Market Trends of Oleoresin Industry
Awareness Of Health Benefits Of Oleoresins
Oleoresins are widely used as additives and coloring agents in the food and beverage industry to impart flavor, color, pungency, and aroma to packaged products. Moreover, they offer consistency in product quality, require less storage, and are cost-effective. Also, the availability of oleoresins throughout the year makes them an attractive substitute for various spices and seasoning ingredients. Oleoresin, a concentrated form of spices and herbs, has relatively large use in ethnic cuisine, which has multidimensional flavor and texture profiles owing to the significant use of spices, seasonings, and condiments. The rising popularity of ethnic cuisines, including Asian, Mexican, and Italian cuisine, especially in America and Europe, due to the increasing immigrant and ex-pat population, propels market growth. Apart from this, their consumption aid in alleviating various health conditions since oleoresins offer various functional properties, such as antioxidant, anti-inflammatory, antimicrobial, and anticancer.
Moreover, the growing focus on adopting a healthy lifestyle is driving individuals to incorporate nutritious and Ayurvedic spices into their diets. Additionally, consumers are becoming more cognizant of the significant advantages of integrating various oleoresins into their nutritional regimen, as it is renowned for its anti-inflammatory properties and its ability to regulate blood sugar levels. For instance, according to the International Diabetes Federation, the prevalence of diabetes is on the rise, with around 537 million adults aged 20-79 years living with the condition in 2021, and it is expected to escalate to 643 million by 2030. Therefore, an increase in the health-conscious population encourages consumers to opt for oleoresin-based edible products.
Europe Holds a Significant Market Share
The increasing preference for clean-label ingredients over synthetic flavors and coloring agents drives the demand for oleoresins in cosmetics and food products in the United Kingdom. For instance, according to the data published by Ethical Consumer, the spending on ethical food and drink products amounted to approximately GBP 2.9 billion in the United Kingdom. Organic was the second-biggest category for consumer spending, of the total GBP 12.1 billion spent on products from various ethical categories.
Moreover, the robust food processing industry offers lucrative growth opportunities to oleoresin suppliers in Spain. For instance, according to the National Statistics Institute, INE, the turnover of the food and beverage industry in Spain amounted to EUR 130.795 billion in 2022, which represents 23.3% of the industrial sector in the country. In France, the demand for oleoresin is driven by the well-established cosmetic industry, which comprises more than 1300 cosmetic manufacturing companies as of 2024, according to the statistics reported by the ITA (The International Trade Administration). Annatto oleoresin, Ginger oleoresin, and Curcuma longa are primarily used oleoresins in the cosmetic industry as natural coloring agents. Its key applications are found in cosmetics ranging from lotions and creams to lipsticks, shampoos, lip balms, and hair colorants.
