Target Audience of Annatto Market: Manufacturer / Potential Investors, Traders, Distributors, Wholesalers, Retailers, Importers and Exporters, Association and government bodies.
Annatto Market Report provides key statistics on the market status of the Annatto Key-players/Manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the Industry
The global annatto market is expected to witness a CAGR of 3.5% during the forecast period 2018-2023, owing to the robust demand from the processed food industry as consumers are demanding natural coloring alternatives.
The processed food industry is undergoing a paradigm shift from artificial colors to natural annatto in a wide range of food applications. Annatto is widely used as a coloring agent in artisanal and industrial-scale operations in many processed food products, such as cheese, butter & margarine, dairy spreads, custards, cakes & other baked goods, snacks, breakfast cereals, smoked fish, sausages, and more. The market for natural colorants is expected to grow in the coming years, due to which the use of annatto will also increase, as it gives an extraordinary red/orange color, naturally. Consumers are becoming highly health-conscious and are ready to pay a premium for having natural colorants in their products. Moreover, the ban on synthetic color products trading and its manufacture in selected international markets, such as Japan and all European countries, boosted the demand for natural food color during the past decade. This trend is expected to help the growth of the annatto market.
The use of natural food colors over synthetic food colors in novel products, such as crayons and infant toys, organic textile printing, handmade paper, etc., is expected to open additional growth avenues for the market in the future. The heat stability, solubility, and flexibility of usage associated with annatto are some of the major driving factors for the annatto market.
The challenges in the global annatto market are the reported incidents of severe allergic reactions and irritable bowel syndrome due to the usage of annatto.
The global market for annatto is segmented based on type, application, and geography. Oil-based bixin dispersions of annatto obtained from milling processes are commercially more significant. Aqueous formulations of annatto based on nor-bixin are unstable in acidic solutions and can precipitate in low-pH applications. However, the major suppliers of natural color formulations have overcome this issue and have acid-stable formulations available.
North America remains at the forefront of the global annatto market. The general “health and wellness” trend will also continue to influence the demand for natural food colors in North America. The increasing government support for the adoption of natural food colors in various food & beverage applications is expected to boost the growth of the annatto market in North America. Western Europe and Asia-Pacific countries are expected to create robust demand for annatto in the years to come. Latin America is a regional hotspot of annatto production in the world.
Manufacturers and suppliers of natural colors are facing intense competition and are embarking on a blend of strategies to provide sufficient supplies of natural annatto colorings.
• June 2017- Frutarom Natural Solutions BU is aiming to boost the rural economy in Latin America by empowering local women farmers associated with annatto cultivation.
• March 2018 – Milwaukee-based Sensient Technologies Corp. announced that it has completed the acquisition of the color business of Lima-based natural food and ingredient maker, GlobeNatural. With this acquisition, Sensient will add production capacity for carmine and annatto colorings.
Major players – AARKAY FOOD PRODUCTS, AICA-COLOR, AMERILURE, INC., BIOCON DEL PERU, DDW, FMC, HANSEN, FRUTAROM NATURAL SOLUTIONS BU, KALSEC, WILD FLAVORS, among others.
Reasons To Purchase This Report
• Analyzing outlook of the market with the recent trends and Porters five forces analysis
• Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
• Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information,
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Major companies covered in this Report:
- Aarkay Food Products
- Biocon del Peru
- Frutarom Natural Solutions BU
- WILD Flavors
- among others.
Reasons To Purchase This Report
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This Annatto market report offers an overview of the market trends, drivers, and barriers with respect to the market. A detailed analysis of key players, along with key growth strategies adopted by them is also covered in this report on Annatto market.