New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oleoresin Global Market Report 2023" - https://www.reportlinker.com/p06464219/?utm_source=GNW
, Synthite Industries Ltd., All-Season Herbs Private Limited, Chenguang Biotech Group Co. Ltd., TMV Aromatics Pvt Ltd, PT Indesso Aroma, Jean Gazignaire S.A.S., and Givaudan SA.
The global oleoresin market is expected to grow from $1.45 billion in 2022 to $1.55 billion in 2023 at a compound annual growth rate (CAGR) of 7%.TThe Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oleoresin market is expected to reach $1.96 billion in 2027 at a CAGR of 6.1%.
The oleoresin market consists of the sale of essential oil, fenugreek oleoresin, and celery seed.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Oleoresin is a natural mixture of oil and resin extracted from various plant sources such as spices, herbs, and trees. These are used as flouring agents, and food colorants in the production of perfumes, cosmetics, and pharmaceuticals.
Europe was the largest region in the oleoresin market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in oleoresin report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of oleoresin are paprika, black pepper, capsicum, turmeric, ginger, garlic, onion, seed spices, herbs, and others.Paprika refers to a spice made from dried and ground sweet red paper fruit pods from the Capsicum Annum family.
They are procured from a variety of raw materials, such as leaves, seeds, flowers, roots, berries, and other raw materials, by extraction processes that include solvent extraction, supercritical fluid extraction, and other processes. They are used in applications including food, beverages, fragrances, pharmaceuticals, nutraceuticals, and others.
The rise in demand for fast food is expected to propel the growth of the oleoresin market going forward.Due to hectic lifestyles, and less time for food preparation people’s inclination towards the consumption of fast food rises which will increase demand for fast food.
Oleoresin is the main ingredient that helps in providing flouring agents and food colorants for fast food products.The rise in demand for fast food will create the demand for oleoresin which will boost the growth of the market.
For instance, in 2022, according to Avika, a Netherlands-based potato processing company, the UK fast food market has grown 9% from US$20.6 billion (£18.9 billion) in 2021 to US$22.45 billion (£20.61 billion) in 2022. Therefore, the rise in demand for fast food is driving the growth of the oleoresin market.
Product innovations are a key trend gaining popularity in the oleoresins market.Major companies operating in the oleoresins market are adopting new production techniques to manufacture oleoresins and sustain their position in the market.
For instance, in May 2022, Algalif, an Iceland-based high-grade natural astaxanthin manufacturer, along with Divi’s Nutraceuticals, a US-based carotenoids manufacturer, developed highly concentrated beadlets of sustainable natural astaxanthin oleoresin from microalgae.This newly developed astaxanthin oleoresin is developed using renewable energy and has a scope of application in fortified drinks, nutrition bars, gummies, tablets, and Twizzlers.
The newly developed AstaBeadTM beadlets show excellent performance in application in the food and beverage industry due to their ease of handling characteristics.
In February 2020, Givaudan, a Switzerland-based manufacturer of flavors, fragrances, and active cosmetic ingredients, acquired Ungerer & Company, Inc. for an undisclosed amount. This acquisition broadens, diversifies, and enriches Givauda’s portfolio by adding flavours, fragrances, and essential oils to its specialty ingredients business. Also, it will help expand the customer base for fragrances and flavours in the North American region. Ungerer & Company, Inc. is a US-based fragrance and flavour manufacturing company specialized in essential oils, oleoresins and aroma chemicals
The countries covered in the oleoresin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The oleoresin market research report is one of a series of new reports that provides oleoresin market statistics, including oleoresin industry global market size, regional shares, competitors with an oleoresin market share, detailed oleoresin market segments, market trends, and opportunities, and any further data you may need to thrive in the oleoresin industry. This oleoresin market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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