LONDON--(BUSINESS WIRE)--The global food colors market is expected to grow at a CAGR of close to 8% during the period 2017-2021, according to a new market research study by Technavio.
The report categorizes the global food colors market by product that includes natural food colors and synthetic food colors. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increase in demand for processed food products
Over the past decade, several developed and developing countries around the world have registered rapid urbanization. Such an expansion in the urbanized population base is paving the way for many international food trends to emerge. Most urban consumers prefer packaged foods, and therefore, various supermarkets and hypermarkets supply chilled and packaged food materials. The growing middle-class population base and the increasing number of working women contribute to the demand for such products. These changes in consumer behavior and preferences are propelling the global food colors market.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “The Americas is the leading food color market in the world because of the high consumption rate of processed food products in the region. This is because most consumers in the region lead hectic and busy lifestyles and therefore, prefer food items that are convenient in terms of preparation and consumption. Moreover, with the increase in consumer demand for naturally sourced ingredients, the demand for natural food colors is on the rise.”
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Market trend: wide availability of food colors
Saffron is one of the prominent natural dyes used since ancient times to color certain foods. In addition, many behavioral studies show that the human appetite and choice of food are influenced by colors. Therefore, consumers, experts such as connoisseurs, and manufacturers all over the world prefer to use food colors to make foods visually appealing. Different colors available in the market are Tartrazine, Sunset Yellow, Carmoisine, Ponceau 4R, Allura Red, Brilliant Blue FCF, and Indigo Carmine. A primary food color is water-soluble and exhibits coloring power when it is dissolved. Owing to the wide range and competitive price, synthetic food colors are in more use than natural colors.
Market challenge: expensive nature of natural food colors
Natural food colors are made from fruits and vegetables. However, since most vegetables and fruits are seasonal, these raw materials for natural food colors are available only at a certain time of the year. This fact increases the price of the raw materials (especially during the off-season) and further contributes to an increase in the price of the natural food colors. Also, manufacturers of natural food colors need adequate and proper machinery to extract juice and color pigments from raw materials. Maintaining such equipment also adds to the overall production cost for the manufacturers.
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Key vendors in the market
- Archer Daniels Midland
- Chr. Hansen Holding
- DDW The Colour House
- Döhler
- Fiorio Colori
The increasing demand for packaged food products has created a valuable opportunity for manufacturers of food colors. The demand for and consumption of packaged foods that use food colors are soaring across different markets. This is paving the way for manufacturers to come up with innovative food colors. The global food colors market has a potential to witness tremendous growth during the forecast period. To benefit from this, major market players such as Archer Daniels Midland, Chr. Hansen Holding, Fiorio Colori, Döhler, and DDW The Colour House are planning to come up with a wide variety of food colors.
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