frequently employed in a wide range of F&B products, including snacks, sauces, meat products, and bakery goods, due to their rich flavor, color, and aroma.

In addition, rising demand for natural and organic food items is another key factor driving revenue growth of the market. As consumers’ awareness about their health increases, they demand natural foods free of unhealthy additives and chemicals. Oleoresins are viewed as a safer, more natural alternative to artificial tastes and colors, which are frequently linked to a number of health problems. As a result, oleoresins are in high demand in F&B industries.

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Some Key Highlights from the Report:

  • In October 2021, Mane Kancor Ingredients Pvt. Ltd. inaugurated an innovation centre at Angamaly, Kochi, India, to develop and innovate natural shelf-life, culinary taste and color solutions, personal care ingredients, and nutraceutical products.
  • Supercritical fluid extraction segment is expected to register a relatively faster revenue CAGR of 5.67% throughout the forecast period. This can be attributed to the capacity of supercritical fluid method to provide high solubility, improved mass transfer rate, and increased selectivity with small changes in chemical properties, such as temperature and pressure. The supercritical fluid extraction method is rapid due to low viscosity and high diffusivity associated with supercritical fluids. Technical advancements and use of Supercritical Fluid Extraction (SCFE) green technology can help eliminate the usage of solvents, ensuring that the true profile of natural spices is maintained.
  • The Asia-Pacific market accounted for a significantly larger revenue share of 33.59% in the global market in 2021, which can be attributed to technological advancements in food processing, and rising consumption of oleoresins and their multiple applications in the food industry, which include production of butter, jellies, jams, gelatin preparations, meat, cheese and snacks, poultry feeds, and frozen foods. Moreover, increasing demand for oleoresins in processed food and fragrance industries as natural coloring and flavoring agents is driving revenue growth of the market in Asia-Pacific.
  • Some major companies operating in the global 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, and Ambe Phytoextracts Pvt. Ltd, among others.

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