Global Spice Oleoresins Market was valued at USD 2,084.4 Million in 2020 and is projected to grow at a CAGR of 4.7% from 2020 to reach USD 2,084.4 Million by the year 2028. As consumers are progressively becoming fitness conscious, there's an increasing modification towards natural and organic products across the world. An oversized number of processed meat and packaged foods manufacturers are moving towards using Spice Oleoresins as a substitute to ground spices thanks to hygiene and food safety concerns and straightforward transportability. Food manufacturers also are moving far from synthetic flavors and nature-identical colors and are using Spice Oleoresins instead. This shift has played a vital role in propelling the expansion of the industry.
Spice Oleoresins such as paprika, capsicum, black pepper, ginger, garlic, jalapeno, oregano, rosemary, thyme, and more are primarily demanded in the manufacturing of seasonings and condiments including sauces, dips, spice mixes and more. Owing to this, the industry has witnessed significant growth over the review period. Due to the ingredients found in Spice Oleoresins such as black pepper, turmeric, and more, there has been a growing demand for these ingredients by the nutraceuticals and pharmaceutical industry. Spice Oleoresins have healing properties such as anti-inflammation, anti-diabetic, anti-depressant, detoxification, pain-relief, anti-fungal, and many more features, which have stimulated their usage in the nutraceuticals industry. The rising demand for Spice Oleoresins such as turmeric and paprika by the animal feed industry has also positively impacted the market. These Spice Oleoresins are used as growth stimulators and also help in imparting bright yellow color to egg yolks in the poultry industry. Though intense competition from various market players and susceptibility to regulatory changes, the sector is wide-open to intense competition from other players in the herbal segment as well as the pharmaceutical industry. Uncertain availability of raw materials, the raw materials are agro-based, their prices are volatile in nature. This may lead to fluctuation in revenue and profitability.
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Top Key Players:
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), Plant Lipids (India), Kalsec Inc.(US), Gazignaire (France), and Universal Spice Oleoresins (India).
Further key findings from the report suggest:
By type, turmeric based resins are extensively utilized in healthcare and pharmaceutical industries to treat several dermatological conditions. The rising application of turmeric Spice Oleoresins in food beverage is thrusting the market growth. The rising food beverages industry, especially in Asia Pacific, is projected to impel the market. The turmeric Spice Oleoresins are growing at a CAGR of 4.1% during the analysis period.
Asia pacific region is expected to grow at a CAGR of 5.1% during the forecasted period. Increasing consumer awareness regarding the low-calorie diet and healthy diet is driving the market growth. Also, the major production rate is expected to foster the market. For instance, India is the one of the major producers of pepper Spice Oleoresins.
Highly qualified and experienced personnel are present at each stage of production. Goods are manufactured in closed systems and conform to the various international food regulation acts. The commodities are free of Genetically Modified Organisms (GMO), enzymes, catalysts, novel proteins, animal fats, DNA, Allergen, etc. The APAC region is expected to be the fastest-growing Spice Oleoresins market, due to the accessibility of raw materials and supportive climatic conditions for the growth of plants. Oleoresin finds its usefulness in the pharmaceutical industry and also used for the other disease. Next, the improved shelf life of Spice Oleoresins as compared to raw spices offers dietary benefits. The rising concern about the side-effects of synthetic products has encouraged manufacturers to invest in the production of end products that contribute to the wholesome health of consumers.
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Power is among the most critical component of infrastructure, crucial for the economic growth and welfare of nations. The existence and development of adequate infrastructure is essential for sustained growth of the Indian economy.
Sources of power generation range from conventional sources such as coal, lignite, natural gas, oil, hydro and nuclear power to viable non-conventional sources such as wind, solar, and agricultural and domestic waste. Electricity demand has increased rapidly and is expected to rise further in the years to come. In order to meet the increasing demand for electricity massive addition to the installed generating capacity is required, which is expected to foster power and energy market growth. In addition, new capital investments of power projects by both public private sectors, smart grid to better manage services reduce transmission losses, use of smart metering to cater to growing electricity demand will further foster market size through 2028.
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Others (cardamom, floral, asafetida, tamarind, nutmeg, onion, and garlic)
Personal care products
Regional analysis covers:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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