Heightening health and environmental concerns have compelled consumers to bring about a paradigm shift in their eating habits. Increasing presence of inorganic contaminants such as chemicals and excessive antibiotics have heightened incidences of chronic and infectious diseases. These broader factors are likely to drive global spice oils & oleoresins market during 2020-2030, according to a new research by Future Market Insights.
Harmful additives have induced birth defects and genetic anomalies among infants, leading to immense premature fatalities. In light of these developments, consumers are transitioning towards foods prepared from natural sources. This has heightened growth prospects for oleoresins in recent years.
According to Future Market Insights, the market is anticipated to surge steadily at a noteworthy CAGR across the forecast period ranging from 2020-2030.
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- Rising clean-label certifications such as halal and kosher to uplift organic oleoresins demand
- Food & beverage to remain key application area, pharmaceuticals trailing close behind
- Need for establishing strong distributional networks to elevate B2B sales channels to new heights
- South Asia to emerge as the largest spice oils & oleoresins hub, attributed to the presence of key Indian spice manufacturers
“Food processors have acquired the green signal to establish businesses in culturally rigid geographies such as the Middle East, attributed to the increase in availability of halal & kosher certified products. This is expected to open up new revenue ecosystems,” predicts the FMI analyst.
COVID-19 Impact Insights
As the world buckles under the pressure of COVID-19, the spice oils & oleoresins market is anticipated to remain stoic throughout its duration in the short-term. Rising demand for ready-to-eat products across the world has assisted the oleoresin market to survive despite logistical roadblocks.
Heightening demand for noodles, pasta and other instant foods during the pandemic as well as the drive to prepare new home-cooked tasty meals have generated good tidings for the market. However, demand is likely to suffer in the HORECA segment as dine-out facilities have shut down amid implementation of social distancing measures.
Despite this slowdown, the global landscape is anticipated to remain substantially strong throughout the duration of the pandemic, with consistent demand being generated from the pharmaceutical and instant food industries.
The global spice oils & oleoresins market is interspersed with the presence of multiple players. Majority of these players are making inroads into the South Asian markets, attributed to the easy availability of spices and other raw materials. Major emphasis is on forging links with regional distributors to augment sales networks.
In September 2019, doTERRA International LLC, a prominent essential oils manufacturers, established its business outreach into the South American market, initiating a new corporate office in Colombia. The company manufactures essential therapeutic oils derived from oleoresins. This foray has helped South American customers access to top quality therapeutic oils.
Ultra-International B.V, a prominent Dutch oil specialist company, operates across several prominent regions, having its operations in countries such as Singapore, US, Australia, the Middle East and India. The company manufactures a range of oils from plant-based sources, such as cloves, coriander, cumin and eucalyptus among others.
More Insights on the Spice Oils & Oleoresins Market
A recent market study published by Future Market Insights on the spice oils and oleoresins market offers global industry analysis for 2015-2019 & opportunity assessment for 2020–2030. The study offers a comprehensive assessment of the most important market dynamics. The report has been segmented on the basis of type (spice oils and oleoresins), nature (organic and conventional), application (food & beverages, cosmetics & personal care, pharmaceuticals, dietary supplements, household, foodservice and industrial) and region (North America, Latin America, Europe, South Asia, Oceania, East Asia and MEA).
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Key Challenges & Restraints
High volatility in prices of essential raw materials has generated inconsistencies in production capacities of vendors. Frequent price fluctuations make it difficult to determine a global benchmark which would ensure a steady revenue inflow. This leads to varying profit margins, rendering it difficult to chart a steady growth path.
Moreover, the spices required to manufacture oleoresins are available seasonally, making it difficult or impossible to produce certain flavors throughout the whole year. This limited availability is one of the major reasons behind constant price fluctuations, restraining growth prospects.
Another concern is the window period between imports and re-export time granted to processors. This is particularly true for South Asian producers, who are required to re-export oleoresins in a value added form within three months or pay an import duty upto 70%. This is expected to induce impediments to market growth.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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