The published research report by Transparency Market Research observes that the global food colors market is being led by large multinationals, who have similar shares. Thus, there aren’t specific market leaders in the global market. "This has increased the scope for new entrants to be a part of the overall market," states the lead author of this research report. Some of the significant players in the global market are BASF, DSM, Sensient Technologies, and DuPont. According to the opportunity in the global food colors market is expected to be worth US$2.1 bn by 2018, as the market expands at a CAGR of 4.3% between 2013 and 2018.
North America Remains the Prime Consumer of Food Colors
In terms of applications, food colors are used for food items, carbonated soft drinks, and alcoholic beverages. Of these, food colors are largely used in making various types of food items that maybe both fresh or packaged. The report anticipates that the food segment will hold a share of 64.3% in the overall market by the end of 2018. Geographically, North America is projected to lead the global food colors market with a share of 27.0% by 2018. The adoption of natural food colors, as opposed to synthetic food colors, is expected to boost this regional market in the coming years.
Awareness about Benefits of Natural Colors Boosts Global Market
The rising awareness about fitness has played a major role in the rise of the global food colors market. Over the past few years, the demand for natural food colors has gained momentum due to the growing health concerns over consumption of synthetic food colors. The technological changes incorporated to make natural food colors affordable are also driving the overall market. Furthermore, effects of synthetic food colors such as environmental pollution and erosions have led countries such as Japan to ban them. Thus, the demand for natural food colors is expected to fuel the growth of the global market.
An increasing number of applications of food colors is yet another market driver identified by TMR research analysts. Food colors are used in several industries such as meat and savories, confectionery, pharmaceuticals, dairy and ice-cream, bakery, medicines, beverages, sea food and pet food, and cosmetic and toiletries. Increasing importance towards the aesthetic aspect of food items to make them more attractive has also led to an increased uptake of food colors. The increasing inclination towards adding decorative or artistic value to food has been a key contributor to the rising revenues of the global market.
Negative Aspects of Using Synthetic Colors Hinders Market
The positive outlook of the global food colors market is being tugged in the opposite direction due to the plummeting demand for synthetic food colors. Europe has banned the production, consumption, and imports of synthetic food colors to prevent any health hazards due to them. Furthermore, the difficult extraction process of natural colors is also restraining the global market as it makes the natural colors costlier than synthetic colors. Thus, consumers find themselves opting for natural substances that are expensive in nature and less vibrant. Owing to these reasons, the global market is anticipated to witness a few hurdles in the coming few years.
The review mentioned above is based Transparency Market Research’s research report, titled “Food Colors Market - Global Industry Size, Market Share, Trends, Analysis, And Forecasts 2012 - 2018.”
Food Colorants Market by Application
- CSDS and Non-alcoholic Beverages
- Alcoholic Beverages
Food Colorants Market by Types
- Synthetic Food Colorants
- Red 40/Allura Red
- Yellow No. 6
- Natural Food Colorants
- Beta Carotene
- Natural Identical Colorants Types
- Others Mixed Carotenes
- Titanium Dioxide
Food Colorants Market by Geography
- North America
- Asia Pacific
- Rest of the World
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