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According to MarketsandMarkets, the oleoresins market is estimated to be valued at USD 1.2 billion in 2019 and is projected to reach USD 1.7 billion by 2025, recording a CAGR of 6.0% from 2019 to 2025. The rapidly growing demand for natural flavors in the food & beverage industry and the wide application of oleoresins in various other industries such as pharmaceuticals, personal care, and feed sectors are some of the key factors driving the growth of the market.
The North American region is estimated to dominate the oleoresins market, in terms of value, in 2019
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. Although the production of oleoresins in the North American region is not at par with the domestic demand and the consumption rate in the region is comparatively higher. Oleoresins witness high demand in the processed food sector in developed countries, where the purchasing power of consumers is high as compared to the developing countries. The growth in the pharmaceutical industry and increasing consumer preferences for natural diet supplements in the North American countries are projected to drive the growth of the oleoresins market in the region.
- 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)
Synthite Industries Private Ltd (India) is one of the largest producers of plant extracts such as oleoresins in the Asia Pacific region. The company claims to account for more than 30% share in the global oleoresins market. It has an increasing presence across regions with its products supplied in around 11 countries, globally. Synthite Industries offers over 500 products, including essential oils, spice extracts, herb extracts, tea & coffee extracts, floral extracts, vanilla extracts, dried fruit extracts, natural colors, seasonings, spray-dried/encapsulated products, and phytochemicals. The company offers a range of oleoresins-based products to serve various industries, such as food, beverage, confectionery, health & wellness, and personal care, as well as agriculture and livestock. It has an operational presence in regions, such as Asia Pacific and North America with its units in China, Vietnam, and Sri Lanka, besides Kerala, Tamil Nadu, Karnataka, and Andhra Pradesh in India. The increasing export demands for oleoresins from the company has encouraged it to open its units in Indonesia. The company has expanded its facilities in Brazil to cater to the demands of its customers in other countries and regions. It also has shifted its manufacturing facilities to the South East Asian countries due to the increasing availability of raw materials.
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Plant Lipids (India) is a company offering various products through several segments, such as flavor ingredients, spice & seasonings, fragrance ingredients, natural food colors, and nutraceutical ingredients. It supplies nearly 500 products to over 80 countries across the globe. The company offers oleoresins under the flavor ingredients segment. Some of the major oleoresins offered by the company are black pepper, capsicum, cardamom, celery seeds, and clove. Plant Lipids has its manufacturing facilities in India and Sri Lanka with its operating units in India and the UK, and its marketing offices in Germany, Bangkok, and Sri Lanka. The company has opened a new office in Indonesia, which was the fourth office of the company in Asia. This expansion has strengthened the company’s capability to cater to the demands in the Asian market.