Food Colors Market Revenue Estimated to Expand at a Moderate 12.4% CAGR over by 2027
Growing demand for natural colors across the globe due to its organic properties drivesthe growth of the global food colors market. However, high cost associated with the extraction of natural ingredientsis anticipated to restrain the growth of the market. Furthermore, surge indemand forcost-effective natural products is expected to create new growth opportunities for the market playersin the next few years.
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• The demand for food colors is expected to surge during the Covid-19 pandemic as government has placed food & beverages and dairy products in daily essentials category and exempted them from the lockdown.
• Several food colors manufacturers across the globe are facing slowdown in their production activity as supply of raw material has been disrupted amid the lockdown in some countries.
The report offers a detailed segmentation of the global food colors market based on type, application, and region.
Based on type, the natural color segment contributed to the largest share in 2019, accounting fornearly two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is estimated to portray the highest CAGR of 13.9% during the forecast period. The research also explores the artificial color segment.
Based on application, the meat products segment accounted for the largest share in 2019, holding nearlyone-fifthof the total share, and is expected to maintain the largest share throughout the forecast period. However, the bakery and confectionary segment is expected to register the highest CAGR of 13.8% from 2020 to 2027.
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Based on region,North Americ contributed the highest share, accounting for nearly one-third of the total market sharein 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific it is also expected to grow at the highest CAGR of 14.8% from 2020 to 2027.
Leading market players analyzed in the research include Givaudan (Naturex S.A.), AromataGroup SRL (FiorioColori SPA),Archer Daniels Midland Company,Kalsec, Inc., D.D. Williamson & Co. Inc. (DDW), Chr. Hansen A/S, International Flavors & Fragrances,Dohler Group,Sensient Technologies Corporation, and Koninklijke DSM N.V.
Key Findings Of The Study
• Quantitative analysis of the current market trends, estimations, and dynamics of the global market for the period of 2020 to 2027 to identify the prevailing food colors market opportunity.
• Western Europe has emerged to be the second largest market with Germany and U.K. accounting for the prominent food colors market share by value.
• The beverage segment accounted was valued at $349.12 million, and is projected to reach $578.05 million by 2027, registering a CAGR of 13.10%.
• The Asia-Pacific region would witness the fastest growth during 2019-2027, owing to increase in adoption of high-end Food Colors in developing economies such as China and India
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