Synthite Ltd, the Kerala-based oleoresin manufacturer catering to about 30 per cent of the global market, is eyeing ₹4,000 crore group turnover in three years.
Aju Jacob, the joint managing director, said the new facilities at the Synthite Taste Park in Pangode near Kochi is expected to add an additional ₹500-600 crore to its turnover of ₹3,000 crore in 2-3 years. The revenue from oleoresin exports was alone at ₹1,700 crore.
Oleoresins are natural colouring and flavouring agents used for processed foods, snacks and drinks. Besides India, Synthite has production facilities in Vietnam, Sri Lanka and China.
The company has set up a ₹175 crore agro-processing clusterunder the Pradhanmantri Kisan Sampada Yojana, promoted by the Ministry of Food Processing Industries. The cluster will have curcumin extraction as well as enrichment plants and a protein extraction plant to cater to the demand of new products.
Impact of pandemic
In addition, it will have blending and grinding facilities for the group company, Intergrow Brands, which produces Kitchen Treasure brand spice powders and value-added spice by-products.
Products made from curcumin, extracted from turmeric, received more popularity in the pandemic because of its immunity-boosting properties. The new turmeric plant will bring the extraction processes under one roof and will be used for curcumin extraction as well as for making curcumin dye, a natural food colour, besides extraction of other spices.
However, the recessionary trends, muted demand and high inventory in importing countries, including the US have dragged down exports of spice oil and oleoresins, he added.
The spice oil and oleoresin exports from the country was at 21,921 tonnes valued ₹4,478 crore in FY22 on robust demand for spice oleoresins.