Selbyville, Delaware, Sept. 26, 2023 (GLOBE NEWSWIRE) --
The oleoresins market valuation is projected to surpass USD 3.2 billion by 2032, as reported in a research study by Global Market Insights Inc.
As per the study, increasing demand for natural ingredients among consumers will transform market dynamics between 2023 and 2032. With growing consumer awareness about health and wellness, there is a rising demand for natural and clean-label ingredients in food and beverages. Oleoresins, being natural extracts from spices and herbs, align with this trend. They are seen as a more natural alternative to artificial flavorings and colorings, boosting their demand in the food industry. Companies in this space are undertaking R&D efforts to innovate new products to suffice the growing demand from consumers across the globe and comply with stringent industry standards.
For instance, in October 2021, BGG World and its subsidiary, Algae Health Sciences, announced the NOP Organic Certification of their Astaxanthin supercritical CO2 oleoresin, known as AstaZine®. This certification, granted by the US Department of Agriculture's National Organic Program (NOP), signifies compliance with rigorous national standards for organic agricultural products in the United States. This achievement builds upon BGG's 2016 milestone when their Astaxanthin farm, the world's largest, and its Astaxanthin-containing powder became the first to receive organic certification globally.
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The oleoresins market from ginger segmgment will witness commendable growth from 2023 to 2032, owing to the increasing awareness of ginger's health benefits, including its anti-inflammatory and digestive properties, leading to its incorporation into various food, beverage, and nutraceutical products. Ginger oleoresins offer a convenient and concentrated form of ginger flavor and aroma, making them popular in the food industry, especially in the production of ginger-flavored snacks, beverages, and spices. Additionally, the demand for natural ingredients in the food industry has fueled the use of ginger oleoresins as a clean-label alternative to artificial flavorings and colorings.
In June 2022, Specnova introduced GingerT3, an organic and fermented ginger extract that boasts exceptional potency, specifically designed to enhance joint health and mobility. What sets GingerT3 apart is its remarkable bioavailability, allowing for the lowest market-available dosage (75-125mg). Moreover, its outstanding solubility and stability make it a versatile choice for incorporation into various product formats, such as gummies, chews, capsules, tablets, powders, functional foods, and beverages, offering flexibility to formulators. Such innovation will further contribute to market growth over the next ten years.
The pharmaceutical segment could dominate the application landscape of the oleoresins market by 2032. The concentrated and natural compounds derived from plants offer a reliable source of active pharmaceutical ingredients, enabling precise formulations. Additionally, the demand for plant-based and clean-label medicines has grown, prompting pharmaceutical companies to explore oleoresins as natural alternatives. For instance, turmeric oleoresins, with their curcumin content, are used in anti-inflammatory drugs, showcasing the potential of oleoresins in creating effective and sustainable pharmaceutical solutions.
Asia Pacific oleoresins market is experiencing significant growth through 2032. The region's rich biodiversity and favorable climate contribute to the availability of diverse botanical sources for oleoresin production. In addition, the rising demand for natural and flavorful food products has spurred the use of oleoresins as natural flavor enhancers. For example, in India, the spice oleoresins market has witnessed robust growth due to the country's prominence in spice production, catering to both domestic and global markets. Besides, the expanding pharmaceutical and cosmetic sectors in the Asia Pacific utilize oleoresins for their therapeutic and aromatic properties, further propelling industry demand.
Some of the leading companies operating in the oleoresins market are Universal Oleoresins, Shaanxi Jiahe Phytochem Co., Ltd., Synthite Industries Ltd., Givaudan, Plant Lipids, Adani Pharmachem Private Ltd., India Essential Oils, Akay Group, Robertet Group, Ransom Naturals Ltd., Vidya Herbs Private Ltd., Indena S.p.A., Kancor Ingredients Ltd., PlantExtracts International Inc., and AVT Natural Products Ltd. These companies prioritize strategic partnerships, the introduction of new products, and the process of commercialization as key strategies to expand their market presence.
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For instance, Synthite Ltd, a prominent oleoresin manufacturer based in Kerala and serving approximately 30 percent of the global market, has ambitious growth plans. Over the next three years, the company aims to achieve a group turnover of ₹4,000 crore. A significant contributor to this target will be the newly established facilities at the Synthite Taste Park located in Pangode, near Kochi. These facilities are anticipated to generate an additional ₹500-600 crore in revenue within the next 2-3 years, further bolstering the company's current turnover of ₹3,000 crore.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Oleoresins market 360º synopsis, 2018 – 2032
2.2 Business trends
2.3 Source trends
2.4 Application trends
2.5 Regional trends
Chapter 3 Oleoresins market Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.2 Industry pitfalls & challenges
3.3 Growth potential analysis
3.3.1 By source
3.3.2 By application
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.6 Pricing analysis, 2022
3.7 Technology landscape
3.7.1 Future market trends
3.8 Porter's analysis
3.9 PESTEL analysis
3.10 Impact of Russia Ukraine war
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
