Colorful Growth: Navigating the Food Colors Market Landscape

LONDON, GREATER LONDON, UK, January 3, 2024 /EINPresswire.com/ -- The food colors market has experienced robust growth, elevating from $3.45 billion in 2023 to an anticipated $3.73 billion in 2024, reflecting a compelling Compound Annual Growth Rate (CAGR) of 8.1%. This upward trajectory is poised to persist, with the market forecasted to burgeon further to $5.1 billion in 2028, maintaining an 8.1% CAGR. Key drivers fueling this growth include escalating demand from the food and beverage industry and a rising preference for clean label products.

Driving Force - Food and Beverage Industry:
The food and beverage industry's burgeoning demand emerges as a significant catalyst propelling the food colors market forward. This sector encompasses businesses engaged in producing, packaging, and distributing raw food materials, spanning both fresh and processed foods, as well as alcoholic and non-alcoholic beverages. Food colors play a pivotal role in preserving the original color and texture of these products, compensating for alterations during cooking and preparation processes. In Australia, for instance, approximately 14.7 million tons of food and non-alcoholic beverages were sold in 2020-2021, witnessing a 1.4% increase from the previous year. The escalating demand from the food and beverage industry stands as a pivotal driver for the food colors market.

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Clean Label Trend Driving Growth:
The surge in demand for clean label products emerges as a compelling force driving the growth of the food colors market. Clean label products, devoid of additives, artificial flavor enhancers, dyes, or artificial preservatives, are gaining popularity. Retail grocery store chains and food service establishments are increasingly specifying ingredient criteria for items featured in their stores or restaurants. For example, consumer interest in clean label grew by 86% within the meat alternatives space in 2021, as reported by Spoonshot, a U.S.-based food and beverage intelligence company. The rising consumer preference for clean label products is poised to propel the growth of the food colors market.

Market Players and Innovation:
Major players contributing to the dynamic food colors market include Chr Hansen Holding A/S, D.D. Williamson & Co Inc., Kalsec Inc., Döhler GmbH, International Flavors & Fragrances Inc., Koninklijke DSM NV, Sensient Technologies Corporation, and others. These companies are actively investing in technological advancements to meet consumer demands. International Flavors and Fragrances (IFF), for instance, opened a Singapore Innovation Centre in October 2022, integrating technologies, capabilities, and expertise across its business divisions.

Revolutionizing with Natural Food Colors:
Innovation in natural food colors is expanding the product portfolio in the food colors market. Companies are focusing on developing natural colors derived from fruits, vegetables, and minerals. Phytolon, an Israel-based biotechnology company, collaborated with Ginkgo Bioworks to shift the source of producing natural food colors from fruits, vegetables, and plants to precision fermentation. This signifies a notable shift in biological production methods within the industry.

Geographical Dynamics and Market Segmentation:
North America claimed the largest share in the food colors market in 2023. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation:
• Type: Natural, Synthetic, Nature Identical
• Form: Liquid, Powder, Gel
• Application: Dairy, Meat Products, Beverages, Bakery And Confectionery, Processed Food And Vegetables, Oils And Fats, Other Applications

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Food Colors Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Food Colors Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on food colors market size, food colors market drivers and trends, food colors market major players, competitors' revenues, market positioning, and food colors market growth across geographies. The food colors market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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