Food Colors Market by Type (Natural, Synthetic, Nature-Identical), Application (Beverages, Processed Food, Bakery & Confectionery Products, Oils & Fats, Dairy Products, Meat, Poultry, Seafood), Form, Solubility, and Region - Global Forecast to 2023
“The food colors market is projected to grow at a CAGR of 5.7%.”
The food colors market is estimated at USD 3.88 billion in 2018 and is projected to reach USD 5.12 billion by 2023. It is projected to grow at a CAGR of 5.7% from 2018 to 2023. The market is primarily driven by trends such as growth in consumer awareness regarding food safety and diseases caused by consuming harmful synthetic colors. Other growth factors include the stringent regulations made by various government bodies to be followed by food color producers.
Factors such as the high cost of natural colors and raw materials for processing natural colors are affecting the growth of the market. These issues have been restraining the growth of the food colors market to some extent.
“The processed food segment is projected to grow at the highest rate during the forecast period.”
On the basis of application, the processed food segment is projected to grow at the highest CAGR. The food processing industry is growing in developed as well as emerging economies. The industry is contributing significantly to the GDP of emerging countries, owing to which the governments of these countries are also launching favorable policies for market growth. This factor is, in turn, driving the market for food colors across the world.
“Natural segment is projected to be the fastest-growing during the forecast period.”
Based on type, the natural segment is projected to be the fastest-growing during the forecast period. Natural colors are in demand due to their health benefits while also imparting color.
“Asia Pacific is projected to register the highest growth rate during the forecast period.”
Asia Pacific is projected to be the fastest-growing market between 2018 and 2023. Improvements in the food export and import industry have opened new opportunities for the food & beverage industry, leading to the growth of the food colors market in this region. Emerging economies such as China and India play an important role in supplying food colors either as raw materials or in processed form to the European market. The leading market players for food colors in the Asia Pacific region are Danasia Inc. (Philippines), ITC Colors (India), Takasago International Corporation (Japan), Frutarom (Israel), Kancor Ingredients Ltd. (India), and Roha Dyechem Pvt. Ltd. (India).
Break-up of Primaries:
By Company Type: Tier 1 - 43%, Tier 2 - 41%, and Tier 3 - 16%
By Designation: C-level Executives - 54%, Director-level – 46%
By Region: North America - 22%, Europe - 35%, Asia Pacific - 28%, and RoW – 15%
The key players profiled in this report are as follows:
Sensient Technologies (US)
Chr. Hansen (Denmark)
Fiorio Colori (Italy)
The report segments the food colors market on the basis of type, application, form, solubility, and region. In terms of insights, this research report has focused on various levels of analyses—competitive landscape, end-use analysis, and company profiles, which together comprise and discuss the basic views on the emerging & high-growth segments of the food colors market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
To get a comprehensive overview of the food colors market
To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
To gain insights about the key countries/regions in which the food colors market is flourishing