The food colors market size was valued at $2.1 billion in 2019, and is estimated to reach $3.5 billion by 2027, registering a CAGR of 12.4% from 2020 to 2027. In 2018, North America accounted for nearly 33.98% share of the food colors market.
Ingredients used to impart the desired appearance to any food item or beverage are termed as food colors. They are added to carbonated drinks, ready-to-eat (RTE) products, frozen food, alcoholic beverages, processed foods, juices, and sauces. Food colors are used in commercial food items and domestic cooking, and are available in various forms such as liquid, liquid gel, gel paste, and powder. The market for food colors comprises natural and artificial colors. The food colors industry has been evolving in terms of innovations and demand. Manufacturers are focusing on key innovations that cater to the requirements of the large consumer base.
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Major market players
- AromataGroup SRL (Fiorio Colori SPA)
- Kalsec, Inc.
- Givaudan (Naturex S.A.)
- Chr. Hansen A/S
- Archer Daniels Midland Company
- Dohler Group
- D.D. Williamson & Co. Inc. (DDW)
- Koninklijke DSM N.V.
- International Flavors & Fragrances
- Sensient Technologies Corporation
Covid-19 scenario:
The outbreak of the Covid-19 has greatly affected the growth of the global food colors market.
- Increase in awareness regarding strong immunity and side-effects of artificial food colors have increased the demand for natural colors.
- Acceleration of back-to-basics trend that encourages people to make bakery and other food recipes at homes is expected to increase demand for natural colors.
Natural color segment dominated the market
By type, the natural color segment held the largest share in 2019, accounting for more than two-thirds of the global food colors market. Moreover, the segment is expected to register the highest CAGR of 13.9% during the forecast period, owing to rise in consumer preference and awareness regarding their health benefits associated with natural colors. The research also analyzes the artificial color segment.
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Bakery & confectionary segment to register highest CAGR through 2027
By application, the bakery & confectionery segment is expected to manifest the highest CAGR of 13.8% during the study period. This is attributed to surge in demand for bakery & confectionery items, busy lifestyle, and increase in preference for fresh & ready-to-eat convenience foods comprising high nutritional values.However, the meat products segment dominated the market in 2019, contributing to around one-fifth of the global food colors market, as these products serve as a rich and concentrated source of nutrients, including proteins, fats, vitamins B12, iron, and zinc.
North America held the lion’s share
North America held the largest share in 2019, accounting for nearly one-third of the global food colors market, owing to rise in health consciousness among consumers and upsurge in prevalence of diseases caused by artificial colors has encouraged people to opt for natural colors. However, the market Asia-Pacific is expected to register the highest CAGR of 14.8% from 2020 to 2027, due toincrease in investments by several small and midsized food manufacturing companies in developing countries.
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