The annatto food colors market insights cover food and beverage industries utilizing annatto food colorants worldwide. The market is expected to reach a market valuation of nearly US$ 208 million by 2023, accelerating with a CAGR of 5.8% between 2023 and 2033.
The food and beverage sectors use annatto food colours worldwide. According to a recent market research analysis, Sales are likely to account for 11.5% of the global natural food colors market sales, valued at US$ 1.6 billion in 2022.
Key trends and opportunities in the annatto food colours market are influenced by the growing consumer demand for annatto food colours together with the use of naturally sourced and safer food ingredients. The market for natural food colouring and additives has grown as a result of this.
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Furthermore, natural food colourant dominant regions such as Asia Pacific and North America are expected to gain traction in the annatto food colors market future trends.
Annatto food color is also loaded with several pharmaceutical properties and is therefore widely used in cooking culinary practices. Annotto is derived from achiote shrubs that are found in most tropical countries like Brazil, Peru, Mexico, Ecuador, India, Sri Lanka, Kenya, Dominion Republic, Jamaica, and to a lesser extent in Turkey, Philippines, and Angola.
With the rising number of consumers shifting to a vegan lifestyle and vegetarian diet, the demand for annatto food colors has boomed in the food processing industry.
The enlarging health-consciousness among people during the pandemic has triggered people globally into looking for natural and plant-based food colors like annatto color shades on their plates.
Key Takeaways from Market Report
- The overall plant-based food colors market is expected to witness annatto food colors market growth at CAGRs of 6.5% and 6.1% in North America and Latin America, respectively, through 2032, while the annatto food colors market is anticipated to grow at a rate of 5.8% and 6% in these regions respectively.
- The European annatto food colors market is currently pegged at 1200 metric tons by volume and USD 35 mn by value. The demand for annatto food colors is about to grow at 5.9% CAGR between 2022 and 2032 in this region.
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- Although by application, the dairy industry holds command over the highest annatto food colors market share of 21%, the beverages segment is set to expand at a CAGR of 6.2%.
- In relation to synthetic colors like Azorubine, Allura Red, and others, annatto has lesser stability, which is a major restraining factor for annatto food colors market expansion. Another problem cutting the annatto food colors market adoption trends is the product’s higher cost when compared to its competitors.
- Growing consumer preference for organic, healthy, and nutritious plant-derived food products is the main driver for sales of annatto food colors across global annatto food colors market.
“Annatto food color makers are advised to target the health and nutrition markets like dietary supplements industry. Manufacturers should also strive to achieve higher production volumes, to make plant-based food colors more affordable to food processing industries. As the tropical regions where the raw materials are found in abundance are not developed, larger companies would profit significantly by moving manufacturing units to these countries,” says a Future Market Insights analyst.
Recent Developments
- March 2023: Research released in the journal “Food Science & Nutrition” indicated that annatto food color might assist in decreasing cholesterol levels.
- June 2023: The Natural Food Colorants Association (NFCA) organizes a yearly meeting in New York City. The conference promises to bring together business leaders to talk about the most recent developments and advancements in the natural food color sector.
- June 2023: The FDA conducts an open discussion on the security of annatto extract. The discussion is going to give those with interest a chance to submit comments on the use of annatto extract in food items.
Competitive Landscape
Annatto food color producers are majorly focusing on aggressive marketing techniques and cost-cutting procedures in order to make annotta food colors affordable for the food processing industry. These manufacturers also participate in various collaborations with leading food brands around the world to increase the reach of their products.
Major annatto food colors market players are D.D. Williamson & Co. Inc., Sensient Technology Corporation, Chr. Hansen Holding A/S, Kalsec Inc, Fiorio Colori, FMC Corporation, WILD Flavors, Naturex S.A., and a few other regional players.
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Annatto Food Colors Market by Category
By Nature:
- Organic
- Conventional
By Application:
- Bakery & Confectionery Products
- Beverages
- Fruit Preparations/ Fillings
- Dairy Food Products
- Potatoes, Pasta, and Rice
- Soups, Sauces, and Dressings
- Meat, Poultry, Fish, and Eggs
- Seasonings
- Others
By Form:
- Paste
- Powder
By Type:
- Oil-soluble Annatto
- Water-soluble Annatto
- Emulsified and Solvent-extracted Annatto
By Region:
- North America (USA, Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, United Kingdom, France, Italy, Spain, Poland, Russia), Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa), India
- Asia-Pacific (China, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Oceania (Australia, New Zealand)
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