Global Annatto Market 2018-2022
Annatto is an orange-red condiment and food coloring derived from the seeds of the achiote tree (Bixa orellana). It is often used to impart a yellow or orange color to foods, but sometimes also used for its flavor and aroma. Apart from food and beverage, annatto extracts and seeds also find applications in the textile, cosmetics, and pharmaceutical industries.
Technavio’s analysts forecast the global annatto market to grow at a CAGR of 4.53% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global annatto market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Annatto Market 2018-2022
Technavio recognizes the following companies as the key players in the global annatto market: Archer Daniels Midland Company, Biocon, Chr. Hansen Holding, DDW The Colour House, and Kalsec.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing population of millennials worldwide. It has been observed that the enthusiasm to try out new variants and flavors of annatto is high among millennials in comparison to old age group people. This makes annatto products more popular among millennials, which in turn, boost the purchase volume of these products. The rising millennial population in Europe is expected to form the largest demographics that consume annatto products.”
According to the report, one driver in the market is growing awareness of health benefits associated with annatto. The growing demand for annatto is positively influencing the market for annatto products such as annatto color extracts. The awareness about the health benefits of annatto is rising among various consumers, especially in the Americas and Europe.
Further, the report states that one challenge in the market is large volumes and other challenges in manufacturing natural colors. The demand for naturally colored foods has been growing at a brisk pace worldwide. However, this growth in demand is accompanied by some alarming challenges as well, which if not dealt with cautiously can lead to a stagnation in the growth of the natural color-based food ingredients industry.