Oils and oleoresins (including natural medicines) is the fastest growing segment of the spice industry.
While raw spices (as generally found in the kitchens of the world and used as food flavouring) is the far greater segment of the industry, the growth of this segment is somewhat stagnant at about 3.5 % annually or about equal to the world population growth.
However the oils and oleoresins segment of the industry is experiencing phenomenal growth and it is expected to overtake the traditional segment of the spice industry by 2025.
Essentially all large food processors and beverage manufactures have migrated bulk recipes from traditional spices to the use of essential oils and oleoresins. This provides for a high degree of consistency in flavour and pungency, as well as hygiene.
For spice growing countries, an added commercial attraction is that at present almost 100% of oils and oleoresins are exported.
Natural medicines, most all of which are derived from spices and herbs, is also experiencing considerable growth in the western world, greatly enhancing the markets of the spice distillation industry.
The Spice Journal will keep you informed about this exciting segment of the spice industry.