LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global annatto market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global annatto market will grow at a CAGR of almost 5% during the forecast period. The growing awareness of health benefits associated with annatto is a major factor driving the market’s growth.
Over the last few years, the market for annatto products such as annatto color extracts has grown exponentially because of an upsurge in demand for them. Another influential factor, which has impacted the market positively is the increasing awareness about the health benefits of annatto among the consumers, especially in Europe and the Americas. One of the health benefits associated with annatto-based products is that carotenoid, the pigment responsible for the red color of the annatto seeds, enhances the antioxidant protection mechanism of the ocular system and prevents cataracts and macular degeneration. Apart from this, the presence of tocotrienols in annatto makes it a suitable solution for anti-aging.
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In this report, Technavio highlights the increasing prominence of online retailing as one of the key emerging trends in the global annatto market:
Increasing prominence of online retailing
With the growth of e-commerce businesses around the world, the vendors have the potential to improve their profitability. E-commerce accounts for nearly 12% of the global retail trade. Online and e-commerce channels support both business-to-business (B2B) and business-to-consumer (B2C) operations. The average amount of money spent online per transaction and the number of transactions that take place online are on the rise across the globe. The increase in the number of internet users and the "buy it now" attitude of the users are the factors contributing to the growth of this retail channel.
“The increasing number of online shoppers around the world will further translate into an increase in the sales of annatto products through this channel. Customers opt for online shopping and pay for their orders using credit or debit cards. This helps them in avoiding time-consuming journeys and billing queues,” says a senior analyst at Technavio for research on food.
Online shopping portals have also incorporated improved security features for efficient customer service and payments, along with customer-friendly website designs providing enhanced product visibility. This trend is encouraging various manufacturers to concentrate on the internet-savvy customer segment and explore the new online retail format.
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Global annatto market segmentation
This market research report segments the global annatto market into the following applications (food and beverage, textile, and cosmetics and pharmaceuticals) and key regions (the Americas, APAC, and EMEA).
The food and beverage segment held the largest market share in 2017, accounting for nearly 56% of the market. This segment is expected to project tremendous growth during the forecast period.
The Americas was the leading region for the global annatto market in 2017, accounting for a market share of almost 56%. It was followed by EMEA and APAC respectively in terms of market share. The Americas is anticipated to dominate the market throughout the forecast period.
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