Pune, June 04, 2020 (GLOBE NEWSWIRE) -- The global annatto industry size is prophesied to gain importance on account of the increasing expansion of the food and beverage industry worldwide. Annatto is a food-coloring and condiment derived from the seeds of the bixa orellana or the achiote tree and used for imparting an orange or yellow color to food. It is currently used as coloring agents in most processed food products such as dairy spreads, cheese, margarine, butter, snack foods, sausages, cakes, potatoes, custards, and other food products. According to a recently published report by Fortune Business Insights titled, “Annatto Market Size, Share & Industry Analysis, By Type (Oil-soluble Annatto, Water-soluble Annatto, and Emulsified and Solvent-extracted Annatto), Application (Food Industry, Natural Fabric Industry, Cosmetic Industry, and Others), and Regional Forecasts 2019 - 2026,” the market value was USD 186 million in the year 2018 and is likely to touch USD 283.62 million by the end of 2026. The forecast period is set between 2019 to 2026, and the market is expected to exhibit a CAGR of 5.38%.
The Report Answers the Following Queries:
- How fierce is the market competition?
- How will clean label product trends help the market generate higher revenue?
- What are the key drivers and restraints of the market for annatto?
- Which strategies are adopted by vendors to gain a competitive edge in the market?
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Drivers & Restraints
Increasing Utilization in Dairy Products and Confectionaries to Boost Market
The fact that annatto is derived naturally from plants is the key factor propelling its growth. Besides this, the increasing demand from the food and beverage industry demanding natural aroma and flavor in items is expected to promote the annatto market growth further. Additionally, the growing demand for dairy products, jams and jellies, spices, culinary food, cosmetic products, and dyes, among others are likely to aid in the expansion of the market.
On the contrary, the allergic reaction of annatto, such as low blood pressure, itchiness, stomach pain, and others may also pose a significant threat to the market in the future. Nevertheless, the increasing inclination towards healthy eating and healthy living and the growing prevalence of clean-labelled products are likely to create lucrative growth opportunities to the market in the future.
Segment-
Oil-soluble Annatto Segment to Gain Dominance Owing to Frequent Utilization in Dairy Products
Based on segmentation by type, the oil-soluble annatto sector holds significant annatto market shares on account of its frequent use as a coloring agent in dairy products such as cheese, custard, and others. Besides this, the currently trending “free-from” vibes all around the food and beverage and especially the dairy sector is likely to help increase the sale of this segment in the coming years.
Browse Summary of This Research Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/industry-reports/annatto-market-101592
Regional Analysis-
Europe and North America Holding Significant Position in Market Accountable to High Demand for Natural Inputs
Regionally, both North America and Europe are holding significant annatto market shares on account of the robust demand for natural inputs in food and beverage products. In 2018, North America earned a revenue of USD 58.18 million. Besides this, annatto is used in large quantities for the production of caramel, therefore propelling the growth of both the regional markets. On the other side, Asia Pacific market is expected to register rapid growth rates in the forecast duration on account of increasing consumer awareness about the use of natural food flavors and coloring, coupled with a growing number of product launches with natural colors.
Competitive Landscape-
Companies focusing on Installation of New Developments to Gain Impetus
Major players functioning in this market are strategizing on the development of new products to add more value to annatto extracted colors and increase its popularity by expanding geographically. The current trend of organic food consumption and adoption of natural colors in food is likely to propel manufacturers to launch more new products in the market for annatto.
Key Industry Developments of the Market include:
February 2018 – The natural color business of GlobeNatural belonging to Peru was acquired by Sensient colors, flavors and fragrances located in Milwaukee for expanding geographical base and generating better revenues.
February 2019 – An organic certification was awarded to a division of the International Flavors and Fragrances Inc. called Frutarom Natural Solutions Ltd for their natural annatto color. This certificate was awarded by the European Organic Certifiers Council and the U.S. Department of Agriculture.
Fortune Business Insights™ lists out the names of players operating in the annatto industry. They are as follows:
- Aarkay Food Products Ltd.
- Sensient Technologies Corporation
- Dohler Group
- IFC Solutions
- Chr. Hansen Holding A/S
- Dairy Connection, Inc.
- Archer Daniels Midland Company
- Biocon Colors
- Kalsec Inc.
- Givaudan SA
- Other vendors
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Get Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/ Related Markets
- Natural Colorants Market
- Supply Chain and Regulatory Analysis
- Recent Industry Developments- Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Overview of the Parent/ Related Markets
- Global Annatto Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Type (Value)
- Oil-Soluble Annatto
- Water-Soluble Annatto
- Emulsified and Solvent-extracted Annatto
- Others
- By Application (Value)
- Food Industry
- Natural Fabric Industry
- Cosmetic Industry
- Others
- By Region
- North America
- Europe
- Asia pacific
- South America
- Middle East & Africa
- By Type (Value)
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