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(Health-NewsWire.Net, February 27, 2020 ) According to MarketsandMarkets, 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. Factors such as the increasing awareness about the side-effects of synthetic flavors and health benefits associated with natural extracts are projected to drive the growth of the oleoresins market during the forecast period.
Leading players profiled in this report 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)
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By source, the paprika segment is accounted for the largest share
The paprika segment accounted for a major share in the global oleoresin market, on the basis of source, in 2018. Due to the growing imports of paprika from the European and North American countries, the demand for paprika-based oleoresins has also increased. The increasing application of paprika oleoresins as a natural food ingredient and coloring agent makes it a preferred choice for food manufacturers over raw paprika. Moreover, increasing awareness about the benefits of food products with low salt levels is projected to drive the growth of the paprika segment in the oleoresins market during the forecast period.
By application, the pharmaceuticals & nutraceuticals segment in the oleoresins market is projected to grow at the highest CAGR during the forecast period
Based on application, the oleoresins market is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care products, and feed. The increasing consumer preference for natural medicines has led to the increasing use of oleoresins in the pharmaceuticals segment. The changing consumer lifestyles, aging population, and awareness regarding the health benefits of natural products are factors projected to drive the demand for oleoresins as a raw material in nutraceutical products.
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Asia Pacific is projected to be the fastest-growing oleoresins market, due to the high availability of raw materials and required ecological conditions for the growth of plants used for oleoresin extraction
The oleoresins market in the Asia Pacific region is majorly driven by the increasing demand for natural plant-based products, due to factors such as the rising awareness about the health benefits of oleoresins, enhanced shelf life of oleoresins as compared to raw spices, better dietary choices, and high demand for natural flavors in the food & beverage industry. The growing awareness about the side-effects of synthetic products has encouraged manufacturers to invest in the production of end products that contribute to the nutritive health of consumers. India is one of the major producers of oleoresins for various applications across regions. However, China is also witnessing an increase in the production of oleoresin products that are offered at lower costs, due to which the country is a major importer of oleoresins. The global oleoresins market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific, and RoW (South America and the Middle East & Africa).
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