Oleoresins Market Overview:
Oleoresins market is expected to register 6.04% CAGR from 2022 to 2030 and reach USD 2.27 billion by the end of 2030. Oleoresins are volatile or non-volatile produced from the extraction of spices with the help of non-aqueous solvents. depending on their volatility. Their qualities and attributes are identical to those of the original spices from which they were formed.
The Oleoresins Market is expected to grow the most over the projected period because of the increasing demand for natural scent and taste in food. A longer expiry time than fresh or even dried spices boosts the market's development since they are less vulnerable to microbial contamination than fresh spices. If you're looking for an alternative to rich spices, oleoresins may be your best bet. The industry is booming with similar qualities to spices and easy handling and delivery.
In a pandemic crisis, the oleoresins market also suffers. There is less demand for oleoresins because of the lockdown, affecting the market growth. Oleoresin manufacturing has been suspended, retail establishments selling them have closed, and individuals are staying at home. As a result, the need for oleoresins may rise if lockdowns and social isolation are lifted. This product's advantages and widespread use in the food, drink, and drug companies might spur the oleoresins market to expand.
Market Segmentation:
The oleoresins market has been segmented by product, raw material, application, and geographic area.
Revenue growth for the pharmaceutical application category is 7.2% throughout the projected period. Oleoresins provide several health advantages, and pharmaceutical drug development is increasing scope. This is a direct result of these factors. The pharmaceutical industry uses these items to create organic remedies for health issues. In contrast to manufactured drugs, oleoresins solely offer advantages for ingestion and no adverse effects. A rising number of pharmaceutical companies are using the medicinal capabilities of oleoresins to diversify their product lines.
Regional Classification:
When it came to market share, North America held the top spot in 2018. The prevalence of oleoresins in this region may be ascribed to the large-scale need for packaged food, which unwittingly promotes a desire for oleoresin. In Asian nations, plant-based medications have long been used for various purposes. In the past ten to fifteen years, the oleoresins business has increased significantly worldwide due to the increasing number of ailments induced by synthetic and chemical-based goods. For the Asia Pacific oleoresins industry, a massive investment in plant-derived nutritious and wellness products is likely to give potential prospects for development. The region is expected to develop at the greatest CAGR over the projection period due to these reasons.
Competitive Landscape:
The prominent Key Oleoresins Market Players in the outlook are the following:
- Oleoresin Company (India)
- Silverline Chemicals Ltd (India)
- Jean Gazignaire SA (France)
- Qingdao Ruibang Biotechnology Co., Ltd (China)
- Agnes Herbs (India)
- Shijiazhuang City Bio-Technology Co., Ltd (China)
- Adani Pharmachem Private Limited (India)
- Kancor Ingredients Limited (India)
- Ozone Naturals (India)
- Plant Lipids (India)
Industry News:
It was reported in 2021 that S.H. Kelkar and Firm Ltd (SHK), an Indian tastes and fragrances associate, would purchase a 100% share in a Dutch subsidiary of Holland Aromatics B.V. via its sole proprietorship Keva Europe B.V. A new market will be served, and corporate operations will be expanded as a result.
In 2020, Sensient Natural Ingredients LLC was reported to acquire New Mexico Chili Products Inc., a dehydrating factory in Deming that processed capsicums and a range of specialized chillies for retail operations by CPG food companies, spice mixers and the food service sector. The increased global profit margin will be a result of this acquisition.
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