Global Oleoresins Market to Record an Impressive Growth By 2020
Deerfield Beach, FL -- (SBWIRE) -- 07/17/2017 -- Zion Market Research has published a new report titled "Oleoresins (Black Pepper, Paprika, Capsicum, Tomato, Marigold, Turmeric and Others) Market for Food & Beverage, Pharmaceutical, Flavoring & Coloring Agent and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020" According to the report, the global oleoresins market was valued at approximately USD 1.0 million in 2014 and is expected to reach approximately USD 1.65 million by 2020, growing at a CAGR of around 9% between 2015 and 2020.
Oleoresins are the flavor extracts obtained from spices by extraction with a non-aqueous solvent followed by removal of the solvent by evaporation. Oleoresins are concentrated natural liquid flavoring that contain both volatile and non-volatile flavor ingredients. Oleoresins are mostly preferred because of their microbiological advantages, uniformity in flavor and aroma, ease of storage and transport. Oleoresins are extracted by solvent extraction process, Supercritical fluid extraction process, or steam distillation process. Oleoresins can replace the original ground spice with a standardized aroma and taste that can be modified as per the requirement of the product.
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Different product segments of the oleoresins market include black pepper, paprika, capsicum, tomato, marigold, turmeric and others. Some key product types, black pepper, paprika, capsicum constitutes the largest market share in 2014. Tomato oleoresin is another leading segment and expected to grow at significant growth rate owing to its rising application in beverages, processed food, and soups. Turmeric oleoresins are widely used in pharmaceutical application segment owing to its crucial role in relieving pain, depression, and stress.
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Key application segments of the global oleoresins include food & beverage, pharmaceutical, flavoring & coloring agent and others. In 2014, the food & beverage segment dominated the global oleoresins market. Growth in the food & beverage segment is driven by an increase application of paprika and black pepper oleoresins in dairy, beverages and confectionery segments. Flavoring & coloring is another leading application segment and expected to experience rapid pace growth over the forecast period. Pharmaceutical segment is expected to exhibit moderate growth in the years to come.
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Asia Pacific was the leading regional market for oleoresins owing to strong demand from India. Asia Pacific was followed by Europe with the second largest market share in global oleoresins in 2014. Asia Pacific is expected to grow at a rapid pace owing to strong demand from India and China. North America, Latin America, and Middle East & Africa are expected to witness significant growth in the years to come.
Some of the key participants in the global oleoresins market Adani Pharmachem Private Limited, Kancor Ingredients Limited, Plant Lipids, Givaudan, Ozone Naturals, Universal Oleoresins, Asian Oleoresin Company, Bhoomi Natural Products and Exports Pvt. Ltd., Synthite Industries Ltd., Ungerer & Company and Paprika Oleo's India Limited.
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