Turmeric oleoresin is one type of spice oleoresin which is a pure turmeric (Curcuma longa) extract. Turmeric oleoresin contains flavor components same as in the spice and has around 5 to 15% of curcumin in the oleoresin. Turmeric oleoresin is widely used as a flavoring agent in the food industry. Rapidly increasing demand for packaged spices in food products has forced to increase the production of turmeric oleoresins. Turmeric oleoresin is globally used as a food additive in various food products due to its soluble characteristics. India, Brazil and China are the market leaders in the turmeric oleoresin market. Turmeric oleoresins is having wide application in cosmetic industry as well in products such as dye, lotions, creams, and others. Turmeric oleoresins is widely preferred in preparation of drugs that are used for treating back pain, cancer, and other such related problems. Increasing consumer preference towards natural oleoresins over the conventional oleoresins has resulted in the growth of the global turmeric oleoresin market.
Global Turmeric Oleoresin: Market Segmentation
The global turmeric oleoresin market is segmented on the basis of forms, application and region. The turmeric oleoresin market is segmented on the basis of form into powder, paste and oil. The turmeric oleoresin market is segmented on the basis of application includes food and beverage, cosmetics and personal care products, and pharmaceuticals. Turmeric oleoresin is used as a natural colour in various food products such as pickles and salad dressings, dairy products, bakery products, beverages and cereals. Turmeric oleoresin is mostly used as a food coloring agent due to its intense coloring properties. Among the application segment food and beverage segment hold the major share in terms of value and volume. Hence, the global Turmeric oleoresin market is expected to increase the revenue contribution significantly over the forecast period.
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Global Turmeric Oleoresin Market: Regional Outlook
Geographically, the global turmeric oleoresin industry can be divided by major regions which include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, Middle East and Africa. Globally, among all regions, Asia Pacific has developed as the dominant region in global turmeric oleoresin market followed by Latin America. India, China and Brazil are the major leading countries in the production of turmeric oleoresins. Increasing consumer preference towards natural ingredients coupled with ease of application and available in different forms, has strengthened the growth of global turmeric oleoresin market and hence is market projected to significantly expand over the forecast period.
Global Turmeric Oleoresin Market: Growth Drivers
Increasing consumer demand for natural food coloring agents due to the intense coloring property is one of the major driving factor of the global turmeric oleoresin market. Turmeric oleoresins are widely used in baking industry. Another major driving factor of global turmeric oleoresin market is the usage of oleoresin in dry mixes and margarines which is leading to the increase in consumption of the oleoresin over the forecast period. Turmeric oleoresins are avalible in dry powder provides ease in mixing as compared to turmenric powder, hence, find the application in instant mixes including beverage, soups, ready meal, etc. As a result of easy storage and easy transportation, the market is expected to witness significant growth in the next few years.
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Global Turmeric Oleoresin Market: Key Players
Some of the key players identified across the value chain of the global turmeric oleoresin market include, Nikita Extracts, Ungerer & Company, Kancor Ingredients Limited, Asian Oleoresin Company, Vidya Herbs pvt. Ltd., Naturite Agro Products Ltd., Universal Oleoresins, Synthite Industries Ltd, DDW The Color House, Ozone Naturals and Indo-World. The companies are expected to expand their business by enhancing their product portfolio in global turmeric oleoresin market. The companies are projected to frame business strategies in future in order to gain the competitive advantage in global turmeric oleoresin market till 2026.
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