Oleoresins Market: Growing Demand From the Food Industry to Drive the Market Growth in Coming Years

Oleoresins are botanical extracts of essential oils and resin constituents. They form the flavor and aromatic profile of the plant from which they are extracted. Oleoresins are volatile or nonvolatile compounds obtained from spices using solvents. They prove to be more shelf-stable than the whole spice and can be custom-made to suit the requirements of the buyers. They are mainly used in processed foods such as soups, sauces, dressings, cheeses, chutneys, confectionery products, snacks, processed meat & seafood, baked food, processed vegetables, other dairy products, and beverages. Oleoresins are botanical extracts of essential oils and resin constituents.

The global oleoresins market is estimated to be valued at USD 1.2 billion in 2019 and is projected to reach USD 1.7 billion by 2025, recording a CAGR of 6.0% from 2019 to 2025. The rising trend of using natural flavors in processed food and an increasing number of QSRs have led to a surge in demand for oleoresins. The rise in awareness regarding the side-effects of synthetic flavors and health benefits offered by phytomedicines and herbal extracts has significantly driven the growth of the market.

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By source, the oleoresins market is segmented into paprika, capsicum, seed spices, ginger, turmeric, cinnamon & cassia, herbs, and others. Some of the key oleoresins are extracted from the seeds of plants such as black pepper, cardamom, cumin, mustard, nutmeg, and fenugreek. Black pepper oleoresins are one of the majorly used oleoresins and find applications in hard and soft candies, chewing gums, baked products, ice creams, dairy products, alcoholic beverages, soft drinks, snacks, and canned food products. Besides their use in the food industry, oleoresins from black pepper are also used in the pharmaceutical & nutraceutical industries. Other seed spice oleoresins such as cardamom and fenugreek are also very popular due to their aroma and taste. The increasing number of applications for seed spice oleoresins is driving its market growth.

Key Market Players

Synthite Industries Pvt. Ltd. (India), Givaudan (Switzerland), Akay Group Ltd. (India), Kancor Ingredients (India), Kalsec Inc. (US), and Plant Lipids (India).

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