North America to Dominate Oleoresins Market until 2025
Rising consumption of
processed food to drive the growth of global oleoresins market
According
to TechSci Research report, “Global
Oleoresins
Market By Source (Paprika, Capsicum, Seed spices,
Turmeric, Herbs, Ginger, Cinnamon & cassia, Others), By Application
(Food & Beverages, Pharmaceutical & Nutraceutical, Personal Care
Products, Feed), By Extraction Process (Solvent Extraction, Supercritical Fluid
Extraction Process), By Region, Forecast & Opportunities, 2025”, global
oleoresins market is expected to witness significant CAGR during the forecast
period. Rapid growth in number of Quick
Service Restaurants (QSRs)
is one of the major factors
accounting for the growth of global oleoresins market. Moreover, increasing
awareness pertaining to the side-effects of using synthetic flavors in food
items is expected to bode well for the growth of global oleoresins market
through the forecast period. In addition to this, health benefits offered by
phytomedicines and herbal extracts, is anticipated to positively influence the
growth of global oleoresins market in the years to come. Also, high demand for
oleoresins in the nutraceutical industry are making headway for the growth of
global oleoresins market. Along with this, upsurge in research and development
activities in the market are anticipated to positively supplement the market
growth during the next five years. However, there are some factors such as stringent
regulatory and approval norms that might act as major impediments to the growth
of global oleoresins market through 2025.
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Global
oleoresins market can be segmented based on source, application, extraction
process, company, and region. Considering the application, the market is
fragmented into food & beverages, pharmaceutical & nutraceutical,
personal care products and feed. The food & beverages segment dominated the
global oleoresins market in terms of largest market share until 2019 and is
further anticipated to maintain its dominance during the forecast years as well,
which can be accredited to the fact that oleoresins are widely used in
confectioneries and beverages to provide a natural flavor and fragrance.
Moreover, rising awareness among consumers regarding the advantages of consuming
products which are rich in natural ingredients like oleoresins, is further anticipated
to boost the growth of segment until 2025. Another important factor contributing
to the increased product demand is its lipophilicity property, because of which,
food manufacturers can formulate a variety of food products. Along with that,
the formulators are focusing more towards offering halal and kosher certified
oleoresins with customized specifications coupled with variety of compound
content. In terms of extraction process, the market is categorized into solvent
extraction and supercritical fluid extraction process. Out of these, the
solvent extraction segment is forecast to grow at a robust CAGR in the years to
come, owing to low production cost compared to the alternative production methods.
Akay Group Ltd., Synthite Industries
Private Ltd., AVT Naturals, Givaudan, Pt. Indesso Aroma, Vidya Herbs Private
Limited, Ungerer & Company, Kancor Ingredients Limited, Plant Lipids,
Kalsec Inc., Gazignaire, Universal Oleoresins are among others
are the leading players operating in global oleoresins market. The leading
players are adopting several growth strategies to enhance the market scenario
of oleoresins. Other competitive strategies include product launches; mergers
& acquisitions; agreements, partnerships, and collaborations; and
expansions to diverse their product portfolio in order to strengthen their
market position.
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“North America is forecast to dominate the global oleoresins market during
the next five years on account of high consumption of processed food in this
region. Furthermore, growing cases of diseases resulting from consumption of chemical-based
and synthetic products is also contributing to the growing trend. Additionally,
rising expenditure on plant-derived nutritional & health products by the
key market players is further anticipated to boost the market growth in the region
over the coming years.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Oleoresins Market By Source (Paprika,
Capsicum, Seed spices, Turmeric, Herbs, Ginger, Cinnamon & cassia, Others),
By Application (Food & Beverages, Pharmaceutical & Nutraceutical,
Personal Care Products, Feed), By Extraction Process (Solvent Extraction,
Supercritical Fluid Extraction Process), By Region, Forecast &
Opportunities, 2025” has
evaluated the future growth potential of global oleoresins market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also identifies
and analyzes the emerging trends along with essential drivers, challenges and
opportunities in global oleoresins market.
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