Global Natural Food Colors Market Is Expected To Gain Revenue Of USD 1,657.7 Million By The End Of 2023, Expanding At A CAGR Of 5.8% Over The Forecast Period 2018-2023
Global natural food colors market reached USD 1,126.5 Million in 2016 and is expected to gain revenue of USD 1,657.7 Million by the end of 2023, expanding at a CAGR of 5.8% over the forecast period i.e. 2018-2023. The demand for food and beverages is expected to dominate the application segment and is anticipated to have a share of more than 46.7% by 2023. By product type segment, the demand for soft drink natural food colors is estimated to remain highest and is expected to propel the growth of the market of natural food colors across the globe.
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Geographically, Asia Pacific dominated the global natural food colors market by contributing a market share of 31.2% in 2016. The market of natural food colors is majorly driven on the back of stringent regulations by the government authorities on the manufacturing of synthetic food colors and rising awareness among the population regarding the advantages of natural food colors. Additionally, rising number of food industries and offering of new food products are likely to spur the demand for natural food colors in both the region over the forecast period i.e. 2016-2023.
Europe & North-America natural food colors market size is projected to surpass USD 907.3 Million by 2023. Increasing awareness about the harmful effects of synthetic colors and the chemical used in manufacturing of such colors are substantially raising the demand for natural food colors in numerous end-use industries.
Government banned trading of synthetic colors in several regions such as Europe and Japan has resulted in restricted manufacturing of synthetic colors. This factor intensified the demand for natural food colors in various end-use industries. Several initiatives and promotions are carried out by various authorities in order to grow awareness towards eco-friendly and healthy natural food colors is expected to exhibit a positive impact on the market of natural food colors in near future.
Moreover, technological advancements in food industries to procure sustainable solutions for the enhancement of packaged food are fostering the growth of natural food colors market. Emergence of food industries owing to rising population and their daily needs of food and growing number of food products are further likely to bolster the demand for natural food colors across the globe over the forecast period i.e. 2016-2023.
Demand for Anthocyanin and Paprika to remain dominant across the globe; and these two types are projected to expand at a CAGR of 6.3% & 5.2% respectively during 2018-2023.
On the other hand, the market share of curcumin natural food colors market is expected to decrease to 9.3% by 2023 from 10.1% in 2016. The major reason behind this decline is the increase in the market share other natural food colors. Although, the demand for Curcumin natural food colors from product segment will help the segment to maintain its dominance over the forecast period.
U.S., Germany, China and Japan are expected to be the biggest market for natural food colors over the forecast period i.e. 2018-2023. China and India alone had a total share of 64.2% in the revenue of Asia-Pacific natural food colors market in 2016.
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