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Food Colorants Market Trends, Top Companies, Share, Growth And Forecast 2033
Food Colorants Market Trends
According to The Business Research Company's, The food colorants market size has grown strongly in recent years. It will grow from $4.27 billion in 2023 to $4.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to consumer preferences for visual appeal, regulatory approvals and safety standards, rise in bakery and confectionery products, globalization of food and beverage industry, urbanization and changing lifestyles.
The food colorants market size is expected to see strong growth in the next few years. It will grow to $6.16 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to growing plant-based and natural foods market, rising demand for pet foods, health-conscious consumer choices, e-commerce growth in food sale, increased functional food consumption. Major trends in the forecast period include exotic and ethnic flavors, advancements in biotechnology, customization in food product development, collaboration for innovation, clean-label reformulation, sustainability and eco-friendly practices.
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Market Drivers and Trends:
The surging demand for confectionery products is expected to propel the growth of the food colorant market going forward. A confectionery product is a sort of sweet food item that often contains sugar or other sweeteners. Confectionery products may involve a wide range of snacks, including candy, chocolates, cakes, pastries, and other sweet baked dishes. Food colorants are used in confectionery products to improve the visual attractiveness of the product and make it more appealing to consumers. For instance, in October 2022, according to Euromonitor International 2022 report from Government of Canada, retail sales of confectionery in the United States are expected to grew from $42.6 billion (2,994.3 thousand metric tons) in 2022 to US$52.4 billion (3,268.0 thousand metric tons) in 2026. Therefore, the surging demand for confectionery products is driving the growth of the food colorant market going forward.
Product innovations are a key trend gaining popularity in the food colorants market. Major companies operating in the food colorants market are adopting new technologies to sustain their position in the market. For instance, in July 2022, GNT Europa GmbH, a Germany-based food color manufacturer, launched the two new EXBERRY Coloring Foods with new yellow and green shades made from organic safflower. While EXBERRY Organics 'Veg Green' is made of organic safflower and organic spirulina, EXBERRY Organics 'Fruit & Veg Yellow' is made of organic safflower and organic apple. The Organic Regulation (EU) 2018/848 is complied with by both. These are entirely vegan-friendly, halal, and kosher, and made from edible fruit, vegetables, and plants utilizing traditional physical processing techniques.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Sun Food Tech Pvt. Ltd.; Dow Inc.; Koninklijke DSM N.V.; Florio Colori S.P.A.; Chr. Hansen A/S; Cargill Incorporated; GNT Group; FMC Corporation; BASF SE; Riken Vitamin Co. Ltd.; Wild Flavors Inc.; Sensient Technologies Corporation; The Archer-Daniels-Midland Company; Naturex SpA; D.D. Williamson & Co. Inc.; Döhler GmbH; Kalsec Inc.; IFC Solutions; Archer Daniels Midland Company; Kemin Industries Inc.; Lycored Ltd.; Mérieux Nutritionals; Symrise AG; Nutrition Plus; The Mondelez International Inc.; The Lonza Group; The Merck Group; Omron Corporation; Givaudan SA; Haarmann & Reimer GmbH
Food Colorants Market 2024 Key Insights:
• The food colorants market will grow to $6.16 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Rising Demand For Confectionery Products To Drive Market Growth
• Product Innovations Transforming The Food Colorants Market
• Europe was the largest region in the food colorants market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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