Ginger Oleoresin Market: Introduction
A recent market study on ginger oleoresin by Transparency Market Research found that the market is valued at US$ 17.3 Mn at a CAGR of 10.4% to reach US$ 46.7 Mn by the end of forecast period. Solvent Extraction is largely employed to produce ginger oleoresin and it accounts for 94.5% of share based on the extraction method. Based on the extraction method the market for ginger oleoresin extracted through solvent extraction is valued at US$ 16.4 Mn in 2022.
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In terms of distribution channel, the value of ginger oleoresin sales through business to business is expected to grow at a CAGR of 10.5% and is estimated to reach US$ 36.5 Mn by 2032. The East Asian market for ginger oleoresin is estimated to be valued at US$ 4.1 Mn in 2022 and is forecast to reach US$ 11.9 Mn by 2032. China in this region accounts for the highest share and is valued at US$ 3.1 Mn in 2022.
Increase in Consumer Expenditure on Natural Products to Propel Market Growth
Consumer spending on natural products is rising as a result of various causes, the most important of which is increased health awareness. Consumers have become more aware of their options as a result of increased urbanisation and literacy. Before making a purchase, today’s consumers research the ingredients as well as all of the processes used to create the final product. This is leading manufacturers to maintain transparency in their supply chain to avoid any uncertainties.
Customers are even willing to pay more for this. Thus, manufacturers all around the world are integrating their product lines to meet the expectations of their customers. In such a context, the usage of and oleoresins by consumer goods manufacturers is on the rise. Oleoresins are predicted to have a favourable impact on customers due to their natural essence.
Manufacturers Focus on Efficient and Extended Shelf Life Products
Food and flavoring companies are always on the lookout for natural ingredients to incorporate into their products. They are particularly interested in ingredients which are low-cost, easy to handle and efficient.
The very essence that essential oils and oleoresins carry is not the only reason for their increased utilization in various end industries, but the amount of convenience offered by these ingredients to utilizers is also aiding their market expansion. The operational flexibility, annual availability, and shelf life are some of the important factors that ensure market expansion for these versatile ingredients.
The major drawback with utilizing raw spices and herbs is the shelf life and annual availability, which is taken care of when these spices & herbs are processed and used in the form of essential oils and oleoresins. The need for an extended seasonality product is expected to impact the market optimistically.
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Rise in Utilization of Oleoresins in Food Industry to Bolster Sales
Various oleoresins are used for several purposes due to their properties and operational flexibility. Ginger is a versatile product that is used in food products and it possess aroma, high oil and oleoresin contents as its distinct features. The demand for ginger oleoresins is high due to functional properties and its applicability in production of various food products.
Ginger oleoresins are used for mass manufacturing of gingerbread, curry powders, soft drinks, sweets, and others. Such varied characteristics depicted by various oleoresins are responsible for the increased utilization of oleoresins in the food industry. Furthermore, based on end use, the food & beverage industry segment accounts for 75% share of the ginger oleoresin market and is anticipated to value at US$ 13.2 Mn in the year 2022.
- According to data published by CBI, Ministry of Foreign Affairs, the main application of oleoresins is to impart color and flavors to food & beverage products. The Europe food processing market is one of the most consuming markets globally of oleoresins.
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Ginger Oleoresin Market Segmentation
Ginger Oleoresin Market by Nature
Ginger Oleoresin Market by Extraction Process
- Solvent Extraction
Ginger Oleoresin Market by End Use
- Food & Beverage Industry
Ginger Oleoresin Market by Distribution Channel
- Business to Business (B2B)
- Business to Consumer (B2C)
- Specialty Stores
- Online Retail
Ginger Oleoresin Market by Region
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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