The global food colors market size is expected to reach USD 2.97 billion by 2025, according to a new report by Grand View Research, Inc. Growing demand for colored food products owing to their aesthetic appeal and increasing use in end user industries is expected to drive the demand for food colors over the forecast period.
Growing demand for the product across various industries such as beverages, bakery & confectionary, and dairy products is likely to have a positive impact on the utilization of food colors in the foreseeable future. The demand for food colors for the production of canned products is also estimated to drive the industry growth.
Growing consumer demand for low-fat food is another factors which is expected to supplement the market growth in near future The rising adoption of processed food by consumers across the globe is estimated to translate into the growth in demand of the product. In addition, rising demand for alcoholic and non-alcoholic beverages is likely to drive the market growth over the forecast period.
Rising disposable incomes and changing lifestyles due to rapid urbanization are likely to have a positive influence on the market over the forecast period. Ongoing product innovation, consumer preference for high-quality products, and solidification of government regulations is likely to propel the growth in the next few years.
The absence of any notable substitute to the product results in negligible threat of product substitution. However, the industry is expected to witness internal substitution with natural food colors being increasing used as a substitute for synthetic food colors. The market is expected to witness a degree of uncertainty due to high degree of volatility observed in the prices of raw material.
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Further key findings from the report suggest:
Natural food colors are expected to reach USD 2.50 billion by 2025, owing to growing awareness among consumers regarding the health benefits associated with the product.
CSDs and non-alcoholic beverages is estimated to be the fastest growing application with a growth rate of 6.4% over the forecast period, on the account of rising demand for juices, soft drinks, and carbonated soft drinks in emerging economies.
The demand for the product in Asia Pacific is expected to reach a value of USD 868.0 million by 2025 in the wake of growing food and beverage industry in the region.
The companies have adopted different approach to compete with each other. For example, Allied Bioitech Corporation have adopted a mono-product approach. It is global supplier for carotenoids and manufactures & distributes only on product.
Grand View Research has segmented the food colors market on the basis of product, application, and region.
Food Colors Product Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
Red 40/Allura Red
Yellow No. 5
Yellow No. 6
Other Mixed Carotene
Food Colors Application Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
CSD & Non-alcoholic Beverages
Food Colors Regional Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
Central & South America
Middle East & Africa
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