Spice
oils and oleoresins are concentrated compounds in the liquid form obtained by
the solvent extraction of the ground spices. This compound has similar
character and property of the spice it is derived from. It contains volatile as
well as non-volatile part of the spices. It is used as a substitute for whole
or ground spices without impairing flavor and aroma. Spice oils and oleoresins
are consumed by a broad range of manufacturers such as beverage, confectionery,
curry powder, soups, etc. Most of these end-use industries are rapidly growing
due to an increased demand for food and bound to produce quality products. The
use of spices is rapidly replaced by spice oils and oleoresins and export of
this product instead of raw spices is attributing value addition for the market.
Spice
oils and oleoresins market is segmented on the basis of product type,
application, and distribution channels. On the basis of product type, spice
oils and oleoresins market is segmented into black pepper, cardamom, capsicum,
turmeric, cinnamon and others. Among all the segments, black pepper segment
accounts for the major share and is expected to register a significant growth
during the forecast period. Black pepper oil is widely used as a seasoning
agent and colorants and demand for black pepper extract is rapidly growing in
order to cater to demand from food processing companies.
On the basis of application, it is segmented into food and beverages,
confectionery, pharmaceuticals, cosmetics & personal care and others. Among
all of the segments, food and beverages segment is the leading segment and
expected to contribute highest revenue over the forecast period. Food and
beverages segment can be sub-segmented into food industry include
confectionery, snacks products, noodles, sauces, etc. and beverages industry
include soups, ready to drink juices and canned beverages.
