PUBLISHER: Grand View Research | PRODUCT CODE: 1433696
PUBLISHER: Grand View Research | PRODUCT CODE: 1433696
The global oleoresin market size is anticipated to reach USD 2.83 billion by 2030 and is anticipated to expand at a CAGR of 6.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the growing use of spice oleoresins for coloring and flavoring and is projected to drive the market growth.
Oleoresins, derived from specific spices like turmeric and paprika, are highly valued not only for flavor-enhancing properties but also for vibrant coloring attributes. These products find extensive applications in salad dressings and as coloring agents in pickled products. Oleoresins are particularly suitable for high-temperature food processing methods such as baking and frying. Furthermore, their solubility characteristics make them widely used additives in the food industry.
Moreover, the flavor of the product may not be equivalent to their corresponding essential oils. Although, the product is thick, viscous, and contains concentrations of colored pigments, it generally imparts less color to finished products as compared to the corresponding spices as they are used in lesser quantity in varied applications.
Furthermore, growing confectionery & baked food products demand in developed as well as developing regions is presumed to aid the growth in the near future. Changing dietary trends and food consumption patterns are expected to aid the confectionery & baked food along with beverages demand. In addition, growing demand among consumers for packaged spices and spice mixes in food applications has also assisted the market over the forecast period.