Heightening health and environmental concerns have compelled consumers to bring about a paradigm shift in their eating habits. Increasing presence of inorganic contaminants such as chemicals and excessive antibiotics have heightened incidences of chronic and infectious diseases. These broader factors are likely to drive global spice oils & oleoresins market during 2020-2030, according to a new research by Future Market Insights.
Oleoresins and spice oils are preeminent in the food & beverage industry. Oleoresins are botanical extracts, amalgamating essential oil and resin constituents. They are non-volatile or volatile compounds obtained from spices using solvents.
Possessing properties akin to conventional spices, oleoresins are effective substitutes providing equally effective texture, aroma and flavor. Moreover, they are easy to store and transport due to their highly concentrated nature leading to immense bulk and space savings.
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COVID-19 Impact Insights
As the world buckles under the pressure of COVID-19, the spice oils & oleoresins market is anticipated to remain stoic throughout its duration in the short-term. Rising demand for ready-to-eat products across the world has assisted the oleoresin market to survive despite logistical roadblocks.
Heightening demand for noodles, pasta and other instant foods during the pandemic as well as the drive to prepare new home-cooked tasty meals have generated good tidings for the market. However, demand is likely to suffer in the HORECA segment as dine-out facilities have shut down amid implementation of social distancing measures.
Despite this slowdown, the global landscape is anticipated to remain substantially strong throughout the duration of the pandemic, with consistent demand being generated from the pharmaceutical and instant food industries.
Competitive Intelligence
The global spice oils & oleoresins market is interspersed with the presence of multiple players. Majority of these players are making inroads into the South Asian markets, attributed to the easy availability of spices and other raw materials. Major emphasis is on forging links with regional distributors to augment sales networks.
In September 2019, doTERRA International LLC, a prominent essential oils manufacturers, established its business outreach into the South American market, initiating a new corporate office in Colombia. The company manufactures essential therapeutic oils derived from oleoresins. This foray has helped South American customers access to top quality therapeutic oils.
Ultra-International B.V, a prominent Dutch oil specialist company, operates across several prominent regions, having its operations in countries such as Singapore, US, Australia, the Middle East and India. The company manufactures a range of oils from plant-based sources, such as cloves, coriander, cumin and eucalyptus among others.
Key Segments
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 (U.S & 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)
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More Insights on the Spice Oils & Oleoresins Market
A recent market study published by Future Market Insights on the spice oils and oleoresins market offers global industry analysis for 2015-2019 & opportunity assessment for 2020–2030. The study offers a comprehensive assessment of the most important market dynamics. The report has been segmented on the basis of type (spice oils and oleoresins), nature (organic and conventional), application (food & beverages, cosmetics & personal care, pharmaceuticals, dietary supplements, household, foodservice and industrial) and region (North America, Latin America, Europe, South Asia, Oceania, East Asia and MEA).
About FMI
Future Market Insights (ESOMAR certified 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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