Turmeric Oleoresin Market: Introduction
According to a recent study conducted on turmeric oleoresin by Transparency Market Research, it was found that the market is expanding at a CAGR of 9.4% to reach US$ 165.7 Mn by the end of the forecast period. Turmeric oleoresin is largely extracted by the process of solvent extraction which holds value US$ 63.9 Mn in 2022 and is expected to reach US$ 155.2 Mn by the end of 2032. Based on distribution channel, the value of turmeric oleoresin consumed through business to consumer is growing at a CAGR of 10% and is estimated to reach US$ 41.6 Mn by 2032.
The South Asian market for turmeric oleoresin holds a value share of more than 60% of the global turmeric oleoresin market. It is estimated to be valued at US$ 46.3 Mn in 2022 and is forecast to reach US$ 109.7 Mn by 2032 for the region.
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Growing Consumer Preference for Multi-cuisine Food to Provide Opportunities for Manufacturers in Food Processing Industry
Ethnic dishes are becoming increasingly popular around the world. Some of the most popular international flavors include Indian, Thai, and Mexican cuisines. Spice oleoresins are intriguing elements for food manufacturers to use when creating ethnic meals. Instead of purchasing marinades from flavoring companies, some of them make their oleoresins and other spices (for instance: dried spices). Heat stability and storage are further advantages of oleoresins. They are resistant to microbial contamination and have a far longer shelf life than fresh or even dried spices.
Food and flavoring companies are always on the lookout for novel flavors to incorporate into their goods. They are particularly interested in novel varieties of oleoresins that are low-cost and may produce excellent effects with less application. The use of oleoresin in margarine and dry mixes is a major driver of the worldwide turmeric oleoresin market. Turmeric oleoresin in dry powder form is easier to combine than traditional oleoresins, and as a result, it is increasingly used in instant mix food products such as soups, beverages, and ready meals.
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Growing Consumer Awareness about Nutritional Benefits to Bolster Sales
The search to discover novel nutraceuticals for health benefits may pave the way for oleoresins, which are derived from certain spices and have potent therapeutic qualities. Oleoresins are gaining popularity due to their antioxidant characteristics, as well as their ability to relieve aches and pains, lower cholesterol levels, and provide other health advantages. The usage of oleoresins in the production of body lotions and soaps is expanding, which bodes well for the cosmetics and personal care business.
Global Turmeric Oleoresin Market Segmentation
Turmeric Oleoresin Market by Nature
· Organic
· Conventional
Turmeric Oleoresin Market by Extraction Process
· Solvent Extraction
· SCFE
Turmeric Oleoresin Market by End Use
· Food and Beverages
· Pharmaceuticals
· Nutraceuticals
· Retail/Household
Longer Shelf Life and Cost Effectiveness to Aid in Growth of Global Market
The capacity of turmeric oleoresin to improve stability and enable application in food products is also projected to fuel global market expansion. Furthermore, due to its longer shelf life and ability to operate as a cost-effective substitute for ground spices, turmeric oleoresin is projected to see increased demand in the future.
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The market for turmeric oleoresin is expected to increase greatly in the future, due to advancements in convenient storage and transportation facilities. Furthermore, due to improved government taxation systems and incentives around the world, the global market is predicted to develop at a healthy rate during the forecast period.
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