Food Color Market 2021: Business Prospects, Demand and Product Scope, Forthcoming Developments and Future Investments to 2024| Impact of Covid-19
Research Reports
Feb 22, 2022
Market Scenario
Market Research Future (MRFR) studied the global food color market 2021 in the review period till 2024. As per MRFR study, the worldwide market of food color is likely to register CAGR 4.9% in the assessment tenure (from 2019 to 2024). By 2024, the food color market is expected to value at approximately USD 5.7 Bn.
Market Drives and Restrains
Food color is a substance or pigment that adds color to food and beverages on mixing. These colors are either obtained through natural or synthetic sources. Food color is used in bakery and confectionery, meat products, dairy & frozen desserts, sweet & savory snacks, and beverages among others.
The inclination of consumers towards the use of natural food colors as there are certain side effects associated with food colors that are synthetic is likely to favor the market. The rise in count of food color manufacturers and their wide range of natural food colors products that are used in different industries is expected to prompt the market expansion in the analysis. Certain key players are likely to invest in R&D activities to add innovations to their existing product line and avail diverse range of natural food colors to consumers are likely to drive the food color market growth in the foreseeable future. In addition, the integration of advanced technologies in the extraction process of food colors is another cause that is expected to add momentum to the global food color market in the years to come. On the contrary, stringent regulations and norms that are associated with the application of colors in food is expected to restrict the food color market on a global scale.
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Market Segmentation
The segment analysis of the global food color market is done by source and application.
The source-based segments of the food color market are synthetic and natural. The natural segment is likely to earn high revenue by 2024. The growing preference for natural solutions due their biocompatibility and their easy availability at affordable cost can favor the market rise in the review tenure.
The application-based segments of the food color market are beverages, bakery & confectionery, sweet & savory snacks, dairy & frozen desserts, and meat products among others. The easy availability of food color for dairy and frozen dessert, along with increased adoption of food color for beverages, as the trend for flavored drinks are increasing among people, can improve the impetus of the food color market in the years ahead
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Regional Study
In North America, the expansion of the consumer base adopting natural colors over synthetic colors as the awareness about health and wellness derived from natural food colors increases is expected to prompt the regional market. The growing adoption of different types of food colorant by F&B in developing economies can also support the regional market expansion.
In Asia Pacific, as consumers seek alternatives to synthetic colors, the adoption of natural food colorant is increasing. The inclination towards natural flavors, such as; tomato, soy sauce, and lemon among other natural ingredients is expected to drive the regional market in the years to come. In addition,the adoption of the “new healthy” concept, in which consumers make “strategic choices” for consuming food and beverages, is resulting in evaluation of the nutritional profile of products via ingredients and labels of the product to make buying decisions. This is drawing the attention of companies to improve their sales strategies. Thus, key players in the APAC region are deploying marketing strategies that can earn them customer loyalty and boost sales of food colorants.
In Europe, the food colorant market is anticipated to garner substantial profit. The presence of top-notch restaurants and renowned independent chefs are high-end consumers of food colorants. Thus, increase in demand and production of food colorant as they are a vital ingredient to decorate and design food products can support the study tenure.
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Key Players
Sunfoodtech (India), Koninklijke DSM N.V. (Netherlands), Lycored (US), Ajanta Chemical Industries (India), AromataGroup SRL (Italy), FMC Corporation (US), Doehler Group (Germany), Naturex (France), Frutarom Industries Ltd. (Israel), Chr. Hansen S/A (Denmark), D.D. Williamson & Co. Inc. (DDW) (US), Archer Daniels Midland Company (US), Sensient Technology Corporation (US), Kalsec Inc. (US), and DuPont (US) are some major companies that are mentioned by MRFR in global food color market reports. The insights on studying these companies are offered in the report on the global food color market that is published by MRFR.
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