Portland, OR -- (SBWIRE) -- 11/28/2017 -- Global Colorants Market was valued at $41 billion in 2016 and is projected to reach $64 billion by 2023, registering a CAGR of 6.5% from 2017 to 2023. Colors are added to products to enhance their appeal. Pigment and dyes are the most common colorants added to food items, clothes, paper, and beverages, in liquid, liquid gel, gel paste, and powder form. Dyes can be natural or synthetic. Natural dyes are available from plants, animals, and minerals.
The rise in the plastic, paints & coatings, and cosmetics industry in the emerging economies such as India, Brazil, UAE, Saudi Arabia, and Africa. Moreover, the increased consumer spending on packaged food boosts the market growth. In addition, the ever-growing technological advancements and easy availability of dyes from plants and animals support the growth. However, the market growth for colorant is restricted by the ban on the usage of artificial colorants. Technological advancements offer food colorant manufacturers numerous growth opportunity.
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In 2016, the packaging segment accounted for the highest share and is expected to maintain its dominance during the forecast period, owing to the increased consumption of packaged food & beverages in almost all the regions.
Some Key Findings of the Colorants Market:
-Asia-Pacific was the leading region in the global colorants market in 2016, followed by Europe.
-The pigment segment generated the highest revenue in 2016 and is projected to grow at a CAGR of 7.2% during the forecast period.
-The packaging segment dominated the global market accounting for approximately one-third share in 2016.
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Asia-Pacific and Europe collectively contributed about 5% share of the global market in 2016 owing to the increased consumption of colorant from packaging, textile, and paper & printing industry. The key players operating in the global food colors market are BASF SE, Sun Chemical Corporation, Clariant AG, Polyone Corporation, E. I. Du Pont De Nemours and Company, Lanxess, Huntsman Corporation, Dystar, DIC Corporation, and Cabot Corporation.