According to Future Market Insights (FMI), the spice oils and oleoresins market may reach an overall valuation that is expected to surpass US$ 1,674.40 million in 2023. The market is expected to record a CAGR of 7.9% between 2023 and 2033. By 2033, the market is estimated to reach a valuation of US$ 3,567.2 million.
The spice oils and oleoresins market refers to the industry that deals with the extraction, production, and distribution of essential oils and oleoresins derived from various spices. Spice oils are concentrated extracts obtained from spices, while oleoresins are natural mixtures of oil and resinous substances extracted from spices.
Additionally, the expanding food and beverage industry, especially in emerging economies, has contributed to the market’s growth. Spice oils and oleoresins are used in a wide range of products, including snacks, sauces, seasonings, bakery products, and beverages, to enhance their taste and appeal to consumers.
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Significant Aspects Driving the Growth of the Market:
- Oleoresins are used to create aromas, fragrances, and various cosmetic items. They are ideal for creating hair loss lotion, cologne, perfumes, and other cosmetics due to their consistency, texture, and fragrances.
- They have multiple uses as they are considered anti-inflammatory, antioxidant, and used for treating cancer. Hence they are utilized in the pharmaceutical sector as a component of medications, medicinal soaps, and other products. Thus, these factors are expected to drive the growth of the market for cosmetics and medicines.
- Analgesic properties of chili oleoresins help in the reduction of free radicals in the body thus making them useful in medicinal applications. Over the course of the projection period, the market is projected to be driven by all these important aspects.
- The expanding consumption of organic foods and beverages has raised the need for organic spices, such as natural spice oils, oleoresins products, etc. The spice oils market and the oleoresins market are expected to experience significant growth in the coming years.
- Sales of plant-based snacks, dips, spreads, sauces, creamers, cheese, and other foods and beverages are rising as consumers prefer the taste of spice oil as well as they are also interested in clean-label and vegan products. Thus, creating multiple prospects for the market.
Key Takeaways from Market Study
- The spice oils and oleoresins market is expected to reach an overall valuation of US$ 1,674.40 million in 2023.
- The spice oil and oleoresin market in Germany is expected to record a CAGR of 7%
- The spice oil and oleoresin market in China is expected to reach a valuation of US$ 567.18 million by 2033. The market is expected to record a CAGR of 7% over the forecast period.
- The spice oil and oleoresin market in Spain is expected to record a CAGR of 5.4%
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Competitive Landscape:
Companies look for inorganic growth strategies, such as alliances, global expansion, and mergers and acquisitions, in order to maintain a competitive position in the market. Major players in the global spice oil and oleoresin market are concentrating on launching cutting-edge goods that meet the needs of consumers in order to increase their operational presence in various regions of the world.
Some of the Key Players in the Spice Oil and Oleoresin are:
- Young Living Essential Oils Ltd.
- Reckitt Benckiser Group Plc (RB)
- Symrise AG
- Givaduan AG
- Greenleaf Extractions Pvt. Ltd.
- Indian Spice Oil Industries
- Synthite Industries Ltd.
- Universal Oleoresins Pvt. Ltd.
Recent Developments:
- The well-known Dutch oil company Ultra International B.V. operates in important regions and has offices in Singapore, the United States, Australia, India, and the Middle East. The company uses medicinal plants including eucalyptus, coriander, cumin, and cloves to create various kinds of oils.
- A well-known producer of essential oils, DoTERRA International LLC, entered the South American market in September 2019. The company produced therapeutic essential oils using oleoresin. This innovation has made the best medicinal oils that are easily accessible to customers in South America.
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Key Segments
Product Type:
- Spice Oils
- Oleoresins
Distribution Channel:
- B2B/Direct
- B2C/Indirect
Nature:
- Organic
- Conventional
Application:
- Food & Beverages
- Bakery & Confectionery
- Beverages
- Dressings & Condiments
- Sauces, Spreads & Soups
- Cosmetics and Personal Care
- Skin Care
- Hair Care
- Toiletries.
- Aromatherapy
- Pharmaceuticals
- Household
- Dietary Supplements
- Foodservice
- Industrial
Region:
- North America (United States & Canada)
- Latin America (Mexico, Brazil, Peru, Argentina & Rest of Latin America)
- Europe (EU-4, BENELUX, Nordic Countries, Russia, Poland & Rest of Europe)
- South Asia (India, Thailand, Indonesia, Malaysia, and Rest of South Asia)
- East Asia (China, Japan & South Korea)
- Oceania (Australia & New Zealand)
- Middle East & Africa (GCC, Northern Africa, South Africa & Rest of MEA)
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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