Global Spice Oils and Oleoresins Market, 2014-2024: By Type (Organic and Conventional), By Application (Food & Beverages, Cosmetics & Personal Care, Pharmaceuticals, Dietary Supplements, Industrial, and Others)
Oleoresins are resin like viscous materials obtained when a spice is extracted with a hydrocarbon solvent. Spice oils and oleoresins are free from enzymes, superior to native spices in microbial control, and some of them with high antioxidant capacity. It is extracted from its plant or source. It is stronger in flavor than their corresponding spices and are weaker than the corresponding essential oils. Oleoresins are effective substitutes providing equally effective texture, aroma and flavor.
Spice oils and oleoresins can be categories based on source type into organic and conventional. Spice oils and oleoresins has wide area of end use industry application included food and beverages, cosmetics and personal care, pharmaceuticals, dietary supplements, industrial, and others. In food and beverage industry it is widely adopted as flavoring agent for meat canning, soft drinks, confectionery and bakery products, jellies, jams & gelatin, poultry feeds and frozen foods. It has found multi-pronged applications in the cosmetics and personal care industry such as skin creams, soaps shampoos, lacquers, lipsticks, perfumes, hygiene products, and aerosols. It also found applications in as dietary supplements and pharmaceutical industry, to provide either pleasant taste or aroma to render the medicinal products, which would otherwise be difficult to accept, pleasing and easy to use. In addition, it can be used in conventional animal feeds.
The global spice oils and oleoresins research report sheds light on the market circumstances by carrying out primary and secondary research for more than 320 hours. As per the report, the global spice oils and oleoresins market is growing at a fast pace and increasing its geographical footprint rapidly. The global spice oils and oleoresins market is valued at US $ xxx million dollars in 2019 which is forecast to grow at CAGR of xx% and reach a massive US $ xxx million dollars by the end of 2024 in value.
The growth is comparatively higher in APAC region due to rising demand from end use industry. The major growth driver for spice oils and oleoresins market is rising adoption in food and beverage products due to huge demand from food and beverage industry with growing population. Also, rising use of cosmetic and personal care products and rising consumption in pharmaceutical industry due to aromatic flavor and nutritional value is expected to drive the spice oils and oleoresins market globally.
The raw material price volatility is the major impediments to the global spice oils and oleoresins market growth.
Spice oils and oleoresins enjoy wide usage across all major regions in the world including Europe, APAC, North America, Middle East, Africa, and South America. These regions serve large number of manufacturers and supplier and are hence responsible for the growth of spice oils and oleoresins market globally. The companies that lead global market are Young Living Essential Oils, Reckitt Benckiser, Symrise AG, Givaduan AG, Greenleaf Extractions, Indian Spice Oil Industries, Synthite Industries, and Universal Oleoresins.
The research process includes the market segmentation of the global spice oils and oleoresins market, identifying the growth determinants of every market segment and market forecasts. All the market forecasts are done in accordance with the inputs taken from the global spice oils and oleoresins market industry experts from across the global industry. Market Krystal conducts more than 40 interview hours dedicated for this study, the same are mentioned below: