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According to the latest publication from Meticulous Research®, the oleoresins market is projected to reach $2.49 billion by 2031, growing at a CAGR of 4.9% from 2024 to 2031. The market's growth is driven by increasing demand for oleoresins in the food and beverage and pharmaceutical industries, the rising popularity of natural colors and flavors, and the growing adoption of ethnic foods. However, market growth may be hindered by raw material price fluctuations and the high availability of substitutes.
The market is expected to see new opportunities due to the increasing demand for natural and organic food products, vegan beauty products, and the rising use of oleoresins in animal feed. Despite these opportunities, stakeholders face challenges such as high production costs and stringent regulations.
Key market trends include the growing adoption of clean-label products and an increasing need for self-grooming products.
Key Players
The oleoresins market is moderately competitive, with several global, regional, and local players. Major players include Synthite Industries Ltd. (India), Kalsec Inc. (U.S.), Symrise AG (Germany), Universal Oleoresins (India), Ozone Naturals (India), Givaudan SA (Switzerland), Akay Natural Ingredients Private Limited (a subsidiary of Oterra A/S) (India), Mane Kancor Ingredients Private Limited (India), Paprika Oleos [India] Ltd (India), Plant Lipids Private Limited (India), AVT Natural Products Limited (India), Henry Lamotte Oils GmbH (Germany), Vidya Herbs Pvt Ltd. (India), Extractos Vegetales S.A. (EVESA) (Spain), and Rüther Gewürze GmbH (Germany).
Market Segmentation
The oleoresins market is segmented by source, extraction process, application, and geography.
Source
The market segments by source include spices (such as paprika, black pepper, turmeric, seed spice, and other spices), capsicum, marigold, garlic, onion, herbs, and other sources. In 2024, the spices segment is expected to hold the largest share of 44.6%, driven by the widespread use of spice oleoresins in various industries, such as food and beverage, pharmaceuticals, animal feed, and cosmetics, for their flavoring and coloring properties, health supplements, and drug formulations. Spice oleoresins like paprika are extensively used in foods like canned meats, sausages, soups, cheeses, and sauces.
Application
The market segments by application include food and beverages, cosmetics and personal care, pharmaceuticals and nutraceuticals, animal feeds, and other applications. In 2024, the food and beverages segment is expected to account for the largest share of 36.1%, driven by the increasing use of natural or organic ingredients, rising awareness of the benefits of oleoresins, and their use in enhancing flavor, color, and aroma in a variety of food products.
Geographic Review
The report provides a comprehensive analysis of major geographies, including North America (U.S., copyright), Europe (U.K., Germany, France, Italy, Spain, Russia, Belgium, Netherlands, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Indonesia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa.
In 2024, Europe is expected to hold the largest share of 34.5% of the oleoresins market, driven by increasing health and wellness awareness, demand for natural ingredients in food, stringent food safety regulations, and a shift towards ethnic cuisine. Additionally, growing preferences for vegan cosmetics and personal care products, along with increased spending on health and wellness products, further support market growth in this region.
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