Innovations Driving Growth in the Marigold Oleoresin Industry |...

Innovations Driving Growth in the Marigold Oleoresin Industry

Posted 2024-07-12 16:30:46

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The global marigold oleoresin market, currently valued at US$ 65.8 Mn in 2022, is projected to witness substantial growth over the next decade. According to industry analysts, the market is anticipated to expand at a CAGR of 7.6%, reaching an estimated value of US$ 136.7 Mn by the end of 2032. This growth is driven by the increasing adoption of natural coloring agents across various industries, particularly in food and beverages, pharmaceuticals, and personal care products.

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Driving Factors and Market Dynamics

The growing consumer demand for clean label and natural products is a significant factor propelling the marigold oleoresin market. Consumers are increasingly seeking products that are free from synthetic additives, pushing manufacturers to incorporate natural extracts like marigold oleoresin. This trend is particularly evident in the food and beverage sector, where marigold oleoresin is used to enhance the color and flavor of a wide range of products, from snacks and beverages to pastries and jellies.

Additionally, the pharmaceutical industry's reliance on marigold oleoresin is expanding due to its recognized anti-cancer and antioxidant properties. The oleoresin, rich in lutein, is not only beneficial for reducing free radicals in the human body but also for its therapeutic and healing properties. It is increasingly used to address issues such as digestive complexities, bacterial infections in wounds, and even age-related macular degeneration (AMD). The rise in health awareness and the preference for natural remedies post the COVID-19 pandemic are further driving this demand.

Market Challenges

Despite the optimistic outlook, the marigold oleoresin market faces challenges, primarily due to fluctuations in raw material prices. These inconsistencies can affect the manufacturing capacities of vendors, leading to volatility in profit margins. The edible oil sector, which significantly influences raw material costs, is particularly prone to price fluctuations driven by demand-supply dynamics and weather conditions in major producing regions.

Opportunities and Strategic Initiatives

The increasing preference for organic certified marigold oleoresin presents lucrative opportunities for market players. Organic food producers are leveraging the trend of consuming natural products, benefiting from the legal distinctions that favor natural food extracts with coloring capabilities over synthetic additives. This shift is expected to boost the market size, especially as consumers become more conscious of the health benefits associated with natural plant-derived extracts.

To capitalize on these opportunities, companies in the marigold oleoresin market are focusing on expanding their product portfolios and strengthening distribution channels. The growth of hypermarkets, supermarkets, specialty stores, and online retail platforms is creating new avenues for market expansion. Digitalization and secure online payment facilities are encouraging consumers to purchase products through online channels, further driving market growth.

Market Leaders and Competitive Landscape

Prominent players in the marigold oleoresin market include Ozone Natural Pvt. Ltd., Synthite, AVT Natural Products, Olive Lifesciences Private Limited, Xiamen Boten, Handan Deyuan Bio-Tech Co., Ltd., Chenguang Biotech Group Co., Ltd., Plant Lipids, Naturex (Givaudan), and Aturex Nutritionals. These companies are focusing on strategic initiatives to enhance their market presence and meet the growing consumer demand.

In June 2018, AVT Natural Products and Kemin Industries SA extended their strategic collaboration agreement for an additional 10 years, emphasizing the importance of long-term partnerships in ensuring a steady supply of high-quality marigold oleoresin. Similarly, Ozone Natural Pvt. Ltd. has acquired several quality certifications, including Halal, FSSAI, Organic, and ISO certifications, to enhance the global adaptability of its products.

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