Food Color Market is estimated to touch USD 5.08 billion by 2023
Posted by michael on June 17th, 2019
Food Color Market Size and Growth Rate:
The Food Colors Market Size is valued at USD 3.69 billion in 2017 and it is projected to reach a CAGR of 5.2% and is projected to reach a value of USD 5.08 billion by 2023.
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Food Color Market Overview:
Food Colours are used primarily by the food and beverages industry to improve andconveycolour for the visual appeal of the food that is usually lost while processing.Natural food colour is projected to be the largest product segment accounting for over 80% of the total market revenue. The demand for this product is growingconsiderably worldwide, owing to the growing consciousness among consumers regarding the health benefits associated with natural food colours. The market for food colours is anticipated to grow on account of growing product use by consumers across the emerging economies.
Food Color Market Growth Drivers and Restraints:
In addition, the demand for synthetic colours, such as green and blue, is projected to be driven chiefly by their use in beverage manufacturing industry. Growth in global population is anticipated to result in increased demand for food & beverage products, which is further likely to drive the demand for the product over the next few years. The growing food & beverage industry in emergent regions in light of the increased domestic consumption is expected to be a major driving factor for the market over the forecast period. The growing need for convenience foods due to the growing consumer knowledge about products with an exotic and traditional taste is foretold to further promote the growth of the market in the next few years.
The market is predictable to exhibit low threat of new entrants on account of wide portfolio offered and distribution network worked by existing players, which results in high entry barrier for the new entrants. In addition, the high swapping cost for the buyers makes it difficult for new players to gain a significant market share, thereby dropping the threat of new entrants.
The industry players focus on research and development of new products to improve features such as thermal and pH stability. These companies mostly contest on the basis of product quality and price, as pure form of each source is derived from the same source.
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Food Color Market Geographical Segmentation:
North America took the largest segment of the food colorants market in 2016, followed by Europe. An increase in demand for natural food colours and growing health concerns in the European region is driving the market. Within Europe, the food colorant market was primarilydominated by Germany and France with a market share of 19.5% and 17.5% respectively in 2016. Asia Pacific displays high adoption of natureidentical products driven by bigger product properties such as uniform colour and comparatively lower cost than natural food colours. In addition, high adoption of product in the manufacture of alcoholic and non-alcoholic beverages is also expected to drive the market growth.
Key Players of the Food Color Market:
Some of the key players of global food colorants market includes CHR Hansen, BASF, Sensient Technologies, Naturex SA and Fiorio Colori S.P.A., FMC Corp DSM, amongst others.
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About the Authormichael
Joined: April 4th, 2019
Articles Posted: 31
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