New market research report on annatto food colors covers food and beverage industries utilizing annatto food colors around the globe, the annatto food colors market is anticipated to reach a market valuation of nearly USD 200 Mn by the year 2022, accelerating at a CAGR of 6.1% between 2022-2032.
The annatto food colors market for natural food ingredients and colourants has increased, which can be attributed to rising consumer demand for annatto food colors along with naturally-derived and safer food ingredients influences the annatto food colors market key trends and opportunities.
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Furthermore, natural food colourant dominant regions such as Asia Pacific and North America are expected to gain traction in the annatto food colors market future trends.
Annatto food color is also loaded with several pharmaceutical properties and is therefore widely used in cooking culinary practices. Annotto is derived from achiote shrubs that are found in most tropical countries like Brazil, Peru, Mexico, Ecuador, India, Sri Lanka, Kenya, Dominion Republic, Jamaica, and to a lesser extent in Turkey, Philippines, and Angola.
With the rising number of consumers shifting to a vegan lifestyle and vegetarian diet, the demand for annatto food colors has boomed in the food processing industry.
The enlarging health-consciousness among people during the pandemic has triggered people globally into looking for natural and plant-based food colors like annatto color shades on their plates.
Key Takeaways from Market Report
- The overall plant-based food colors market is expected to witness annatto food colors market growth at CAGRs of 6.5% and 6.1% in North America and Latin America, respectively, through 2032, while the annatto food colors market is anticipated to grow at a rate of 5.8% and 6% in these regions respectively.
- The European annatto food colors market is currently pegged at 1200 metric tons by volume and USD 35 mn by value. The demand for annatto food colors is about to grow at 5.9% CAGR between 2022 and 2032 in this region.
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- Although by application, the dairy industry holds command over the highest annatto food colors market share of 21%, the beverages segment is set to expand at a CAGR of 6.2%.
- In relation to synthetic colors like Azorubine, Allura Red, and others, annatto has lesser stability, which is a major restraining factor for annatto food colors market expansion. Another problem cutting the annatto food colors market adoption trends is the product’s higher cost when compared to its competitors.
- Growing consumer preference for organic, healthy, and nutritious plant-derived food products is the main driver for sales of annatto food colors across global annatto food colors market.
“Annatto food color makers are advised to target the health and nutrition markets like dietary supplements industry. Manufacturers should also strive to achieve higher production volumes, to make plant-based food colors more affordable to food processing industries. As the tropical regions where the raw materials are found in abundance are not developed, larger companies would profit significantly by moving manufacturing units to these countries,” says a Future Market Insights analyst.
Competitive Landscape
Annatto food color producers are majorly focusing on aggressive marketing techniques and cost-cutting procedures in order to make annotta food colors affordable for the food processing industry. These manufacturers also participate in various collaborations with leading food brands around the world to increase the reach of their products.
Major annatto food colors market players are D.D. Williamson & Co. Inc., Sensient Technology Corporation, Chr. Hansen Holding A/S, Kalsec Inc, Fiorio Colori, FMC Corporation, WILD Flavors, Naturex S.A., and a few other regional players.
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