Global Oleoresins Market: Overview
Oleoresins are concentrated compounds that are derived from the solvent extraction of ground spices. These compounds are generally in liquid form. Oleoresins have similar properties and characteristics similar to the parent spice. These oleoresins are used as a substitute for ground or whole spices without compromising on the aroma or flavor. Oleoresins market has several end-use verticals such as food and beverages, confectionery, and pharmaceutical among others. A new and upcoming trend in the market has been the use of clean label personal care products.
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Global Oleoresins Market: Notable Developments
Some of the notable developments of the global oleoresins market are listed below:
- In May 2018, Indesso inaugurated its new research and development center in Cileungsi plant. This research and development center was a multi-year project that was initiated in August 2016 and finished in December 2017. The company aims to set up several laboratories in the facility that will help in developing ingredients for fragrance, food, and flavor industries.
- Recently, Kalsec, a key player in the global oleoresins market enhanced its operations in Europe. The company has opened a new state of the art research, development, and analytics facility at the Milden hall, the UK. The facility has been graced by Kalsec’s finest experts and new operational team.
Some of the most prominent competitors operating in the competitive landscape of global oleoresins market include –
- Akay Group (India)
- Synthite Industries Pvt. Ltd. (India)
- AVT Naturals (India)
- Givaudan (Switzerland)
- PT Indesso Aroma (Indonesia)
- Vidya Herbs Private Limited (India)
- Ungerer & Company (US)
- Kancor Ingredients Ltd. (India)
- Plant Lipids (India)
- Kalsec Inc.(US)
- Gazignaire (France)
- Universal Oleoresins (India)
Global Oleoresins Market: Drivers and Restraints
There are several factors that are driving the growth of the global oleoresins market. One of the biggest reasons is the increasing demand of paprika as a key flavoring element in American cuisine. It has thus propelled the demand for paprika oleoresins and thus the growth of the overall market. In addition to this, there has been a growing awareness among consumers about the obvious health benefits of consuming organic food such as oleoresins. This has also helped in fueling the growth of the market.
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The growth of the oleoresins market is also influenced by the pharmaceutical sector. The drug manufacturers are now more aware of the ill effects of the use of allopathic medicines and allergies caused due to use of antibiotics. This has enforced them to use ingredients such as oleoresins in drug manufacturing to tackle such problems. This has also helped in driving the growth of the global oleoresins market.
Another important growth factor for the oleoresins market is government backing. The regulatory bodies across the globe are backing the use of herbal extracts in different therapeutics in place of synthetic elements. This has promoted the use of oleoresins and helped in the development of the market.
Global Oleoresins Market: Geographical Outlook
The global oleoresins market is mainly divided into five key regions for a better understanding of the geographical reach of the market. The regions are Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Of these regional segments, the global oleoresins market is mainly dominated by the North America region. This is because of the growing consumption of processed food in the region that ultimately leads to the growing demand for oleoresins.
Asia Pacific region has shown maximum growth potential in recent years. The use of conventional medicines and treatment techniques based on plants is still prevalent in the Asia Pacific region. Additionally, because of the ill effects of synthetic medicines and chemicals, the use of organic materials has only grown. This has given a significant push to the development of the oleoresins market in the region.
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