The global oleoresin market is currently witnessing an increasing consumption of high quality food products. This was found by Fortune Business Insights in a report, titled “Oleoresin Market Size, Share and Global Trend By Product Type (Turmeric, Capsicum and Paprika, Black Pepper, Ginger), Application (Food & Beverage, Pharmaceuticals, Fragrance Industry) and Geography Forecast till 2026.” The report offers a comprehensive overview of the global market. As per the report, Europe held a considerable share in the market in 2017.
Some of the key players operating in the global oleoresin market are
- AVT Naturals
- Asian Oleoresin Company
- Naturex, Ungerer & Company
- Kalsec Inc.
- Bioprex Labs
- Universal Oleoresins
- Ambe Group
- Synthite Industries Ltd.
- Paprika Oleo’s and Cymbio Pharma Private Limited.
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The region is anticipated to emerge dominant during the forecast period 2019-2026. High consumption of authentic food and beverage in the region, coupled with well-established food and beverage industry present in the region are some factors likely to drive the market. Furtermore, consumer preference shift towards use of natural ingredients in the food preparation process is expected to fuel the demand for oleoresin extraction method.
Besides this, Europe is also among the top importers of oleoresin products such as oleoresin ginger, tree, and others. This in response is expected to enable growth in the global market.
The Asia Pacific oleoresin market is expected to expand at a relatively higher CAGR. The increasing production of diverse oleoresin products in nations such as India and China is anticipated to contribute towards the market expansion. Shifting preference of consumers in this region the towards consumption of exotic food, infused with exotic flavour, essence, and others is likely to fuel the demand for oleoresin.
The Asia Pacific market is likely to have major gains from increasing exports of oleoresins. This would also propel growth in the global market.
Rising Awareness about Eating Healthy will Foster Improved Growth Opportunities
On the basis of product, the global oleoresin market can be classified into turmeric, capsicum and paprika, black paprika, ginger, and others. Among these, the paprika segment is anticipated to witness the fastest growth during the forecast period.
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The increasing consumption of paprika oleoresin as a flavoring and color agent in the processed food industry is likely to contribute towards the segment growth. The market is likely to gain from increasing use of paprika oleoresin in the production of cheese, spice mixture, sausage, and others. The paprika oleoresin is extracted specially from sweet red pepper pods to attain the appropriate quality. It is further expected to fuel the demand for oleoresin.
Major Segmentation includes:
- Black Pepper
- Food & Beverage
- Fragrance Industry
Increasing awareness about consumption of high quality food and organic food is a major factor expected to drive the global oleoresin market. On the contrary, high cost associated with oleoresin extraction machinery and plant is a factor that may restrain the market during the forecast period.
Algatechnologies Ltd., to Gain from Fucovital’s Launch
The global oleoresin market is expanding and witnessing entry of new players. Market players are adopting innovative strategies to gain higher share in the market. Some players are leveraging on product launch to attain a strong brand presence. For instance, Algatechnologies Ltd. announced Fucovital in 2018. Fucovital is produced and extracted form microalgae, and is a natural 3% fucoxanthin.
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