Spice oils and oleoresins are concentrated compounds in the liquid form obtained by the solvent extraction of the ground spices. This compound has similar character and property of the spice it is derived from. It contains volatile as well as non-volatile part of the spices. It is used as a substitute for whole or ground spices without impairing flavor and aroma. Spice oils and oleoresins are consumed by a broad range of manufacturers such as beverage, confectionery, curry powder, soups, etc. Most of these end-use industries are rapidly growing due to an increased demand for food and bound to produce quality products. The use of spices is rapidly replaced by spice oils and oleoresins and export of this product instead of raw spices is attributing value addition for the market.
Spice Oils and Oleoresins Market Segmentation:
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Spice oils and oleoresins market is segmented on the basis of product type, application, and distribution channels
On the basis of product type, spice oils and oleoresins market is segmented into black pepper, cardamom, capsicum, turmeric, cinnamon and others. Among all the segments, black pepper segment accounts for the major share and is expected to register a significant growth during the forecast period. Black pepper oil is widely used as a seasoning agent and colorants and demand for black pepper extract is rapidly growing in order to cater to demand from food processing companies.
On the basis of application, it is segmented into food and beverages, confectionery, pharmaceuticals, cosmetics & personal care and others. Among all of the segments, food and beverages segment is the leading segment and expected to contribute highest revenue over the forecast period. Food and beverages segment can be sub-segmented into food industry include confectionery, snacks products, noodles, sauces, etc. and beverages industry include soups, ready to drink juices and canned beverages.
On the basis of distribution channels, it is segmented into direct and indirect sales. The indirect sales segment is further sub-segmented into wholesaler, trader and retailer. Among the various retail segments, increasing online sales are a major factor driving the market as online medium substantially reduces the distribution and marketing costs of small-scale producers.
Spice Oils and Oleoresins Market Regional Outlook:
The spice oils and oleoresins market in North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and MEA is covered in the report.
Among all of these, Asia-Pacific is expected to witness a rapid growth during the forecast period owing to the increasing preference of food manufacturers and consumers for products such as black pepper, clove, and other spice oils, followed by North America and is expected to register a moderate growth over the forecast period. Spice oils and oleoresins are majorly produced in Asia Pacific countries such as India and exported around the world as a food flavoring agent or colorants.
Spice Oils and Oleoresins Market Dynamics:
Major drivers that promote the growth of spice oil and oleoresins market are increasing usage of compounds derived from extraction of ground spices for application in food processing companies coupled with rising consumer preferences for natural derived products in the food. Spice oils used in perfumes along with fruit extracts in order to produce aromatic scent in Arab countries is gaining traction in the market. Increasing demand of spice oils and oleoresins for consumer goods such as toothpastes, mouthwashes, etc. is the another factor drives the market. One of the major restraints to hamper the growth of spice oils and oleoresins market is the rising prices of the high-quality products.
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Spice Oils and Oleoresins Market Key Players:
Some of the key players participating the global spice oils and oleoresins market include doTERRA International LLC, Mountain Rose Herbs, Inc., Synthite Industries Ltd., Clarion Casein Ltd., Universal Oleoresins Private Limited, and Young Living Essential Oils LC, etc