According to the latest study by Future Market Insights (FMI), the chlorophyll color market is expected to be valued at US$ 126.2 Mn in 2021, exhibiting impressive growth at 9.6% CAGR through 2031.
As flavored products are becoming increasingly popular among consumers, demand for natural food color solutions that are stable and produce a two-color combination is increasing. Increased availability of food and beverage products in the retail sector is one of the key factors, stimulating market growth.
On account of the growing demand for chlorophyll color, key manufacturers are focusing on boosting production capacity to improve supply-chain efficiency and cater increasing demand of larger consumer base.
For instance, Chr. Hansen enlarged its natural color production facilities in North America in April 2018. The expansion was intended to improve the company’s supply chain capabilities, allowing it to provide natural color solutions to current and future customers.
Alongside this, growing demand for vegan and natural/organic food products is improving the adoption of natural food colors. This in turn is accelerating growth of chlorophyll color market.
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Key Takeaways from Chlorophyll Color Market Study:
- The U.S. is estimated to account for more than 85% of the North America market in 2021, on the back of increasing awareness among consumers regarding health benefits of organic food products.
- In Latin America, Brazil is expected to emerge as the leading market, holding over 45% share in 2021.
- Germany is expected to dominate the EMEAI chlorophyll color market holding more than 20% share in the year 2021.
- France is expected to show significant growth in the Chlorophyll color market during the forecast period.
- China is dominating the APAC chlorophyll color market, accounting for more than 35% share in the APAC Chlorophyll color market.
- Japan is expected to showcase a steady growth in the forecast period.
- In terms of nature type, conventional segment is expected to dominate the global nature segment with a 92.0% share in year 2021
- Based on application type, beverages segment is dominating the global chlorophyll color market with a market share of 25.3%
“With increasing preference for organic food products and natural ingredients, food producers are gradually shifting to natural food colors. Driven by proliferation of veganism, key players are extensively using natural food colors in beverage, bakery, snacks, dairy, fruit preparations / fillings,& cereal, candy / confectionery, meat, poultry, fish, & eggs, potatoes, pasta, & rice, seasonings, sauces, soups, & dressings, and pet food,” said a lead analyst in FMI
Who is winning?
Key companies in the chlorophyll color market are investing in expanding their manufacturing facilities in order to expand their product portfolio. Several local, regional, and multinational businesses are adopting strategies such as mergers and collaboration to strengthen their footprint.
Manufacturers are adopting smart labeling, including healthy ingredients, and offering appealing packaging and unique flavors to gain a competitive advantage.
Some of the leading companies offering chlorophyll color are Chr. Hansen Holding A/S, Naturex, colorMaker, Inc., BioconColors, The Hershey Company, DDW The Color House, Sensient Colors LLC, Proquimac, Amerilure, Inc., ColorMaker, Inc. and Others.
Get Valuable Insights into Chlorophyll Color Market
Future Market Insights, in its new offering, provides an unbiased analysis of the chlorophyll color market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the demand for chlorophyll color on nature (organic, conventional), by application (beverage, bakery, snacks, & cereal, candy/confectionery, dairy, fruit preparations/fillings, meat, poultry, fish, & eggs, potatoes, pasta, & rice, sauces, soups, & dressings, seasonings, and pet food) across major regions (North America, Latin America, EMEAI and APAC).
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Key Points Covered in Chlorophyll Color Market Study
- Market Estimates and Forecast 2016-2031
- Key Drivers and Restraints Impacting Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Chlorophyll Color in Food and Beverage Sector and How to Navigate
- Recommendation on Key Winning Strategies
Significant Contributions of the Report
- Key Trends and Challenges: Detailed analysis on the ‘ins and outs’ of the market with qualitative research and quantitative insights
- Recent Drivers and Opportunities: Detailed assessment on the key growth drivers, technological developments, and factors affecting the market over the forecast period.
- Segmental Analysis: Extensive research on each segment and sub-segment, compiled by expert research analysts of FMI
- Regional Market Forecast: Thorough analysis of each regional market to provide market players with real-time data and reliable statistic to gain a competitive edge in the industry
- Competitive Landscape: Comprehensive analysis on prominent players and new entrants eyeing to improve their revenue prospects in the industry