Portland,OR, Aug. 05, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global generated $2.1billion in 2019, and is estimated to reach $3.5billion by 2027, registering a CAGR of 12.4% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growing demand for natural colors across the globe due to its organic properties drivesthe growth of the global food colors market.However,high cost associated with the extraction of natural ingredientsis anticipated to restrain the growth of the market. Furthermore,surge indemand forcost-effective natural products is expected to create new growth opportunitiesfor the market playersin the next few years.
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Covid-19 scenario:
- The demand for food colors is expected to surge during the Covid-19 pandemic as government has placed food & beverages and dairy products in daily essentials category and exempted them from the lockdown.
- Several food colors manufacturers across the globe are facing slowdown in their production activity as supply of raw material has been disrupted amid the lockdown in some countries.
The report offers a detailed segmentation of the global food colors market based ontype, application, and region.
Based on type, the natural color segmentcontributed to the largest share in 2019, accounting fornearly two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, itisestimated to portray the highest CAGR of 13.9% during the forecast period. The research also explores the artificial color segment.
Based on application, the meat products segmentaccounted for the largest share in 2019, holding nearlyone-fifthof the total share, and is expected to maintain the largest share throughout the forecast period. However,the bakery and confectionary segmentis expected to register the highest CAGR of 13.8% from 2020 to 2027.
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Based on region,North Americacontributed the highest share, accounting fornearly one-thirdof the total market sharein 2019, and will maintain its dominance throughout the forecast period.However, Asia-Pacific it is alsoexpected to grow at the highest CAGR of 14.8% from 2020 to 2027.
Leading market players analyzed in the research include Givaudan (Naturex S.A.), AromataGroup SRL (FiorioColori SPA),Archer Daniels Midland Company,Kalsec, Inc., D.D. Williamson & Co. Inc. (DDW), Chr. Hansen A/S, International Flavors & Fragrances,Dohler Group,Sensient Technologies Corporation, and Koninklijke DSM N.V.
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