Food Colors Market To Garner US$ 5.3 Bn By 2032 At 7.3% CAGR, Says FMI

The global food colors market is projected to reach a market valuation of USD 2.6 billion by the year 2022, accelerating with a CAGR of 7.3% by 2022-2032. 

FMI analysis displays that food colors will account for nearly USD 5.3 Bn market value in the global market in 2032. The food colors market exhibited a consumption by volume of more than 185,000 metric tons in 2021 and is anticipated to have a consumption of about 340,000 metric tons by 2030.

Market research by FMI also suggests that the demand in the natural food colorants sector is expected to grow at 8.1%, the fastest among other types during the forecast period. The need for natural food ingredients along with traceability of their origin and extraction process has become an important factor due to COVID-19. People are more conscious of food ingredients, propelling the demand for natural food colors over synthetic ones. Natural food colors are also being highly used in the augmenting organic foods market. 

The global food colors market is driven by the highly growing demand for innovative food choices of people, and altering taste and food appeal preferences due to the rise of social media. An increase in consumer awareness for clean-label food products and the additional health benefits that certain natural food colors have is estimated to drive the market for food colors. 

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Key Takeaways from the market study 

• The global food colors market showed growth at 6% CAGR during the last five years.
• Natural food colors are exorbitant in comparison with their counterparts, this is evident as it accounts for over 67% of sales by value but only 26% by volume of the overall food colors market.
• By application, the beverage segment has over 22% of the food colors market share. Also, the demand for beverages is expected to accelerate with a CAGR of 8% through the course of the assessment period. 
• Among beverages, carbonated soft drinks consume the most food colors. This sub-segment utilized approximately 8000 metric tons of food colors in 2021 worldwide.
• Water-soluble food colors, e, dyes commanded the bigger share of the global food colors market over lakes. The water-soluble food colors have always witnessed a huge demand from the food and beverage industry due to their properties like excellent quality-price ratio, highly concentrated color, and high stability in water.

“Increasing demand for Food Colors, especially Natural Food Colors from various end-use industries, including bakery & confectionery, dairy products, food & beverages, meat & poultry, and seafood will continue augmenting growth in the market. Hence, there is a huge scope for market players to command over the ballooning demand for natural food colors, especially if they have competitive prices. To gain a competitive edge, the market players should focus on expanding their production facilities into emerging economies and strive to make costs as low as possible along with quality assurance.” Says a Future Market Insights Analyst 

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Competitive Landscape 

Food Colors Market players have been modifying the product to attract end-user industries and consumers. They have been exploring the Natural food colors territory along with making technical strides in other food color palettes.  

• Manufacturers such as Chr. Hansen Holding A/S is improvising on the products by investing in research and development, launching new ones, and acquiring regional innovative units. Manufacturers are diversifying towards various applications in pet foods to expand the food colors consumption. Besides this, they are focusing on better distribution channels like e-commerce to gain a competitive edge. 
• In 2021, GNT Group launched coloring foods made from turmeric and spirulina for helping the cost-effective green, clean-label food ingredients sector.
• In 2020, Phytolon, an Israeli start-up firm secured funding of USD 4.2 million for their fermentation-based technology to create natural, high-quality food colorings.

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About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Report:  https://www.futuremarketinsights.com/reports/food-colors-market

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