(Entertainment-NewsWire.com, March 29, 2021 ) The oleoresins market is expected to grow from USD 1.2 billion in 2019 to USD 1.7 billion by 2025, at a compound annual growth rate (CAGR) of 6.0% during the forecast period. This report includes a study on the marketing and development strategies, along with the product portfolios of the leading companies.
Based on application, the oleoresins market is segmented into pharmaceuticals & nutraceuticals, food & beverages, personal care products, and feed. The pharmaceuticals & nutraceuticals segment is projected to witness the fastest growth during the forecast period, due to the increasing preference for herbal medicines and increasing intake of natural dietary and health supplements in developed and developing countries.
Capsaicinoids present in capsicums possess antibiotic characteristics. Thus, they act as an ailing agent in medicines and reduce pain sensations. Capsicum oleoresins also find applications in the nutraceuticals industry as key ingredients in supplement formulations, which helps in managing body weight. These factors are collectively projected to drive the pharmaceuticals & nutraceuticals segment in the oleoresins market during the forecast period.
By source, the oleoresins market is segmented into paprika, capsicum, seed spices, ginger, turmeric, cinnamon & cassia, herbs, and others. Some of the key oleoresins are extracted from the seeds of plants such as black pepper, cardamom, cumin, mustard, nutmeg, and fenugreek. Black pepper oleoresins are one of the majorly used oleoresins and find applications in hard and soft candies, chewing gums, baked products, ice creams, dairy products, alcoholic beverages, soft drinks, snacks, and canned food products.
Besides their use in the food industry, oleoresins from black pepper are also used in the pharmaceutical & nutraceutical industries. Other seed spice oleoresins such as cardamom and fenugreek are also very popular due to their aroma and taste. The increasing number of applications for seed spice oleoresins is driving its market growth.
The oleoresins market in North America is projected to witness high growth due to the strong local and export demands. The US is one of the major importers of oleoresins across the globe.
It consists of the profiles of leading companies such as 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 Oleoresins (India).
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