(EMAILWIRE.COM, May 17, 2023 ) According to a research report “Food Colors Market by Type (Natural, Synthetic, and Nature-identical), Application (Food Products and Beverages), Source (Plants & Animals, Microorganisms, and Minerals & Chemicals), Form, Solubility and Region – Global Forecast to 2028″ published by MarketsandMarkets, the food colors market is projected to reach USD 6.0 billion by 2028, growing from USD 4.6 billion by 2023 growing at a CAGR of 5.4% from 2023 to 2028.
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The growth in the processed and packaged food & beverage markets directly impacts the growth of the food colors market. The processing of food products involves various practices, including thermal and non-thermal processes. These processes alter the characteristics of the original color of food products due to various process parameters, such as temperature, moisture, and pH. Due to these factors, the demand for food colors in processed food products is increasing to impart natural aesthetics.
The natural colors segment is the fastest growing among the various types of food colors during the forecast period.
The natural segment is projected to be the largest and fastest-growing by 2028. Natural colors witness significant demand as consumer preferences slowly transition toward clean, healthy, eco-friendly food ingredients. Additionally, natural food colors are extracted from fresh fruits and vegetables, providing additional health benefits. The natural colors widely used in the food industry include carmine, anthocyanins, caramel, annatto, carotenoids, chlorophyll, and spirulina. The use of synthetic colors in food products is limited and regulated by federal bodies of various countries, which also drives the demand for natural colors.
Asia Pacific region is witnessing the highest growth rate in the food colors market
Asia Pacific region includes countries such as China, India, Japan, Australia & New Zealand, South Korea, and the Rest of Asia Pacific. With the developing economy and increase in disposable income, they are spending more on ready-to-eat food & beverage options. Many major players are present in the region, which is a key factor driving the regional and global market growth. Bakery goods processors and manufacturers are focusing on developing innovative products that specifically cater to the requirements of target customers. Thus, the strongly developing processed foods sector and increased expenditure on food products in the region are the key factors projected to drive the demand for high-quality food colors.
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Key Market Players
The key players in the food colors market include ADM (US), Sensient Technologies Corporation (US), DDW (US), DSM (Netherlands), and International Flavors & Fragrances, Inc. (US).
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