Natural Food Colors Market to Reach $3.7 billion, by 2031 at 11.3% CAGR: Allied Market Research

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08 Jun, 2023, 06:29 ET

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PORTLAND, Ore., June 8, 2023 /PRNewswire/ -- The global natural food colors market is driven by factors such as a surge in demand for clean-label food products and an increase in the adoption of plant-based food products among consumers in Asia-Pacific.

Allied Market Research published a report, titled, "Global Natural Food Colors Market By Color Type (Caramel, Carotenoids, Anthocyanins, Curcumin, Carmine, Annatto, Chlorophyll And Spirulina), By Source (Plant, Animal), By Form (Liquid, Powder), By Solubility (Water, Dye), By Application (Processed Food Products, Beverages): Global Opportunity Analysis And Industry Forecast, 2022-2031". According to the report, the global natural food colors industry generated $1.2 billion in 2021, and is anticipated to generate $3.7 billion by 2031, witnessing a CAGR of 11.3% from 2022 to 2031.

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Prime determinants of growth:

The global natural food colors market is driven by a surge in demand for natural food ingredients, including natural food colors, in recent years. Consumers are increasingly looking for healthier and more sustainable food options, and natural ingredients are seen to achieve these goals. However, food manufacturers are facing many challenges with respect to the cost, process, applications, and quality of natural ingredients which is expected to hinder the market growth. Moreover, there has been a significant increase in the adoption of plant-based food products among consumers in recent years which offers new opportunities in the coming years.

Report coverage & details:

Report Coverage

Details

Forecast Period

2022–2031

Base Year

2021

Market Size in 2021

$1.2 billion

Market Size in 2031

$3.7 billion

CAGR

11.30 %

No. of Pages in Report

483

Segments Covered

Color Type, Source, Form, Solubility, Application, And Region

Drivers

Surge in demand for natural food ingredients Rise in demand for clean-label food colors

ASEAN to exhibit potential growth opportunities

Restraints

Food manufacturers are facing many challenges with respect to the cost, process, applications, and quality of natural ingredients

Opportunities

Increase in adoption of plant-based food products among consumers Regulatory support

Covid-19 Scenario:

The carotenoids segment to maintain its leadership status throughout the forecast period

Based on color type, the carotenoids segment dominated the market in 2021 accounting for more than two-fifths of the market share and is expected to dominate the market during the forecast period. Natural carotenoids are often used in the food industry to add a range of colors, from yellow and orange to red, to food and beverage products. They are particularly popular in products such as sauces, soups, and processed meats, where they can help to enhance the color and visual appeal of the product. In recent years, there has been a growing interest in natural food colors, including natural carotenoids. However, the curcumin segment is projected to manifest the highest CAGR of 14.4% from 2022 to 2031. Curcumin is a popular food colorant due to its bright yellow color, which is similar to that of artificial yellow food dyes. However, unlike artificial food colors, curcumin is a natural ingredient and is generally considered safe for consumption.

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Plant segment to maintain its leadership status throughout the forecast period

Based on the source, the plant segment dominated the market in 2021 accounting for nearly three-fourths of the market share,and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 11.5% from 2022 to 2031. Plant-based natural food colors are becoming increasingly popular in the food industry due to the growing demand for clean-label products and the rise of vegan and vegetarian diets. With the growing demand for plant-based and vegan food options, consumers are shifting from animal-based natural food colors to plant-based natural food colors. Manufacturers are exploring alternative plant-based sources to replace animal-based colors, which is attributable to the rise in demand for vegan food products and ingredients.

The powder segment is estimated to rule the roost:

On the basis of form, the powder category dominated the market in 2021 accounting for more than three-fifths of the market share and is expected to maintain its dominance during the forecast period. Powdered natural food colors offer several advantages over liquid food colors, such as longer shelf life, easier storage and handling, and more precise measurement and dosing. The same segment is projected to manifest a slower CAGR of 10.9% from 2022 to 2031.

Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for around two-fifths of the global natural food colors market revenue and is likely to dominate the market during the forecast period. Europe's natural food colors market is propelled with high disposable income, the demand for natural foods among European consumers is expected to rise, thereby boosting the growth of the natural food colors market. However, the ASEAN region is expected to witness the fastest CAGR of 12.0% from 2022 to 2031. ASEAN region is mainly driven by the increasing interest of millennials over natural processed food and beverages. The demand is majorly attributed to the educated and aware consumers that heavily falls under millennial group of consumers.

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Leading Market Players: -

The report provides a detailed analysis of these key players in the global Natural Food Colors market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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SOURCE Allied Market Research