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Kenneth Research, in its repository of market research reports, have recently added a report on Oleoresin Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Oleoresin Market products.
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REPORT HIGHLIGHT
The oleoresins market was valued at USD 468.2 million by 2017, growing with 4.8% CAGR during the forecast period, 2018-2025
Market Dynamics
Oleoresins are the highest form of concentrated product that is obtained from solvent extraction from a particular plant. This maybe herbs and spices most commonly. They are ground and then extracted using various organic solvents. The end product thus obtained is known to have application in various categories such as a colorant, as flavour imparting. It can be used to various applications across the varied industries like Food, pharma and in personal care ingredients. Since it is the concentrated form the original spice, it is much more beneficial in terms of transportation, packaging and shelf life as compared to the original source spice.
The major driver of the industry is its growing applications in the food and beverage industry. Oleoresins find applications in beverages, noodles, sauces, gravies, canned products and poultry products. Due to its ease of use and form, it is ideal for export conditions as well. Generally, the shelf life of raw spices is very limited to a few months as opposed to the shelf life of oleoresins being higher, up to a few months. In recent years, the increased awareness towards health foods and ethnic diets has also given this industry a push in terms of revenue generation. On contrary, fluctuation in raw material prices is expected to hamper the industry growth to some extent. A lot of factors that are closely involved with the price fluctuation include the crop cycles, weather conditions and others.
Product Takeaway
The major product categories when it comes to oleoresins are capsicum, black pepper, turmeric, paprika and garlic. Paprika, for instance, has a wide variety of application in food seasonings, food coating systems or dressings & dips and other dry soluble seasoning products. Based on Economic Time's article, 2013, over 60% of the market for paprika oleoresins is dominated by India, followed by China. The increasing use of pepper spray has accelerated the global requirement for capsicum oleoresin which is among the key drivers of the pepper spray industry.
Application takeaway
Flavours are one of the most common application when it comes to the oleoresin industry. This application captured over 35% share of the global Oleoresin market . Pharmaceutical application is growing with highest growth rate owing to the increasing use of turmeric variant in this industry. The Asian Journal of Pharmaceutical Science and Technology stated that turmeric oil is widely used in pharmaceutical applications owing to its associated benefits such as anti-mutagenic, antioxidant and anti-carcinogenic properties. It also shows relief against depression, anxiety and others. Besides this, extracts is also widely used for treatment against back pain, joint pains and even cancer. The pepper oleoresin for instance is used in market such as arthritis treatment. According to a report in Arthritis Foundation (athrirtis.org), a German study concluded that joint pain decreased by nearly 50% by using 0.05% of capsaicin cream.
Regional Takeaway
Geographically, Europe accounted for the highest revenue share of the global oleoresin market. However, Asia Pacific region is growing with the fastest growth rate owing to the increasing investment by key players in region coupled with rising product demand from end-users. As per the Economic Times (2013), four companies based in Kerala control more than 85% of India's 2,000-crore spice oleoresin industry. Thus it is well established that this region is a growing one.
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Key Market Players
Companies such as Synthite, Akay, Paprika Oleo's, Ltd., Universal Oleoresin, GurjarPhytochem Private Ltd., Manohar Botanical Extracts Pvt, Plant lipids, Indo World, and Naturite Agro Products Ltd. are known for their presence in this industry. Kancor ingredients were one of the first entrants on the market, followed by Synthite and Plant Lipids. In the last few years, it has been noted that South America, East Europe and several Asian countries are the major buyers of the product.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
TARGET AUDIENCE
Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies and Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
Capsicum
Black Pepper
Turmeric
Paprika
Garlic
Ginger
Others
MARKET, BY APPLICATION
Food & Beverages
Pharmaceuticals
Flavors
Others
MARKET, BY REGION
North America
U,S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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James Bullock
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