The global essential oils market size is estimated to reach $16 billion by 2026, at a CAGR of 9.3 percent during the forecast period. The Asia Pacific region is projected to be the fastest-growing market for essential oils. Consumers are now opting for natural essential oil ingredients which is leading to the increase in demand for essential oils. The Asia Pacific accounted for about 16 percent of the market share and was the largest market for natural antioxidants in 2020.
The demand for essential oils is experiencing an upward surge, owing to their varied functions and end-use applications. Adding to it, the demand for ‘all-natural components’ has also recently increased, primarily as a result of people becoming more aware of the advantages of natural ingredients and having increased disposable income available to spend on expensive natural goods.
People’s growing health consciousness supports this desire by encouraging more liberal spending on high-quality natural goods that would produce enduring results. The significant growth in the food and beverage (F&B) industry in India is creating a positive outlook for the market. India Essential Oils Market size was valued at $149.63 million in 2020 and is projected to reach $239.85 million by 2028, growing at a CAGR of 6.97 percent from 2021-28. There is an important concern of adulteration in essential oils, which has become a major challenge for this market. Not all essential oils are created equal and may contain synthetic adulterants. These adulterated essential oils do not possess the properties of essential oils and merely act as fragrance products.
Since 1961, Shri Bajrang Alliance Limited has been a major player in the mining, iron & steel, power, education, and media industries. Suresh Goel, Chairman of the Group has just introduced GOELD as an addition to its illustrious exploits under its umbrella. With its 100 percent vegetarian frozen food products and essential oils (SCFE), GOELD represents the Goel Group's entry into the frozen food industry. The brand wants to establish the benchmark for the packaged frozen food market while also modernizing the retail landscape in India.
“India is a hub of spices & condiments and it has very good demand in export as well as domestic markets. Also, Essential oil has many uses & applications in the food, pharmaceuticals, cosmetics, fragrance, and flavor industry. After COVID-19, everyone has recognized the importance of natural products, that’s the reason
why the demand for natural products is increasing day-by-day and the Super Critical Fluid Extraction (SCFE) technology is the best way to extract natural ingredients with pure quality”, says Archit Goel, Director & CFO, Shri Bajrang Alliance.
With a plethora of products under its belt, it is offering Coffee Oil, Cardamom Oil, Marigold Oleoresin (Lutein), Turmeric Oil & Oleoresin, Ginger Oil & Oleoresin, Clove Oil & Oleoresin, Black Pepper Oil & Oleoresin, Black Cumin Oil, Capsicum Oleoresin, Paprika Oleoresin, and many more. Adhering to stringent quality standards and strict control over the entire process, Shri Bajrang Alliance has positioned itself as the premium brand for export-oriented and quality-driven major domestic player.
Meeting Customer Expectations With Technology
Quality is a client’s top concern when it comes to essential oils and oleoresin-based products. They desire things to be pure and unadulterated. Shri Bajrang Alliance ensures the premium product with the use of SCFE technology. “SCFE technology itself is a very close system of extraction, wherein there is no external intervention during the extraction process. So, the biggest USP is the technology itself that makes the extracted products 100 percent pure and natural. The Co2 extraction carried-out at low temperature retains the natural profile identity of the raw material”, explains Archit.
Following the extraction of the essential oil-based components, the products are evaluated using sophisticated machineries such as an ICP-AEC analyzer, a gas chromatography-mass spectrometer, and high-performance liquid chromatography. With these facilities in place, the finished product satisfies the client’s needs and expectations. “We follow or control the parameters, which directly or indirectly affect the quality of essential oils. We have a commercial as well as a labscale plant with 400 & 600 bar working pressure. Before going for the commercial production, we first finalize the parameters on the lab plant. Once we achieve the desired results, we take it for commercial production.
For grinding the raw materials, we use the cryogenic grinder, which controls the temperature during the grinding process so that the volatile compounds do not evaporate during the process. We maintain the sanctity of the product by sustaining the actual flavor and fragrance of the material”, adds Archit. The plant is certified with BRC, FSSC, Kosher, GMP & ISO, and is expecting a verification with USDA, Fair for Life, and a few others.
The X-Factor
Shri Bajrang Alliance has attained its position as a pioneer in the business by putting in place a skilled R&D and operational staff, with quality & technology serving as the pillars. Only a small number of competitors have a plant with a 450 kg capacity. The firm extracts ginger with a 40 percent gingerol concentration, and its coffee oil has a significant caffeine level. It also extracts Marigold, which contains a high percentage of lutein, which is very excellent for the eyes, as this generation spends more & more time using digital devices, thus maintaining eye health is imperative.
The firm also has a small SCFE NPD unit of 10 kg capacity where they develop new products, as per specific requirements of the customers at a very low cost. This small unit is very important for raw material selection with specific content desired by the customer. In one such case, as explained by Archit, during the production of ginger oil, they modified the production process to increase the gingerol content in ginger oil.
“We are regular into research & development with different crops, spices, and condiments to meet up customers’ specific demand & expectations. We are in continuous touch with the key players & traders in the export as well as domestic market, and carrying-out the sampling activity aggressively. All our products have been approved by most of our clients and are in application phases.
We also own hundreds of acres of farmland that allows us to produce desired raw material, thus not compromising on the quality of raw material as well as finished products”, reveals Archit. With a plant well equipped to run 24x7 throughout the week, Shri Bajrang Alliance is expecting heavy demand for its products in near future, and if the situation arises, they claim that they are ready to come-up with one more SCFE unit with higher capacity dedicated to export business.
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