Paprika Oleoresin Market Global Market Trends and Market Drivers:
The global market for paprika oleoresin is relatively large in European countries particularly due to favorable climatic and soil conditions for paprika growth and further harvesting can be done me mechanically thus, contributing towards considerable domestic production. Globally approximately 7-8 thousand tonnes of paprika oleoresin are produced annually with India, Spain, Peru and China as the main suppliers of paprika oleoresin to Europe.
As the global demand for coloring food stuff increases the market for paprika oleoresin also increases. Food products manufacturers increasingly use food stuffs with coloring properties instead of synthetic colors thus enabling them to keep their labels clean. Furthermore, a large proportion of consumers across the globe consume excessive amounts of salt then required. Paprika oleoresin is used to color salt and the demand for products containing less salt is strong. In regards to this various food product manufacturers are using paprika oleoresin in order to other to mask the salt reduction. Also growing demand for organic certified paprika oleoresin is contributing towards the market growth of paprika oleoresin over the forecast period.
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Oleoresin are highly concentrated pure extracts of spices or herbs. These are naturally occurring combination of oil and resins extracted from plants. Oleoresin can be obtained from various plant sources including, chilli, turmeric, valerian, paprika, clove, coriander and others. Paprika oleoresin is an oil soluble extract obtained from the dried and ground sweet pepper pods also called as fruits of Capsicum annum Linn or Capsicum frutescens with the prime function in food coloring and flavoring industry. Capsicum annum Linn is widely consumed as vegetable across the globe and is native to North America and northern South America. Paprika oleoresin is highly viscous and possess coloring properties due to presence of natural carotenoid pigments, especially capsanthin and capsorubin. Apart from this paprika oleoresin also contains capsaicin, which is the main flavoring compound giving pungent taste in higher concentrations. The global Paprika Oleoresin market is expected to witness significant revenue opportunity over the forecast period attributed to its expanded applications in food industry, cosmetic industry and pharmaceutical industry. Increasing demand for natural colours across the globe ispushing the marker revenue growth of the overall paprika oleoresin market.
Paprika Oleoresin Market Segmentation
Global paprika oleoresin market is segmented on the basis of application, sales channels and region. On the basis of application the global paprika oleoresin market can be segmented into, food and beverages industry, cosmetic industry and pharmaceutical industry. The food and beverages segment is further sub-segmented into bakery and confectionary, sauces and seasoning, dairy industry, desserts and ice cream, meat products, convenience foods, juices and others. While the cosmetic industry is further sub segmented into, skin care products, hair care products and others. The food and beverages industry is the largest industry for paprika oleoresin due to increasing application of paprika oleoresin as a coloring agent in various foods. Food and beverage industries commonly use the oil soluble form of paprika oleoresin for coloring. On the basis of sales channels the global paprika oleoresin market is segmented into, direct sales and indirect sales segment. The indirect sales segment is further sub segmented into, wholesaler, trader and retailer.
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On the basis of region the global paprika oleoresin market is segmented into, North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Europe and North America are expected to account for the maximum revenue share in the paprika oleoresin market attributed to increasing production of paprika oleoresin the regions. Owing to growing consumers demand for clean label natural paprika oleoresin the food products manufacturers are bringing transparency in the origin of their food products offerings. This clean label trend is also followed in cosmetic industry wherein the consumers seek cosmetics with minimal side effects.