Annatto Market: Overview
The annatto market is gaining from expanding applications of annatto in both food and non-food sectors and is predicted to continue to gain over the 2020 – 2030 forecast period. Annatto has been recognized as a safe food coloring product and condiment by various accredited food safety authorities such as European Food Safety Authority, U.S. Food & drug Administration, and others.
When it comes to existence, achiote seed extracts or annatto is one of the oldest natural dyes known to humans and is extensively used by food industries as a natural food grade coloring product.
Key parameters based on which the annatto market is segmented in this report are type, application, and region.
The report provides an exhaustive analysis of trends, opportunities, and regional landscape of the annatto market for the 2020 – 2030 forecast period. Furthermore, it examines the competitive scenario deep-diving into growth strategies of key players, and how new players are leveraging this analysis to formulate winning strategies.
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Annatto Market: Competitive Landscape
The annatto market is heading towards a more consolidated vendor landscape as key players in both developed and developing countries strive to strengthen their product portfolio, brand loyalty, and distribution network. Prominent players are focusing on the R&D of existing and new products to re-establish their genuineness in order to be hassle-freely commercially available. Moreover, key players are leaning on collaborations to solidify their foothold in the annatto market.
Key companies operating in the annatto market include Givaudan SA, Chr. Hansen Holding A/S, Kalsec Inc., Dairy Connections Inc., Biocon Colors, Archer Daniels Midland Company, Sensient Technologies Corporaton, Dohler Group, IFC Solutions, and Aarkay Food Products Ltd.
Annatto Market: Key Trends
Thrust upon food industries to use natural alternatives to synthetic food coloring is a key factor fuelling the annatto market. To capitalize on such opportunities, annatto producers are creating convenient, personalized, and optimized offerings that are highly suitable for specific food applications. Besides this, in general, decline in the use of artificial colors for new product launches is a testimony of uptick in demand for natural colorants.
The exponential growth in the natural and plant-based industry to serve changing consumer preferences for personal care products benefits the annatto market as well. Consumers interested in natural and plant-based cosmetic and personal care products have strong inclination for products that contain natural dyes and colorants. Rising preference of consumers for chemical-free and natural cosmetics is making manufacturers use natural ingredients in cosmetics and personal care products, thereby favoring the growth of annatto market.
On the flip side, factors such as low stability of annatto as compared to synthetic colorants such as Allura Red and Azorubine limits the growth of annatto market. High cost of product in comparison to its synthetic counterparts is another factor restraining the growth of annatto market. Moreover, annatto is highly sensitive to environmental factors such as temperature and light which results in loss of brightness to impede its demand.
Annatto Market: Regional Assessment
Europe is a key region in the annatto market and is predicted to remain at the lead over the forecast period. High demand for natural colorants for cosmetics and personal care products is a key factor behind supremacy of the region in the global annatto market.
North America is expected to emerge as a key region in the annatto market. This is attributed to the escalating demand for natural colorants from various end-use industries such as personal care and food & beverages. Furthermore, clean-labeling practices, consumer awareness, and regulatory scenario are some other factors stimulating the annatto market in the region.
However, Asia Pacific is predicted to register the fastest growth in the annatto market in the forthcoming years.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.