Global Food Color Market Insights:
The global food color market is poised to grow at a steady pace and show an upward trend during the forecast period 2023 to 2030 according to the latest market report by Market Research Future. The shift in the trend toward organic foods with natural color ingredients and the food trends that highlight bright natural color are some key drivers of growth for the global market.
Food Color Market Size was valued at USD 4.35 billion in 2022. The food color market industry is projected to grow from USD 4.56 Billion in 2023 to USD 6.09 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.93% during the forecast period (2023 - 2030).
The food beverage industry has been growing exponentially due to the advancements in food, ongoing development of new food trends and the rapidly growing population of which, a majority live in urban areas. With rapid urbanization, consumer preferences have shifted toward convenient food that is easily available and quicky to prepare or ready to eat. Inadvertently, these food products and beverages are mass produced and use food color ingredients in order to maintain consistency in the end product. In some developed countries, companies are using naturally sourced food color ingredients in innovative products to attract consumers.
Consumers have increasingly been displaying a preference for healthy food products and often prefer products that contain natural food color ingredients. The trend has been supported and bolstered by various social media accounts dedicated to developing food content. These accounts promote the use of natural vegetables and fruit for color in various recipes such as the use of dragonfruit powder for a vibrant pink color in pasta. Such innovative uses of natural color are expected to offer opportunities for market expansion.
Bad press associated with synthetic food colorings are expected to hamper the growth of the market, however, for the mass production of beverages and food products, food color must be used to maintain consistency, and as such, the growth of the industry is expected to remain steady.
Market Segmentations:
The global food color market has been segmented on the basis of origin, source, form, application, and region. By origin, the market has been segmented into plant, animal, and minerals petrochemicals. By source, the market has been segmented into floral extracts, fruits, vegetables, plant leaf extracts phytoplankton, wood extracts, animal sources, mineral sources petrochemical sources. By form, the market has been segmented into liquid, powder, gels, and pastes. By application, the market has been segmented into confectionery, bakery products, sauces seasonings, meat fish products, dairy products and pharmaceuticals.
Regional Analysis:
North America and Europe both have significant shares of the global market as well as a similar consumption and growth pattern. The food beverage industry in these regions is well developed and constantly evolving to reflect current consumer preferences. The trend for "unicorn," "mermaid" and "rainbow" themed food items has been going strong in these regions and encouraging growth for the food color ingredient market.
Meanwhile, the Asia-Pacific is expected to witness considerable growth during the forecast period due to the rapid urbanization in the region which has prompted the higher production of convenient food products. The trend for healthy eating and preference for naturally colored food items is expected to propel growth for the region in the coming years.
Key Players:
Prominent Key Food Color Market Players, who have been included in the report and analyzed for their market strategies and their effect on the market include Naturex, Sethness Products, GNT Group, San-Ei Gen F.F.I. Inc, Roha Dyechem, Chr. Hansen, DSM, Sensient Technologies Corporation, Wild, DD Williamson, LycoRed, and Fiorio Colori
Latest Industry News:
Givaudan, a global flavors fragrance company, has acquired 40.5% stake in Naturex and has revealed plans to tender an offer for all remaining outstanding shares of Naturex.
LycoRed has appointed Etgar Levy Nissenbaum as the new senior vice president of global research and development.
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