The global allura red AC market is set to witness growth at a CAGR of 6.01% to reach a market valuation of USD 245 Mn by 2032.
The demand for food colourants in the food and beverage industry is driving the global allura red AC market. The global allura red AC market is growing because of the rising demand for ice creams, sausages, candies, cold drinks, dairy goods, sugar confectionery, bakery items, flour confectionery, frozen products, and gelatine desserts, among other things.
Additionally, the sales of allura red AC are growing due to decreasing synthetic colour prices. Further, the accessibility with which raw materials may be obtained is a boon to the overall expansion of the allura red AC industry.
The allura red AC market is dominated by the US and China, who together contribute to more than 35% of the market. As per the allura red AC market analysis, an increase in disposable income in regions such as the Asia Pacific, the Middle East, Latin America, and Africa has made it easier for customers to consume more ready-to-eat packaged food products propelling the usage of red food colorants.
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The allura red AC market around the world is impelled by the highly growing demand for unique-looking food dishes, innovative altering tastes, and food appeal preferences. This trend has been pushed further due to the advent of social media engagement among the populations worldwide.
Stringent regulation, competition from natural food colorants, and misperceptions about allura red AC among consumers remain a key restraints to the allura red AC market.
In terms of the adoption of allura red AC products, China has the largest proportion of the global market. In the APEJ region, the allura red AC market is predicted to rise at a significant rate.
In European nations such as Denmark, Belgium, France, and Switzerland, the adoption of allura red AC is prohibited. The FDA has approved allura red AC for use in cosmetics, medicines, and food in the United States. Because of the scarcity of raw materials in MEA, the global adoption of allura red AC food colourants is lower than in other parts of the world.
Key Takeaways from Market Study
- Allura red AC dyes exhibited a sale of about 18,000 metric tons in 2021 and the market assessment suggests that the demand for allura red AC colorants sector is expected to be at approximately 34,000 metric tons by 2032.
- In Europe, the Middle East, Africa, and India which is profiled as the EMEAI region, the demand for allura red AC food colors is expected to grow at 5.7% CAGR between 2022 and 2032.
- The North American allura red AC market is expected to register a 5.2% CAGR between the assessment period of 2022 and 2032. This is lower than the average food colors industry because of the rising inclination in the region towards natural food colors.
- The carbonated drinks, breakfast cereals, compound coatings, fruit fillings, and alcoholic drinks sub-are the leading food and beverage applications in the allura red AC market.
- The Seasonings industry for allura red AC consumptions has been ballooning in the recent past and there has been good traction from this industry for synthetic food colors. The seasonings’ consumption of allura red AC is expected to register a CAGR of 6.3%.
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“Companies dealing in Allura Red AC food colorants would gain significantly by targeting the subsegments like soups, sauces, and seasonings. Synthetic food colours are still the go-to choices for newer food processing units due to their affordability and accessibility. Exploring developing economies and establishing strategic alliances with global food and beverage brands would immensely help Allura Red AC food colorant brands,” says a Future Market Insights analyst.
Competitive Landscape
Allura red AC companies have been modifying the product to attract end-user industries and consumers. It is primarily available in granulated red, brown powder form but is also converted into an aluminum lake. Manufacturers are consistently looking to diversify allura red AC into various other convenient forms like gel and pastes.
Allura red AC manufacturers are also diversifying towards various other food industry applications like pet foods and edible cosmetics by the means of acquisition and collaboration.
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