Oleoresins are extensively used in the food and beverages industry as a base flavor for beverages. Moreover, high popularity of natural foods has increased the demand for oleoresins in this industry. Extensive variety of oleoresins is used to produce different flavors. These factors have been highly instrumental in the global oleoresins market’s growth during the forecast period of 2018 to 2028. Oleoresins are also experiencing a high demand from then pharmaceutical industry.
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Rising Applications in the Pharmaceutical Industry to Boost Prospects
Extensive use of paprika in America cuisine is a key factor promoting the global oleoresins market’s growth. This has led to an increasing development of paprika oleoresins. Moreover, there is a rise in awareness pertaining to the health benefits of oleoresins has fuelled its demand. Drug manufacturers are increasingly using oleoresins to tackle the issue of allergies due to allopathic drugs. These factors have played a significant role in the expansion of the global oleoresins market. In addition to this, rising government support for the use of oleoresins in therapeutics has promoted the market’s expansion.
Leading market players are focusing on enhancing their technological capabilities and new product developments to sustain their position in the market. For instance, Algatechnologies Ltd. developed a new natural patented oleoresin called Fucovital which is produced from microalgae.
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On the regional front, Europe is expected to remain in the forefront during the forecast period. This is due to extensive use of oleoresins in countries such as UK, Spain, and Germany. The market in Asia Pacific is expected to grow due to the booming food and beverages industry. The rising exports of oleoresins have also supported the oleoresin market’s growth in this region. The market in North America is also perceived to grow at a promising CAGR due to the rising consumption of processed food in this region.