Food Colors Market to Garner $3.5 Bn, Globally, by 2027 at 12.4% CAGR, Says Allied Market Research

Food Colors Market to Garner $3.5 Bn, Globally, by 2027 at 12.4% CAGR, Says Allied Market Research

PR Newswire

PORTLAND, Ore., Oct. 13, 2020

- Rise in demand for natural colors owing to their organic properties and increase in marketing activities and enhancement in distribution channels have boosted the growth of the global food colors market

PORTLAND, Ore., Oct. 13, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Food Colors Market by Type (Natural Colors and Artificial Colors), by Applications (Meat Products, Beverages, Dairy, Bakery & Confectionery, Processed Food & Vegetables, Oils & Fats, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027".According to the report, the global food colors industry accounted for $2.1 billion in 2019, and is anticipated to garner $3.5 billion by 2027, growing at a CAGR of 12.4% from 2020 to 2027.

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Chief determinants of the market growth

Rise in demand for natural colors owing to their organic properties, surge in consumer demand for clean label color products, and increase in marketing activities and enhancement in distribution channels have boosted the growth of the global food colors market. However, high extraction cost of natural ingredients, increase in awareness regarding side effects of artificial food colors, and lack of awareness about food colors in undeveloped nations hamper the market growth. On the contrary, increase in demand for cost-effective natural products and surge in investments by small- and mid-sized food products manufacturing companies are expected to open lucrative opportunities for the market players in the coming years.

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Covid-19 scenario:

The outbreak of the Covid-19 has greatly affected the growth of the global food colors market.

Natural color segment dominated the market

By type, the natural color segment held the largest share in 2019, accounting for more than two-thirds of the global food colors market. Moreover, the segment is expected to register the highest CAGR of 13.9% during the forecast period, owing to rise in consumer preference and awareness regarding their health benefits associated with natural colors. The research also analyzes the artificial color segment.

Bakery & confectionary segment to register highest CAGR through 2027

By application, the bakery & confectionery segment is expected to manifest the highest CAGR of 13.8% during the study period. This is attributed to surge in demand for bakery & confectionery items, busy lifestyle, and increase in preference for fresh & ready-to-eat convenience foods comprising high nutritional values.However, the meat products segment dominated the market in 2019, contributing to around one-fifth of the global food colors market, as these products serve as a rich and concentrated source of nutrients, including proteins, fats, vitamins B12, iron, and zinc.

North America held the lion's share

North America held the largest share in 2019, accounting for nearly one-third of the global food colors market, owing to rise in health consciousness among consumers and upsurge in prevalence of diseases caused by artificial colors has encouraged people to opt for natural colors. However, the market Asia-Pacific is expected to register the highest CAGR of 14.8% from 2020 to 2027, due toincrease in investments by several small and midsized food manufacturing companies in developing countries.

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