Turmeric Oleoresin Market Rising Demand 2022-2032 | Turmeric Oleoresin Industry Growth, Revenue and Upcoming Trends Report
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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