Oleoresin Market Size, Share & Trends Analysis Report By Product (Paprika, Black Pepper, Capsicum), By Application (Food, Beverage, Fragrances, Pharmaceutical), By Region, And Segment Forecasts, 2024 - 2030

Oleoresin Market Size, Share & Trends Analysis Report By Product (Paprika, Black Pepper, Capsicum), By Application (Food, Beverage, Fragrances, Pharmaceutical), By Region, And Segment Forecasts, 2024 - 2030

Oleoresin Market Growth & Trends

The global oleoresin market size is anticipated to reach USD 2.83 billion by 2030 and is anticipated to expand at a CAGR of 6.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the growing use of spice oleoresins for coloring and flavoring and is projected to drive the market growth.

Oleoresins, derived from specific spices like turmeric and paprika, are highly valued not only for flavor-enhancing properties but also for vibrant coloring attributes. These products find extensive applications in salad dressings and as coloring agents in pickled products. Oleoresins are particularly suitable for high-temperature food processing methods such as baking and frying. Furthermore, their solubility characteristics make them widely used additives in the food industry.

Moreover, the flavor of the product may not be equivalent to their corresponding essential oils. Although, the product is thick, viscous, and contains concentrations of colored pigments, it generally imparts less color to finished products as compared to the corresponding spices as they are used in lesser quantity in varied applications.

Furthermore, growing confectionery & baked food products demand in developed as well as developing regions is presumed to aid the growth in the near future. Changing dietary trends and food consumption patterns are expected to aid the confectionery & baked food along with beverages demand. In addition, growing demand among consumers for packaged spices and spice mixes in food applications has also assisted the market over the forecast period.

Oleoresin Market Report Highlights

• The black pepper segment dominated the market with more than 25.46% share in 2023. It is widely utilized in food products owing to its pungent taste and spicy aromatic properties
• The food application segment is anticipated to grow at the fastest CAGR over the forecast period. This is attributed to the wideutilization of oleoresins in the food industry, particularly in various applications such as marinades, meat preparations, gourmet foods, and convenience food products
• Europe dominated the global market owing to the fact that various end-use industries in Europe, such as personal care & cosmetics, perfumery, and pharmaceuticals, extensively incorporate it into their products. Increasing demand for oleoresins has also resulted in their higher import rate
• In May 2023, Mane Rancor, a subsidiary of the French MANE Group launched its largest manufacturing facility in Byadgi, Karnataka, India. This facility is known for having the largest chili market in the state.The facility spread across 50 acres, represents a significant investment of over 220.54 million by the MANE Group

Please note The report will be delivered in 4-6 business days upon order notification.