Food Colorant Market size crossed USD 3 billion in 2017 and is projected to expand at over 6.5% CAGR from 2018 to 2024 as shifting preference towards colored products due to flavor perception will boost the industry demand.
Sellbyville, DE -- (SBWIRE) -- 02/28/2019 -- The Food Colorants Market is estimated to exceed USD 4.7 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing perception of color as a prelude to taste and nutrition will drive food colorants market size. Increasing demand for natural coloring over synthetic based colors is expected to propel industry growth. Positive application outlook in edible products to compensate color changes that occur during processing and storage will further boost product adoption rate.
Consumer buying preference has integrated visual appeal as a key factor along with taste and quality. As a response, several manufacturers have centered color as a marketing tool in their novel product launches to boost sales. Bakery & confectionery companies are likely to create desired visual appeal using colorants to indicate the freshness and quality, thereby fostering business growth.
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Increasing favorable regulations on natural colors will provide positive business outlook for manufacturers. Natural additives enable the manufacturers to certify their product with a clean label. This enables them to tackle the demand arising from consumers who have an informed purchase decision. For instance, as per the GNT group, 66% of consumers worldwide check the label and contents of edible items before purchase.
Synthetic colors dominated the volume share in 2017. Factors such as low-price trend, stability, extended shelf life and availability in bulk quantity expected to drive industry size. Increasing application scope in the beverage industry likely to support product demand. Moreover, innovations in synthetic colors such as colorful concoctions to enhance its appeal fueling segment growth.
Powder form contributed over 65% of the overall food colorants market in 2017. They are easy to mix, versatile and provide color consistency. The product can be brushed onto confectioneries for decorative purpose or diluted with alcohol and extracts to develop liquid coloring. Powder form also offers extended shelf life and ease of transportability when compared to liquid. In addition, the control offered to decorators augments its usage in bakery and confectionary applications.
Dye has emerged as the largest segment in terms of solubility. Increasing demand in baked goods, beverages and dairy products owing to versatility supplementing industry size. They are water-soluble additives available in liquid, granule and powdered form. It can be mixed with a liquid medium to achieve a light, medium, dark or a very dark shade and can also be used in powdered form in recipes sensitive to liquid.
Beverages dominated the application segment accounting for over 30% of the volume share in 2017. Increasing demand for both alcoholic and non-alcoholic beverages driving segment growth. The emergence of color as an important factor in purchase decision bolsters business growth. Color raises expectations on taste as brain associates flavors with certain colors. Moreover, growth in value placed on visual appeal coupled with ability of colors to stir up consumer curiosity augment product usage.
North America colorants demand for edible items is anticipated to exceed USD 1.4 billion by 2024. Favorable regulations on natural colors and expansion in the bakery, meat & poultry industry will drive the regional growth. For instance, FDA has classified natural color under exempt from certification category, which in turn, assists in achieving a clean label.
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Europe colorants market is characterized by the presence of key manufacturers such as BASF, DSM and CHR. Strong demand from both domestic and international markets for processed edible items will create lucrative opportunities for their product portfolio in the region. Rapid expansion of bakery & confectionery in the region will provide positive business opportunities for these industry players.
The global food colorants industry is moderately consolidated in nature. Major manufacturers such as BASF, DSM, CHR Hansen and Sensient Technologies account for more than 50% of the industry share. Other notable players include GNT group, DD Williamson, Naturex, Cargill, Sethness Products and LycoRED. Mergers & acquisitions, product innovations and value chain integration are key strategies adopted by industry players to gain market share.