Region-wise, the global turmeric oleoresin market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific is expected to retain its dominance in the global market throughout the forecast period, owing to the growing markets for turmeric oleoresin in countries such as India, China, and Brazil. India currently accounts for over 65% share of the total oleoresin and spice oils production globally. However, recent trends show a shifting focus towards other major oleoresin and spice producing countries such as China, Indonesia, Vietnam, Cambodia, Sri Lanka and Myanmar. This is mainly due to availability of raw material at lower price tags, low manufacturing costs and favourable taxation scenario in these regions.
Some of the key players identified in the global turmeric oleoresin industry are Ungerer & Company, Vidya Herbs Pvt. Ltd., Nikita Extracts, Kancor Ingredients Ltd., Universal Oleoresins, Ozone Naturals, Naturite Agro Products Ltd., Synthite Industries, Ltd. Asian Oleoresin Company and Indo-World etc. These players are expected to focus on enhancing their product portfolio with a view to expanding their business and gain a competitive advantage in the global turmeric oleoresin market.
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Turmeric oleoresin is obtained by the extraction of roots of Curcuma longa Linn, processed with volatile solvents such as methanol, ethanol, and isopropanol, etc. It is typically a spice oleoresin that mainly constitutes of 15% to 20% of curcumin, obtained from the ground rhizomes of turmeric. Turmeric oleoresin is available in yellow to dark red-brown paste, lumps, powder or liquid form. It finds significant application in the food industry as a flavoring agent. Owing to its soluble characteristics, turmeric oleoresin finds high usage as a food additive in various cuisines across the globe. Countries such as India, China and Brazil are the major manufacturing hubs for turmeric oleoresin and thus, are the market leaders. CMI predicts the global turmeric oleoresin market to grow at a healthy growth rate owing to shifting consumer preference towards use of natural oleoresins.
A key driver propelling growth of the global turmeric oleoresin market is the usage of oleoresin in margarine and dry mixes. Turmeric oleoresin available in dry powder form allows for easy mixing as compared to conventional oleoresins and thus, finds increasing application in instant mix food products such as soups, beverages, and ready meal. Owing to the ability of turmeric oleoresin to enhance the stability and facilitate the application in food products is also expected to drive growth of the global market. Furthermore, turmeric oleoresin is expected to witness an escalating demand in the future due to its longer shelf-life and acts as an economical substitute for ground spices. With advancements in easy storage and transportation facilities the market of turmeric oleoresin is set to grow significantly in the future. Furthermore, global market is expected to witness a healthy growth rate during the forecast period owing to improving government taxation schemes and incentives across the world. For instance, countries such as Indonesia, Myanmar and Vietnam are offering Export Processing Zones (EPZ) space to manufacturers and a 5 -10 year tax holiday to attract the companies operating in the global turmeric oleoresin market.
Turmeric oleoresin finds wide application as a natural colorant in a variety of food and beverage products such as salad dressings, pickles, beverages, cereals, bakery products, and dairy products. Among all the end-use industries, the food & beverages segment is expected to occupy the major share of the global turmeric oleoresin market both in terms of value and volume in the near future. Consumption of turmeric oleoresin in the pharmaceuticals industry is forecast to witness highest growth rate over the forecast period, owing to its increasing use in preparation of drugs that are used in treatment of cancer, back pain, and other health problems. Turmeric oleoresin is also highly preferred in the personal care & cosmetics industry in applications such as lotions, creams, and dyes.
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