Increasing demand for Paprika Oleoresin due to the trend of using natural flavors in food processing is a key factor driving market revenue growth
Paprika Oleoresin Market Size – USD 1,711.81 Million in 2021, Growth – at a CAGR of 5.43%, Trend – Rapid development and innovation of Paprika Oleoresin
The global Paprika Oleoresin Market size is expected to reach USD 2,749.86 Million in 2030 and register a revenue CAGR of 5.43% over the forecast period, according to latest report by Reports and Data. Demand for Paprika Oleoresin is steadily increasing from organic and clean label products and due to strict regulations regarding the use of artificial coloring and flavoring in food products, which is driving market revenue growth.
In addition, increasing innovations and product development, and rising inclination of consumers towards various processed foods and beverages globally are expected to drive market revenue growth. Paprika Oleoresin have rapidly replaced spices, and exports of Paprika Oleoresin rather than raw spices can lead to considerable value addition. Paprika Oleoresin have strong flavors, colors, and a long shelf-life, and they can be produced by solvent extraction method and supercritical fluid method.
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Top Companies: Akay Group, Universal Paprika Oleoresin, Plant Lipids Private Limited, Kalsec Inc., AVT Natural Products Limited, PT Indesso Aroma, Jean Gazignaire - Groupe Mul, Ozone Naturals, and Ambe Phytoextracts Pvt. Ltd, among others.
Further Key Finding from the Report Suggestion:
- In October 2021, Mane Kancor Ingredients Pvt. Ltd. inaugurated an innovation centre at Angamaly, Kochi, India, to develop and innovate natural shelf-life, culinary taste and color solutions, personal care ingredients, and nutraceutical products.
- Supercritical fluid extraction segment is expected to register a relatively faster revenue CAGR of 5.67% throughout the forecast period. This can be attributed to the capacity of supercritical fluid method to provide high solubility, improved mass transfer rate, and increased selectivity with small changes in chemical properties, such as temperature and pressure. The supercritical fluid extraction method is rapid due to low viscosity and high diffusivity associated with supercritical fluids. Technical advancements and use of Supercritical Fluid Extraction (SCFE) green technology can help eliminate the usage of solvents, ensuring that the true profile of natural spices is maintained.
- The Asia-Pacific market accounted for a significantly larger revenue share of 33.59% in the global market in 2021, which can be attributed to technological advancements in food processing, and rising consumption of Paprika Oleoresin and their multiple applications in the food industry, which include production of butter, jellies, jams, gelatin preparations, meat, cheese and snacks, poultry feeds, and frozen foods. Moreover, increasing demand for Paprika Oleoresin in processed food and fragrance industries as natural coloring and flavoring agents is driving revenue growth of the market in Asia-Pacific.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Paprika Oleoresin Market is segmented into:
Raw Material Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
- Leaves
- Seeds
- Flowers
- Roots
- Berries
- Others
Source Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
- Paprika
- Capsicum
- Seed Spices
- Turmeric
- Ginger
- Cinnamon cassia
- Herbs
- Others
Extraction Process Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
- Solvent Extraction
- Supercritical Fluid Extraction
Application Outlook (Revenue, USD Million; Volume, Tons; 2019-2030)
- Food Beverages
- Beverage
- Bakery
- Seasonings and Condiments
- Meat and Seafood Products
- Other Food and Beverages
- Pharmaceuticals Nutraceuticals
- Personal care products
- Feed
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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