Market Scope
The Food Colorants Market can witness healthy growth and obtain a CAGR of 5.4% from 2020 to 2027 (appraisal period), says the new research report by MRFR (Market Research Future).
Top Drivers and Barriers
The COVID-19 pandemic weakened the demand for food colorants as the primary end-user i.e., the food industry, has been witnessing stunted growth. The recovery rate of the food colorants market is completely dependent on the duration of the lockdown and how quickly the world economy recovers in the ensuing years. With that said, the global market can observe strong demand as the food sector begins to recover and the demand rises again.
The food colorants market can benefit from the mounting consumer demand with the rising disposable income and the improving economic standards in developing regions. The booming worldwide population, and the rising consumer preference for packaged food items can take the market to new heights in the near future. Food colorants also enjoy massive demand due to their pleasant flavor as well as their medicinal properties. The huge market for functional beverages coupled with the rapid emergence of numerous flavor variants add significantly to the business value of colorants. The escalating preference for organic food colorants in developed countries will offer attractive opportunities to the major brands in subsequent years.
Soaring preference for food colorants with eco-friendly features, and the favorable government initiatives encouraging the use of eco-friendly products can further raise the demand for organic food colorants. Many of the food colorant manufacturers are focusing on strengthening their supply chains and foster their production capacity, for which they continuously collaborate with renowned suppliers around the world.
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Segmental Insight
The types of food colorants in the market are synthetic and natural. Natural food colorants with the faster growing segment, attaining a growth rate of 5.8% during the evaluation period. Consumers are increasingly opting for natural food colorants as the trend of clean-label products continues to surge. This can be credited to the rise in consumer awareness with regard to wellness and health, giving a push to the demand for natural food colorants and the decline in the sales of their synthetic counterparts.
Major applications of food colorants are dairy & frozen desserts, bakery & confectionery, sweet & savory snacks, beverages, poultry & seafood products, meat, and others.
Regional Outlook
The Asia Pacific market growth should remain unparalleled all through the appraisal period, which can be accredited to the thriving food & beverages industry that makes extensive use of colorants. China, followed by Japan, South Korea and India are the most profitable markets in the region, given the accelerated growth of the food and beverage industry and the rising number of restaurant chains, hotels and more. India along with South Korea and Taiwan is fast emerging as a lucrative market, thanks to the flourishing tourism and hospitality sectors.
Europe has claimed the second lead in the market, as a result of the stunning growth of the confectionary and bakery sector. The food colorants industry in the region further benefits from the significant rise of the hotel industry and the commercial sector. Surging preference for natural color additives and the supportive regulatory scenario in the region also fosters the demand for food colorants.
Leading Firms
Sethness Caramel Color, Wild Flavors and Special Ingredients, Koninklijke DSM N.V., FMC Corporation, Hansen Holding A/S, BASF SE, GNT Group, Cargill Incorporated, Likored, Sensitive Colors LLC San-Ei Gen F.F.I. Inc., DDW The Color House, RIKEN VITAMIN CO., LTD., Naturex are some of the important food colorants developers in the worldwide industry.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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