Global Oleoresin Market Forecast Report 2023 - Growing Demand for Fast Food Propels Market Growth

DUBLIN, Nov. 24, 2023 /PRNewswire/ -- The "Oleoresin Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

The global oleoresin market is expected to grow from $1.45 billion in 2022 to $1.55 billion in 2023 at a compound annual growth rate (CAGR) of 7%.The oleoresin market is expected to reach $1.96 billion in 2027 at a CAGR of 6.1%.

The rise in demand for fast food is expected to propel the growth of the oleoresin market going forward. Due to hectic lifestyles, and less time for food preparation people's inclination towards the consumption of fast food rises which will increase demand for fast food. Oleoresin is the main ingredient that helps in providing flouring agents and food colorants for fast food products. The rise in demand for fast food will create the demand for oleoresin which will boost the growth of the market. For instance, in 2022, according to Avika, a Netherlands-based potato processing company, the UK fast food market has grown 9% from US$20.6 billion (£18.9 billion) in 2021 to US$22.45 billion (£20.61 billion) in 2022. Therefore, the rise in demand for fast food is driving the growth of the oleoresin market.

Product innovations are a key trend gaining popularity in the oleoresins market. Major companies operating in the oleoresins market are adopting new production techniques to manufacture oleoresins and sustain their position in the market. For instance, in May 2022, Algalif, an Iceland-based high-grade natural astaxanthin manufacturer, along with Divi's Nutraceuticals, a US-based carotenoids manufacturer, developed highly concentrated beadlets of sustainable natural astaxanthin oleoresin from microalgae. This newly developed astaxanthin oleoresin is developed using renewable energy and has a scope of application in fortified drinks, nutrition bars, gummies, tablets, and Twizzlers. The newly developed AstaBeadTM beadlets show excellent performance in application in the food and beverage industry due to their ease of handling characteristics.

In February 2020, Givaudan, a Switzerland-based manufacturer of flavors, fragrances, and active cosmetic ingredients, acquired Ungerer & Company, Inc. for an undisclosed amount. This acquisition broadens, diversifies, and enriches Givauda's portfolio by adding flavours, fragrances, and essential oils to its specialty ingredients business. Also, it will help expand the customer base for fragrances and flavours in the North American region. Ungerer & Company, Inc. is a US-based fragrance and flavour manufacturing company specialized in essential oils, oleoresins and aroma chemicals

Europe was the largest region in the oleoresin market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. 

The oleoresin market consists of the sale of essential oil, fenugreek oleoresin, and celery seed.  The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Report Scope

Markets Covered:

• By Product: Paprika; Black Pepper; Capsicum; Turmeric; Ginger; Garlic; Onion; Seed Spice; Herbs; Other Products
• By Raw Material: Leaves; Seeds; Flowers; Roots; Berries; Other Raw Materials
• By Extraction Process: Solvent Extraction; Supercritical Fluid Extraction; Other Processes
• By Application: Food; Beverages; Fragrances; Pharmaceutical; Nutraceutical; Other Applications

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Company Profiles:

• AVT Natural Products
• Ozone Naturals
• Akay Natural Ingredients
• Kalsec Inc.
• Paprika Oleo's India
• Universal Oleoresins
• Plant Lipids
• Kancor Ingredients
• Synthite Industries
• All-Season Herbs
• Chenguang Biotech Group
• TMV Aromatics Pvt Ltd
• PT Indesso Aroma
• Jean Gazignaire S.A.S.
• Givaudan 

For more information about this report visit https://www.researchandmarkets.com/r/ebdvi2

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