Food Colors Marketwas valued at $1,751 million in 2016, and is projected to reach at $3,210 million by 2023, registering a CAGR of 9.8% from 2017 to 2023.
Ingredients used to offer the required appearance to any food item or beverage are termed as food colors. These are added to carbonated drinks, ready-to-eat (RTE) products, frozen food, alcoholic beverages, processed foods, juices, and sauces. Food colors are used in commercial food items and domestic cooking, and are available in various forms such as liquid, liquid gel, gel paste, and powder. The market for food colors comprises natural and artificial colors.
The Global Food Color Market is driven by rise in the food & beverages industry in emerging economies such as, India, Brazil, UAE, Saudi Arabia, and Africa. Moreover, the health benefits offered by few natural colorants boost the market growth. In addition, the ever-growing technological advancements and easy availability of raw materials from plants and animals support the growth. However, the market growth for food color is restricted by the ban on the usage of artificial colorants. R&D activities pertaining to new raw material sources offer food colorant manufacturers numerous growth opportunity.
In 2016, the natural colors segment accounted for the highest share, and is expected to maintain its dominance during the forecast period, owing to their ease of availability from flora and fauna.
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Key Findings of the Food Colors Market:
• Europe was the leading region in the global food colors market in 2016, followed by North America
• The natural color segment generated the highest revenue in 2016, and is projected to grow at a CAGR of 9.8% during the forecast period
• The meat product segment dominated the global market accounting for approximately one-fifths share
• The Asia-Pacific food colors market is anticipated to register the highest CAGR of 16.6%, followed by LAMEA.
• North America accounted for approximately one-third share in the global market, and is expected to grow at a CAGR of 6.9%.
North America and Europe collectively contributed about 60% share of the global market in 2016. This is mainly because of the growing meat industry in the North American region. The region is believed to produce meat and poultry valuing approximately $119 billion in 2012-2013. Similarly, the increased production to meet up the growing demand for meat products in the European region drives the food color market in the region. The demand for food colors in both the regions is also due to the presence of major beverage companies such as PepsiCo, A.G.Barr p.l.c., Cadbury Schweppes, and Coco-Cola.
The key players operating in the global food colors market are Archer Daniels Midland Company, Kalsec, Inc., Chr. Hansen A/S, Fiorio Colori SPA, FMC Corporation, Dohler Group, Sensient Technologies Corporation, D.D. Williamson & Co. Inc. (DDW), Koninklijke DSM N.V., and Naturex S.A.
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