Oleoresin Market Size, Share & Trends Analysis Report By Product (Paprika, Black Pepper, Capsicum), By Application (Food, Beverage, Fragrances, Pharmaceutical), By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the oleoresin market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for oleoresin market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of oleoresin market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Oleoresin Market Categorization:

The oleoresin market was categorized into four segments, namely product (Paprika, Black Pepper, Capsicum, Turmeric, Ginger,Garlic, Onion,Seed Spice,Herbs), application (Food, Beverages, Fragrances, Pharmaceutical, Nutraceutical), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The oleoresin market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The oleoresin market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into thirty three countries, namely, the U.S.; Canada; Mexico; UK; Spain; France; Germany; Belgium; Austria; Italy; Netherlands; Switzerland; China; India; Japan; Vietnam; Indonesia; Sri Lanka; Oceania; Thailand; Malaysia; Bangladesh; Hong Kong; South Korea; Taiwan; Singapore; Australia; Brazil; Argentina; South Africa; Saudi Arabia; UAE; North Africa

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Oleoresin market companies & financials:

The oleoresin market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Chenguang Biotech Group Co. Ltd. Chenguang Biotech Group Co. Ltd. is a major player in the oleoresin market, specializing in the manufacturing and export of spice extracts, oleoresins, natural colors, and essential oils. The company's product portfolio includes a wide range of oleoresins such as paprika, capsicum, curcumin, Sichuan pepper, and marigold. In addition to oleoresins, the company also offers pigments, spices, cotton seed products, and medicine products. With 13 subsidiaries serving domestic and international markets, Chenguang Biotech Group Co. Ltd. is a significant contributor to the global oleoresin industry. 

• Kancor Ingredients Ltd. Kancor Ingredients Ltd, a subsidiary of V. Mane Fils SA, is a major player in the oleoresin market. The company specializes in the manufacture and distribution of natural ingredients such as essential oils, oleoresins, floral extracts, organic ingredients, menthol, and isolates. Kancor operates six manufacturing units in India and is known for its expertise in steam distillation, solvent extraction, fractional distillation, crystallization, and supercritical CO2 extraction. The company's product applications span various industries, including confectionery, snacks, beverages, personal care, processed food, pharmaceuticals, and dairy. 

• Kalsec Inc. Kalsec Inc. is a major market player specializing in the manufacturing and export of naturally sourced extracts, food and beverage advanced hop products, spice and herb extracts, natural colors, and antioxidants. The company's product applications span various industries, including pickles, pet food, confectionery, snacks, beverages, baked goods, beer, and dairy. Kalsec Inc. operates two manufacturing units in the U.S. and has established R&D and sales offices in the UK, China, Malaysia, Mexico, and Singapore. 

• Universal Oleoresins Universal Oleoresins is a major market player specializing in the manufacturing and export of spice oils, oleoresins, natural colors, and spice drops. The company's products are free from contaminants and 100% natural, and they are free from Genetically Modified Organisms (GMO), catalysts, enzymes, animal fats, novel proteins, allergens, and DNA. Universal Oleoresins is certified under Spice House, Kosher KLBD, HACCP TUV, Food Safety and Standards Authority of India, HALAL India, FDA, and Spices Board.

• Givaudan Givaudan is a major market player in the production and supply of essential oils and natural extracts for perfumes, cosmetics, aromatherapy, nutraceutical, and flavoring applications. The company has a wide network of suppliers for its 73 production facilities located across 30 countries. Givaudan has also invested in setting up recycling plants to convert extraction waste into compost and organic fertilizers. The company acquired Ungerer & Company, a prominent manufacturer of oleoresins to expand its product portfolio. The company has production facilities in Spain, Turkey, Madagascar, Bulgaria, Morocco, Provence, France, and Comoros. It has regional offices located in Europe, the Middle East & Africa, Asia Pacific, and Latin America. 

• Akay Group Ltd. Akay Group Ltd. is a major market player in the production and supply of essential oils and oleoresins. The company started its first operations with essential oils and oleoresins in a factory situated in Pathanamthitta, Kerala, where it had a steam distillation unit and two batch extraction production lines. Later, the company expanded its extraction plants to Cochin and Tadas. Akay Group operates through four business divisions, namely Oleoresins & Essential Oils, Spiceuticals, Spices, and SpineRich. The company's product portfolio includes paprika and spice oleoresins, natural essential oils, and natural colors, catering to the global food industry. Akay Group caters to its customers throughout Asia Pacific, South & Central America, the U.S., and Europe. The company is certified under Bureau Veritas, Kosher & Halal.

• Synthite Industries Ltd. Synthite Industries Ltd. is a major market player in the production and supply of essential oils, sterilized spices, dehydrated green pepper, and pepper in brine. The company operates through nine business divisions, namely bio ingredients, spices, symega savoury, symega flavors, herbal isolates, farm tech, fragrance, realty, and hospitality. The company's product portfolio includes essential oils, value added spice extracts (oleoresins), marigold & lutein, herbal extracts, green spice extracts, and tea & coffee extracts. These products cater to various end-use industries through applications such as health & nutrition, and food & beverages. Synthite is also certified under ISO 9002 from BSI UK, FSSC 22000, ISO 14001:2004, OHSAS 18001:2007, Indian Halal, Indonesian Halal, EIA, FSSAI, GMP-Nutraceutical, Organic Certification, BRC and PAS 99:2012. 

• AVT AVT is a major market player in marigold cultivation and specializes in the production and supply of feed grade oleoresins, food grade oleoresins, nutraceuticals grade products, spice oils, and tea. The company operates through four business divisions, namely Oleoresins & Essential Oils, Spiceuticals, Spices, and SpineRich. The company's products are certified under various quality standards such as ISO 45001:2018, Sedex, FSSC 22000, Rainforest Alliance, FAIRTRADE International, FAMI, UTZ, OHSAS 18001:2007, Kosher, Halal, and ECOCERT. 

• Indo-World Indo-World is a major market player that specializes in cultivating, exporting, and importing raw materials such as herbs, vegetable extracts, aromatic chemicals, spice oils, spice oleoresins, alkaloids, dehydrated vegetables, herbal health food ingredients, personal care extracts, and natural food colors. The company has over 1,000 products and uses supercritical fluid technology for extracting botanical extracts and natural essential oils. Its products cater to various end-use industries through applications such as pharmaceuticals, health food, dietary supplements, and perfumery cosmetics. The company is certified under ISO Certificate (9001- 2015) 2017-18, EU Certificate, Organic Certificate Scope – NOP / NPOP, Halal, Kosher, Shellac – RCMC, Spice Board Certificate, One Star Export House, FSSAI Certificate, and Food Facility Certificate. It exports its products to clients in countries such as Argentina, Japan, Italy, Malaysia, South Korea, Sweden, Switzerland, Singapore, New Zealand, Mexico, Philippines, Belgium, Brazil, Canada, Chile, China, Denmark, France, and Germany.

• Paprika Oleo's India Limited Paprika Oleo's India Limited, a family-owned enterprise and part of the VPSA Paramasiva Nadar group of companies, is a major market player specializing in the manufacturing and exporting of oleoresins, whole spices, spice powders, and seasonings. The company's product portfolio includes red chilies, turmeric, dry ginger, capsicum, and paprika oleoresins, ranging from 20,000 CU to 140,000 CU. The company's oleoresin plant is certified under ISO 9001:2008, HALAL, Kosher, and HACCP, and its products are also certified under BRC (Grade B), HACCP, and ISO 9001:2008 by TUV NORD (India) Ltd. Paprika Oleo's India Limited has three analytical laboratories on the site of its manufacturing facilities, enabling it to conduct tests for the quality and safety of its products.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Oleoresin Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 - 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Oleoresin Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.