Wilmington, Delaware, United States, July 21, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The value of the global capsicum oleoresin market is projected to reach US$ 31.1 Mn in 2022. The global market is anticipated develop at a CAGR of 7.9% during the forecast period, from 2022 to 2032. The global capsicum oleoresin market value is anticipated to attain value of US$ 66.7 Mn by 2032. Oleoresin use is not the only factor contributing to their growing use in a variety of end industries; the convenience that customers receive from capsicum oleoresin is also expected to drive expansion of the global capsicum oleoresin market growth. Operational adaptability, yearly availability, as well as shelf life are some important elements that facilitate market expansion for capsicum oleoresin.
The fundamental disadvantages of using raw spices, such as their seasonal availability and shelf life, are all eliminated by using capsicum oleoresin. Since capsicum is converted into oleoresin and utilized in this way, the issue of seasonal scarcity is resolved and capsicum oleoresin suppliers are benefitted. Therefore, it is anticipated that the demand for capsicum oleoresin with a prolonged seasonality is expected to positively influence increasing capsicum oleoresin uses.
Capsicum oleoresin, an active component in topical OTC medicines utilized to temporarily ease moderate pains and aches of joints and muscles, has analgesic properties. Additionally, different capsicum oleoresin types have been studied as a potential treatment for numerous neuropathic pain models. Also, capsicum oleoresin contains a variety of phytochemicals, including phenolic compounds having antioxidant as well as antidiabetic properties.
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Key Findings of Market Report
- With a value share of 74.4 % of the market in 2022, the business-to-business category is expected to lead the global market in terms of distribution channel. Capsicum oleoresin is, nonetheless, making considerable progress in the business - to - consumer category. This category is expected to develop at CAGR of 7.6 % during the forecast period.
- The food and beverage category is estimated to account for a sizeable chunk of the global capsicum oleoresin market, depending on end use segment. Growth of the segment is due to the widespread consumption of foods and drinks that include spice oleoresins in them by customers. One of the capsicum oleoresin market growth factors include high demand from the burgeoning food and beverage industry.
- Oleoresins are an important dietary additive that should be utilized for the benefit and welfare of people since they contain antibacterial, anti-oxidant, and anti-cancer qualities. Nearly every food preparation can benefit from the addition of oleoresin, which enhances the properties of natural spices. The oleoresins contribute to prolonged shelf life, outstanding flavor profiles, and the capacity to provide exquisite color to food and beverage items in a variety of cuisines and meals throughout the world.
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Global Capsicum Oleoresin Market: Growth Drivers
- By imparting food preperations a spicy and sour flavor, spices and herbs like basil, oregano, cinnamon, cinnamon, garlic, parsley, capsicum and various others provide meals a therapeutic boost and improve the mouthfeel for diners. Consumption of capsicum oleoresin are likely to be driven by the significant shift in consumer inclinations toward savory items and growing taste for vaied flavor sensations throughout the world. All across the world, it is utilized in a variety of cuisine preparations.
- With a market share of 51.6% in 2022, the South Asia region is anticipated to lead the global market for capsicum oleoresin. This is likely to be attributed to the rising consumer demand for culinary products made with spices in South Asian nations like Thailand, Malaysia, India, and others.
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Global Capsicum Oleoresin Market: Key Players
Some of the key market players are
- BOS Natural Flavors Pvt. Ltd
- Trilogy Essential Ingredients, Inc.
- Bioingredia Natural Pvt Ltd.
- Synthite Industries Ltd.
- HDDES Group
- Ozone Naturals
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Global Capsicum Oleoresin Market: Segmentation
Nature
- Organic
- Conventional
Extraction Method
- Solvent Extraction
- SCFE
End Use
- Food & Beverage Industry
- Pharmaceutical
- Nutraceuticals
- Retail / Household
Distribution Channel
- B2B
- B2C
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