A recent report published by research nester titled “Global Natural Food Colors Market – Industry Demand Analysis & Opportunity Assessment 2016–2023”delivers detailed overview of the global natural food colors market in terms of market segmentation by product, end-user, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The growing awareness among people regarding the benefits of organic and chemical free food is the major factor behind the government authorities to ban the manufacturing of synthetic food colors due to the presence of the chemicals causing harmful effects on consumers’ health. This is followed by several initiatives and promotions that are carried out by various authorities in order to grow awareness towards eco-friendly and healthy natural food colors. The restricted trading and manufacturing of synthetic colors in various regions and intensified demand for natural food colors in various end-use industries is believed to exhibit a positive impact on the global market of natural food colors with a CAGR of 5.8% over the forecast period 2018-2023. Further, the global natural food colors market accounted for USD 1,126.5 Million in 2016 and is estimated to reach USD 1,657.7 Million by the end of 2023. In 2016, the highest demand for natural food colors was seen in Asia Pacific owing to the factors such as rapid development of easy to carry and efficient natural food colors along with rising trend of food and beverages in the region.
The global natural food colors market is segmented by product into carotenoids, anthocyanin, chlorophyll, spirulina extract, annatto, curcumin, paprika and others, out of which, the anthocyanin, paprika and carotenoids segments dominated the overall food colors market by collectively holding more than 55% of the total market share during 2016. The demand for anthocyanin and paprika is estimated to remain dominant across the globe and these two types are projected to expand at a CAGR of 6.3% & 5.2% respectively during 2018-2023. Further, the curcumin segment is expected to observe the growth rate of 1.4x over the forecast period.
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Organic Productsto Escalate the Demand for Natural Food Colors in Future
The global natural food colors market is thriving on the back of growing preference of consumers towards natural food colors around the globe.
Rapid Expansion of Food and Beverages Sector–To make food more attractive, appealing, appetizing, informative and to provide color to colorless and ‘fun’ foods, there is a rapid expansion of the food and beverage industries across the globe.
Increasing Demand for Organic Food– Rising demand and consumption of organic and chemical free foods all across the worldare one of the key growth drivers for the global natural food colors market.
Consumer Preferences–Rapid urbanization and growing awareness among consumers is driving their preference towards more naturally vibrant food colors.
Industry Playersare Progressing towards Minimizing the Barriers faced by the Global Natural Food Colors Market
According to Research Nester, there are a few concerning factors that might hamper the growth of the global natural food colors market in upcoming years.
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Increasing Number of Allergies– Various factors such as toxin contamination leading to deaths, allergies and product ban are anticipated to degrade the natural food colorings market over the forecast period.
Based on Cost and Availability–As compared to synthetic colors, the cost, availability and sustainability of natural food colorings might deter the growth of the market.
This report also provides the existing competitive scenario of some of the key players ofthe global natural food colors market which includes company profiling ofGNT International, ITC, Chr. Hansen Holding A/S, Kalsec Inc., Naturex, Sensient Flavors, ROHA Dyechem and Dohler Group.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global natural food colors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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