The global oleoresin market is expected to reach USD 1.69 billion by 2022, according to a new report by Grand View Research, Inc. Increasing flavors demand is expected to remain a key driving factor for global oleoresin market over the forecast period. Shifting consumer preferences towards natural ingredients over synthetic flavors is also expected to have a positive impact on the market growth. Oleoresins are widely used in treating cancer, stress and back pain owing to its antioxidant and anti-inflammatory properties which is expected to help in its market development further.
High prices of oleoresins are expected to remain a key hindrance for their market penetration. High initial investment cost may prevent new entrants from entering the market. Several R&D initiatives have been undertaken by government to unlock potential applications related to healthcare and to introduce less expensive oleoresins components which are not affected by microbial contamination. Such trends are projected to create new avenues for market participants.
U.S oleoresin market revenue by product, 2012-2022(USD Million)
View summary of “Oleoresin Market Analysis Report” @http://www.grandviewresearch.com/industry-analysis/oleoresins-market
Further key findings from the report suggest:
- Global oleoresin market demand was 14.4 kilo tons in 2014 and is expected to reach 20.3 kilo tons by 2022, growing at a CAGR of 4.4% from 2015 to 2022
- Paprika emerged as the leading product segment and accounted for 36.7% of total market volume in 2014. Turmeric is expected to witness the fastest growth of 4.7% over the forecast period. Recent advances by pharmaceutical industries to use turmeric oleoresin to reduce stress and depression among people is expected to drive this segment over the forecast period.
- Flavors was the leading application segment and accounted for 37.1% of total market volume in 2014. Growth of flavors industry in high growth markets of Asia Pacific and Latin America is expected to drive this segment over the forecast period. Pharmaceuticals is expected to witness the highest growth of 4.8% from 2015 to 2022.
- Europe emerged as the leading regional market with demand share estimated at 26.8% in 2014.Countries such as Germany, Hungary, UK and Romania are anticipated to lead their regional market over the next seven years. Rising consumption of ethnic foods is expected to assist the regional market growth.
- Asia Pacific is expected to witness the highest growth of 4.9% over the forecast period. Increasing urbanization coupled with growing health awareness particularly in emerging markets of India and China is expected to drive the regional market over the forecast period.
- Major oleoresin market participants include Akay, Synthite, Universal Oleoresins, Paprika Oleo’s, Asian Oleoresin Company and AVT Natural Products Ltd. The market is highly concentrated in nature and there are high entry barriers for a new entrant.
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