Spice oleoresins are free from enzymes and microorganisms, have highly potent active components, and are more affordable than food formulators because of their longer shelf life. Spice oleoresins add a standardized flavour almost 20x stronger than conventional spices on a per kilo basis. Spice oleoresins are oil and fat soluble and add colour to foodstuffs. Therefore, spice oleoresins are used to replace food colourants and artificial flavouring in the food & beverages industry. Spice oleoresins provide the body with a source of antioxidants and have medicinal and anti-inflammatory properties, making them invaluable in the pharmaceutical industry. There has also been a sizeable uptake for spice oleoresins in cosmetics such as toiletries, skincare, and perfumes directly benefiting the spice oleoresin market.
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Companies Including Turmeric in Processed Foods Due to Immunity Boosting Properties
The increasing prioritization of personal health has boosted the demand for plant-derived or vegan products as consumers are worried about the potential side-effects of colouring agents or artificial flavouring. Ever-tightening health regulations make a larger section of the target demographic, particularly younger customers, seek ‘free-from’ products. Some vegans even supplement yoghurt with plant-based protein alternatives that should contribute to greater demand for spice oleoresins. In addition, COVID-19 has had a silver lining as several spice oleoresins such as turmeric function as immunity boosters resulting in their inclusion in processed foods and beverages.
Popularity of Turmeric Lattes in Western Countries Make it Key in Spice Oleoresin Market
The global spice oleoresin market can be divided into pepper, cardamom, paprika, capsicum, cumin, and turmeric. The paprika and turmeric oleoresins should account for the largest demand until the forecast period ends in 2025. These spice oleoresins are popular as natural colouring agents and immunity boosters with ‘turmeric chai lattes’ being the rage in developed countries. In terms of application, the spice oleoresin market is classified into pharmaceutical, food & beverage, feed, and cosmetics. The food & beverage segment is projected to grow at the fastest pace as organic foods become the norm and not exception in the days ahead.
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Tropical Climate Allows India to Remain Largest Exporter in Spice Oleoresin Market
India dominates the global spice oleoresin market as its favourable climatic conditions allows it to produce an unrivalled assortment of spice oleoresins. The subcontinent exports more than half of the global spice oleoresins in the spice oleoresin market. nonetheless, the abundance of raw materials in Southeast Asia enables manufacturers such as Plant Lipids and Sythite Industries to have a stronger presence there. Most exports are sent to the largest consumer in the spice oleoresin market – Europe, with strong demand in France, Germany, and the UK.
Companies Profiled in the Spice Oleoresin Market
A few companies actively involved in the spice oleoresin market are Synthite Industries Ltd, Kalsec Inc., Givaudan, Pt. Indesso Aroma, Kancor Ingredients Limited, AVT Naturals, Akay Group Ltd., AOS Products Pvt. Ltd., Vidya Herbs Private Limited and Universal Oleoresins.
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