Food Colors Market Overview 2020, In-depth Analysis with Impact of COVID-19, Types, Opportunities, Revenue and Forecast 2027

Food Colors Market by Type (Natural Colors and Artificial Colors), by Applications (Meat Products, Beverages, Dairy, Bakery & Confectionery, Processed Food & Vegetables, Oils & Fats, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027".According to the report, the global food colors industry accounted for $2.1 billion in 2019, and is anticipated to garner $3.5 billion by 2027, growing at a CAGR of 12.4% from 2020 to 2027.

Growing demand for natural colors across the globe due to its organic properties drives the 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 in demand for cost-effective natural products is expected to create new growth opportunities for the market players in the next few years.

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Covid-19 scenario:
• The outbreak of the Covid-19 has greatly affected the growth of the global food colors market.
• Increase in awareness regarding strong immunity and side-effects of artificial food colors have increased the demand for natural colors.
• Acceleration of back-to-basics trend that encourages people to make bakery and other food recipes at homes is expected to increase demand for natural colors.

By application, the bakery & confectionery segment is expected to manifest the highest CAGR of 13.8% during the study period. This is attributed to surge in demand for bakery & confectionery items, busy lifestyle, and increase in preference for fresh & ready-to-eat convenience foods comprising high nutritional values.However, the meat products segment dominated the market in 2019, contributing to around one-fifth of the global food colors market, as these products serve as a rich and concentrated source of nutrients, including proteins, fats, vitamins B12, iron, and zinc.

By type, the natural color segment held the largest share in 2019, accounting for more than two-thirds of the global food colors market. Moreover, the segment is expected to register the highest CAGR of 13.9% during the forecast period, owing to rise in consumer preference and awareness regarding their health benefits associated with natural colors. The research also analyzes the artificial color segment.

North America held the largest share in 2019, accounting for nearly one-third of the global food colors market, owing to rise in health consciousness among consumers and upsurge in prevalence of diseases caused by artificial colors has encouraged people to opt for natural colors. However, the market Asia-Pacific is expected to register the highest CAGR of 14.8% from 2020 to 2027, due toincrease in investments by several small and midsized food manufacturing companies in developing countries.

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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.

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