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Oleoresins enhance the flavour of the product while extending its shelf life, due to which it is extensively used in the food and beverages industry. Moreover, a few kilograms of oleoresin can replace 100 kilograms of raw spices, which provides a cheaper and more efficient alternative for spices. Therefore, they require less storage space and contribute to the warehouse economy, consequently invigorating the market growth. Europe holds a significant share of the industry due to the robust growth of the food and beverages industry and the rising popularity of processed food. As the demand for natural flavours and ingredients is escalating due to the rising health consciousness, there is a growing demand for healthier food and beverages and convenience food, which is fuelling the growth of the oleoresin industry. Meanwhile, the Asia Pacific region is expected to dominate the market in the forecast period due to the extensive use of spices in traditional foods, hence contributing to the overall growth of the oleoresin industry.
Some of the leading players in the industry are AVT Natural Products Limited (NSE: AVTNPL) and Trilogy Essential Ingredients, Inc. The latter offers high-quality natural seasonings and flavouring agents. Moreover, the company is constantly attempting to develop exciting new flavour profiles and interesting flavour tonalities to formulate beverages, enhance the freshness of beverages, and develop a unique taste to it. Hence, it is used in a wide range of applications in the food and beverages industry, such as juice drinks, fruit beverages, protein products, dairy, and bakery products, among others. In addition, the company offers custom flavour development and leads the flavouring industry in prototype and turnkey product development for all types of beverages. Such developments and advancements by the major companies in the market are expected to provide further impetus to the market growth.
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The major players in the global market for oleoresin are Universal Oleoresins, Trilogy Essential Ingredients, Inc., Paprika Oleo's (India) Ltd., Jean Gazignaire S.A.S., and PT. Indesso Aroma, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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