Currently, the global market
for oleoresins is valued at US$ 1.5 billion, with sales revenue
expected to exceed US$ 2.5 billion by the end of 2032. This is because global
demand for oleoresins is expected to grow at a 6% CAGR between 2022 and 2032,
according to Fact.MR.
The growing preference for organic and natural ingredient
products is expected to be the key driver of oleoresin sales in the future
years. Oleoresins have a higher shelf-life and a more natural flavour profile
than whole spices or artificial flavourings, which is encouraging food makers
to adopt them and therefore increasing market potential.
On the contrary, difficulties in stocking spices, improper
availability, and fluctuating raw material prices are some dynamics that could
inhibit market development through 2032.
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Prime vendors in the oleoresins marketplace are focusing on
the expansion of their production and processing capabilities to increase their
revenue generation capacity and gain a competitive advantage over other
companies.
- In
January 2022, Lycored, a leading producer of carotenoids, vitamins, and
other functional ingredients, announced the launch of its new
state-of-the-art facility in Branchburg, New Jersey, United States. The
new plant also features single-solvent tomato oleoresin extraction that
reduces water wastage in the plant and makes it more sustainable.
All the key developments from the market have been discussed
in this brand-new oleoresins market research analysis by analysts at Fact.MR, a
market research and competitive intelligence provider.
Key Takeaways from Market Study
- As
of 2022, the global oleoresins market is valued at US$ 1.5 billion.
- Shipments
of oleoresin products are anticipated to increase at a decent 6% CAGR
through 2032.
- The
market for oleoresins is estimated to reach US$ 2.7 billion by 2032.
- Flourishing
food industry, growing use of oleoresins in pharmaceuticals, growing
preference for organic and natural ingredient products, changing consumer
preferences, and globalization are some notable aspects that will drive
overall market growth.
- Volatility
in raw material pricing and availability of spices are two major
restraints that are expected to hurt market development in the long run.
- The
market for oleoresins in the European region accounted for a dominant 30%
market share in 2021.
- The
China oleoresins market is pegged for expansion at 9.2% CAGR and is
predicted to reach a value of US$ 210 million by 2032.
- Sales
of paprika oleoresins are anticipated to increase at 6.1% CAGR over the
next ten years.
“Increasing awareness of health benefits associated
with oleoresins is expected to push pharmaceutical manufacturers to incorporate
them in their drugs,” says a Fact.MR analyst
Competitive Landscape
Key players in the oleoresins market are focusing on expanding their
business scope and revenue generation capacity by launching new products.
·
In March 2021, LycoRed Ltd., a provider of
value-added nutrients, launched a novel oleoresin. The new oleoresin product,
derived from Haematococcus Pluvialis algae, can be used in soft gels.
·
In December 2020, DolCas Biotech Ltd., a natural
ingredient company, launched Ginfort, a concentrated ginger root extract.
Ginfort's patented extraction procedure optimises the concentration and utility
of ginger oleoresins.
Winning Strategy
Oleoresin makers are projected to increase production capacity to meet
rising demand from the food and pharmaceutical industries. Oleoresin companies
are also expected to spend in research and development of new goods to obtain a
competitive advantage and grow their market share.
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