Future Market Insights forecasts that the Turmeric Oleoresin market will grow at a CAGR of 5.20% over the projected period, with its value rising from USD 71.1 Million in 2022 to USD 118.1 Million by 2032. The market was valued at US$ 68.6 Million at the end of 2021 and has demonstrated CAGR growth since 2016.
Turmeric oleoresin, a concentrated extract of turmeric (Curcuma longa), contains 5 to 15% curcumin and shares the same flavoring elements as the spice itself. Widely used in the food industry for its flavoring properties, its production has increased to meet the growing demand for packaged spices in culinary products.
Globally, turmeric oleoresin is valued for its solubility and is used as a food additive in various products. The leading producers of turmeric oleoresin are China, Brazil, and India. Additionally, the cosmetic industry extensively incorporates turmeric oleoresin into products such as dyes, creams, and lotions.
Turmeric oleoresins are commonly used in the production of medications for cancer, joint pain, and related conditions. The global market for turmeric oleoresins has grown due to increasing consumer preference for natural oleoresins over traditional alternatives.
Turmeric oleoresin, a natural substance, has been valued for its therapeutic properties in Asia for centuries. The vibrant yellow color of turmeric is due to its primary active component, curcumin, which is believed to be responsible for many of its health benefits through its potent anti-inflammatory and antioxidant effects.
Recently, there has been growing interest in the potential health benefits of turmeric oleoresin. Research suggests it may help reduce pain and inflammation and support mental and cognitive health. However, most studies have been small, and further research is needed to validate these benefits conclusively. Despite the limited definitive evidence, demand for turmeric oleoresin is on the rise.
Competitive Landscape
The turmeric oleoresin market is highly competitive, characterized by numerous suppliers and commoditized products. With low prices and minimal differentiation among suppliers, competition is intense. The primary buyers are spice manufacturers who use turmeric oleoresin to create products like curry powder and turmeric powder.
India and China are the leading suppliers of turmeric oleoresin. Indian suppliers benefit from cost advantages due to lower labor expenses, while Chinese suppliers gain a quality edge due to superior manufacturing standards.
There is minimal brand loyalty among turmeric oleoresin buyers, who typically choose suppliers based on the lowest price available. To remain competitive, suppliers must consistently offer low prices.
The turmeric oleoresin market is highly competitive, with a few major players dominating alongside numerous smaller firms. Larger companies benefit from economies of scale, allowing them to produce at lower costs and enjoy better brand recognition and customer loyalty. Conversely, smaller companies are more agile, enabling them to quickly adapt to market changes, innovate with new products, and explore new markets.
Key Companies Profiled
Nikita Extracts; Ungerer & Company; Kancor Ingredients Limited; Asian Oleoresin Company; Vidya Herbs Pvt. Ltd.; Naturite Agro Products Ltd.; Universal Oleoresins; Synthite Industries Ltd; DDW The Color House; Ozone Naturals and Indo-World
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Turmeric Oleoresin segmentation
By End-use:
- Hotel
- Restaurants
- Cafes
- Cloud Kitchens
- Domestic Purpose
- Cosmetic
- Pharmaceutical industry
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Oceania
- Middle East and Africa (MEA)
By Product type:
- Powder
- Paste
- Oil
By Distribution channel:
- Hyper Market/Supermarket
- Convenience Store
- Retailers
- Online
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