The rising trend in the use of natural flavors in processed food and a growing number of QSRs has led to an increase in oleoresin demand. The increase in awareness of the side effects of synthetic flavors and health benefits offered by phytomedicines and herbal extracts has driven the market's growth significantly. Additionally, key players' technological advances in most regions have resulted in high demand for Oleoresins products. The Global Oleoresins Market was valued at USD 1.1 billion in 2018 and is expected to reach USD 2.4 billion in 2026, growing at a CAGR of 9.1% during the forecast period.
Oleoresins offer great base flavours for several drinks, rapid growth in the beverage industry leads to increased demand for oleoresins. The availability of a wide range of oleoresins means that both drinks and bakeries and processed food manufacturers can use combination flavours in foods and drinks to make them more appealing, which in turn is projected to drive the growth of the oleoresin product. In addition, the demand for oleoresins in the nutraceutical industry remains high due to the increasing R&D activities on the market and the increasing popularity of health supplements. The growing trend to offer clean label products for personal care is also projected to drive the growth of the oleoresin market.
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Globally, North America dominate the market in terms of income followed during the forecast period. Due to high demand from various end-use industries such as food & beverage, pharmaceutical, and cosmetics, North America emerged as the largest market in 2018. It is expected that shifting consumer preference to ethnic food and rising demand for products in healthcare applications will emerge as the main driving factors in this region's market.
However, the price fluctuation of raw materials for the manufacturers in the global Oleoresins Market in the coming years. Also, the limited standardization are the main restraint for the market in future.