Marigold oleoresin market - 2023-2030

Overview

Global Marigold Oleoresin Market reached US$ 68.1 million in 2022 and is expected to reach US$ 125.1 million by 2030, growing with a CAGR of 7.9% during the forecast period 2023-2030.

The versatility of marigold oleoresin allows its application in a wide range of industries beyond food and beverages, including cosmetics, pharmaceuticals, and animal feed. Its antioxidant properties and potential health benefits make it a valuable ingredient in skincare products, dietary supplements, and pet food formulations, further expanding its market growth opportunities.

Its natural origin and vibrant color make it a popular choice for manufacturers looking to replace synthetic additives with natural alternatives. Synthite Industries Ltd., a producer of value-added spices offers marigold oleoresin. Apart from being widely utilized as a natural coloring ingredient, lutein, and marigold extracts have found use in the pet food sector for fish and animal feed as well as in pharmaceuticals and nutraceuticals.

Food-grade marigold oleoresin accounts for over half of the market share due to its extensive applications in the food and beverage industry as a natural coloring agent. Similarly, Asia-Pacific dominates the marigold oleoresin market, capturing the largest market share due to its growing marigold production which creates a higher availability of raw materials for oleoresin extraction.

Dynamics

Rising Demand for Natural and Clean-Label Ingredients

The rising demand for natural and clean-label ingredients is a significant driver propelling the growth of the Marigold Oleoresin market. Consumers are increasingly seeking products that are free from artificial additives, preservatives, and synthetic colors, opting instead for ingredients sourced from natural origins. Marigold oleoresin, derived from the Tagetes erecta plant, aligns well with this consumer preference for clean-label products due to its natural composition and vibrant color profile.

The association of marigold oleoresin with potent antioxidants like lutein and zeaxanthin has contributed to its growing popularity in the health and wellness sector. These antioxidants are known to support eye health and may help reduce the risk of age-related macular degeneration (AMD), appealing to consumers seeking functional ingredients with tangible health benefits.

Rising Demand for Natural Colorants in the Food and Beverage Industry

The rising demand for natural colorants in the food and beverage industry is a key driver fueling the growth of the marigold oleoresin market. As consumers become increasingly health-conscious about the ingredients in their food and beverage products, there is a growing preference for natural alternatives to synthetic colors and additives. Marigold oleoresin, derived from the petals of marigold flowers, serves as a potent natural colorant, offering vibrant hues ranging from yellow to orange.

Ozone Naturals offers world-class quality marigold oleoresin as per customer demand. This serves as a natural coloring agent for processed foods, sweets, drinks, dietary supplements, dairy, eggs, sauces, frozen foods, and pharmaceutical items. As consumers prioritize functional ingredients with perceived health benefits, the demand for marigold oleoresin as a natural colorant is on the rise.

Climate Dependence and Price Volatility

Marigold flowers are cultivated in specific regions with suitable climatic conditions. The availability of raw materials for marigold oleoresin production may be limited by factors such as seasonal variations, weather fluctuations, and geographic constraints. This dependency on seasonal harvests and regional cultivation could result in supply chain disruptions and inconsistent availability of marigold oleoresin, hindering market growth.

Moreover, the production of marigold oleoresin is subject to price fluctuations influenced by factors such as crop yields, market demand, and input costs. Variability in raw material prices, especially for marigold flowers, can impact the cost of oleoresin extraction and manufacturing. Price volatility may pose challenges for manufacturers in terms of production planning, pricing strategies, and profitability, thereby restraining market growth.

Segment Analysis

The global marigold oleoresin market is segmented based on product, grade, nature, extraction method, application and region.

Marigold Oleoresin's Extensive Applications in the Food and Beverage Industry as a Natural Coloring Agent

Food-grade marigold oleoresin holds the highest share of the market due to its extensive applications in the food and beverage industry. Marigold oleoresin is valued for its natural coloring properties, primarily imparting vibrant yellow to orange hues to a wide range of food products. As consumer preferences shift towards clean labels and natural ingredients, there has been a growing demand for food-grade marigold oleoresin as a natural alternative to synthetic food colors.

This natural coloring agent is widely used in various food applications, including bakery products, confectionery, dairy, beverages, snacks, sauces, dressings, and ready-to-eat meals. Its versatility and stability make it suitable for both liquid and solid formulations, providing manufacturers with flexibility in product development and formulation. With the rising adoption of natural food colors and the expanding use of marigold oleoresin in food applications, the food-grade segment continues to dominate the market, driving its growth and market share.

Geographical Penetration

Asia-Pacific's Agricultural Dominance

The growing population of Asia-Pacific, especially in countries like India and China, creates substantial demand for food and beverages, cosmetics, and pharmaceuticals, all of which utilize marigold oleoresin as a natural colorant. Furthermore, the growing preference for natural and clean-label ingredients in the food and beverage industry has spurred the demand for marigold oleoresin as a safe and natural alternative to synthetic colorants.

Additionally, Asia-Pacific is a major producer of marigold flowers, particularly in India, where favorable climatic conditions to abundant harvests. According to the Agricultural and Processed Food Products Export Development Authority, APEDA, Government of India, Andhra Pradesh became the fifth-largest marigold producer in India in 2021-2022 after producing close to 300 tonnes of marigold flowers. This abundant supply of raw material ensures a steady availability of marigold oleoresin for domestic consumption and export markets.

COVID-19 Impact Analysis

The market faced disruptions in the supply chain due to lockdowns, travel restrictions, and labor shortages, leading to delays in harvesting and processing activities. This resulted in a temporary reduction in the availability of marigold oleoresin and disrupted production schedules for industries reliant on this ingredient. Additionally, the economic slowdown caused by the pandemic led to decreased consumer spending on non-essential items, affecting the demand for products containing marigold oleoresin.

However, as the pandemic progressed, there was a growing awareness of the health benefits associated with natural ingredients like marigold oleoresin. Consumers became more conscious of their health and sought products with natural and clean-label ingredients, including natural colorants like marigold oleoresin. This shift in consumer preferences towards natural products acted as a driving force for the market, leading to increased demand for marigold oleoresin in various applications

Russia-Ukraine War Impact Analysis

The Russia- Ukraine war caused disruptions in their agricultural activities, such as planting, harvesting, and processing, which impacted the availability and pricing of agricultural commodities worldwide, including marigolds. The limited availability of raw materials, particularly marigold flowers which are the primary source of marigold oleoresin further hinders its market growth.

By Product

• Water-Soluble
• Oil-Soluble

By Grade

• Food Grade
• Feed Grade
• Pharmaceutical Grade

By Nature

• Organic
• Conventional

By Extraction Method

• Solvent Extraction
• Supercritical Fluid Extraction

By Application

• Food & Beverages
• Animal Feed
• Cosmetics
• Pharmaceuticals

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In August 2023, Botanical Healthcare introduced a website for marigold extract its new brand Lutenic. The lutein pigment is present in the oleoresin in ester form
• In September 2022, after clearing Tianbao Customs' inspection, a batch of 16.8 tonnes of marigold oleoresin worth 3 million yuan was successfully shipped from Wenshan Prefecture, Yunnan

Competitive Landscape

The major global players in the market include Ozone Naturals, AVT Natural, Synthite Industries Ltd., Chenguang Biotech Group Co., Ltd, Aturex Group, Qingdao Scitech Biotech Co., Ltd, PJ Margo Private Limited, Bolise Co., Ltd., Xi'an Green Spring Technology Co., Ltd , NaturMed

Why Purchase the Report?

• To visualize the global marigold oleoresin market segmentation based on product, grade, nature, extraction method, application, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of marigold oleoresin market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global marigold oleoresin market report would provide approximately 78 tables, 73 figures, and 186 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies