In summary, the main differences between paprika extract and paprika oleoresin lie in their production methods, composition, and applications. While both are derived from paprika and used for their color and flavor properties, paprika oleoresin is a more concentrated extract with a higher content of active compounds, making it suitable for a broader range of applications.
Paprika is a spice made from dried red peppers that are ground into a powder. Depending on what type of paprika it is, it'll be made from a different variety of red pepper. It has a sweet, pungent, earthy, and somewhat fruity flavor, and varying levels of heat, ranging from the most common very-mild type to the less popular pretty-hot. Good paprika should have a pronounced aroma that you'll notice when you take a whiff from the jar, and it needs to be thrown out after six months as it will lose its potency over time.