The Food Colorants Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Food Colorants Global Market Report 2024, The food colorants market size has grown strongly in recent years. It will grow from $4.27 billion in 2023 to $4.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to consumer preferences for visual appeal, regulatory approvals and safety standards, rise in bakery and confectionery products, globalization of food and beverage industry, urbanization and changing lifestyles.
The food colorants market size is expected to see strong growth in the next few years. It will grow to $6.16 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to growing plant-based and natural foods market, rising demand for pet foods, health-conscious consumer choices, e-commerce growth in food sale, increased functional food consumption. Major trends in the forecast period include exotic and ethnic flavors, advancements in biotechnology, customization in food product development, collaboration for innovation, clean-label reformulation, sustainability and eco-friendly practices.
The surging demand for confectionery products is expected to propel the growth of the food colorant market going forward. A confectionery product is a sort of sweet food item that often contains sugar or other sweeteners. Confectionery products may involve a wide range of snacks, including candy, chocolates, cakes, pastries, and other sweet baked dishes. Food colorants are used in confectionery products to improve the visual attractiveness of the product and make it more appealing to consumers. For instance, in October 2022, according to Euromonitor International 2022 report from Government of Canada, retail sales of confectionery in the United States are expected to grew from $42.6 billion (2,994.3 thousand metric tons) in 2022 to US$52.4 billion (3,268.0 thousand metric tons) in 2026. Therefore, the surging demand for confectionery products is driving the growth of the food colorant market going forward.
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The food colorants market covered in this report is segmented –
1) By Type: Natural, Synthetic
2) By Source: Plant Derived Pigments, Mineral
3) By Solubility: Dye, Lake
4) By Form: Powder, Liquid
5) By Application: Beverages, Dairy And Frozen products, Bakery, Meat, Poultry, and Seafood, Confectionery, Sauces and Condiments, Other Applications
Product innovations are a key trend gaining popularity in the food colorants market. Major companies operating in the food colorants market are adopting new technologies to sustain their position in the market. For instance, in July 2022, GNT Europa GmbH, a Germany-based food color manufacturer, launched the two new EXBERRY Coloring Foods with new yellow and green shades made from organic safflower. While EXBERRY Organics ‘Veg Green’ is made of organic safflower and organic spirulina, EXBERRY Organics ‘Fruit & Veg Yellow’ is made of organic safflower and organic apple. The Organic Regulation (EU) 2018/848 is complied with by both. These are entirely vegan-friendly, halal, and kosher, and made from edible fruit, vegetables, and plants utilizing traditional physical processing techniques.
The food colorants market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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