Europe — colorants market is characterized by the presence of key manufacturers such as BASF, DSM and CHR. Strong demand from both domestic and international markets for processed edible items will create lucrative opportunities for their product portfolio in the region. Rapid expansion of bakery & confectionery in the region will provide positive business opportunities for these industry players.
Beverage application in food colorants market reported over 30% market share by revenue in 2017. Increasing demand for soft drinks, energy drinks, ready to drink coffee and juices are among key application for synthetic colorant products. Urbanization in several countries along with increasing social trends are among key factors propelling non-alcoholic beverage sales growth. Most of the manufacturing companies are focusing on enhancing product quality along with improving texture by adding synthetic colors are key strongly supporting food colorants market growth.
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Dye segment from synthetic colors market is projected to generate USD 1.1 billion up to 2024. Dyes are widely used in the production of the packaged products, snacks & savory, and confectionaries for enhancing outer appearance are key factors supporting product profile. Increasing product demand for bulk usage while manufacturing of RTE and non-alcoholic beverages owing to cost-effective benefits mainly instigating market growth.
Natural colors market is expected to experience a CAGR at over 6% from 2018 to 2024. Increasing demand for natural colors owing to health benefits is associated with it in key applications. The segment growth is mainly contributed by products including carotenoids, caramel, chlorophyll, and paprika extracts are widely used in nourishments. Fruit pulp, vegetable extracts and frozen products are among key applications are stimulating food colorants market share.
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Synthetic colors dominated the volume share in 2017. Factors such as low-price trend, stability, extended shelf life and availability in bulk quantity expected to drive industry size. Increasing application scope in the beverage industry likely to support product demand. Moreover, innovations in synthetic colors such as colorful concoctions to enhance its appeal fueling segment growth.
Consumer buying preference has integrated visual appeal as a key factor along with taste and quality. As a response, several manufacturers have centered color as a marketing tool in their novel product launches to boost sales. Bakery & confectionery companies are likely to create desired visual appeal using colorants to indicate the freshness and quality, thereby fostering business growth.
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Growing population coupled with improved food demand across the region is anticipated to boost food colorants market share during the forecast period. Busy lifestyle and changing demographic trends are mainly resulting in the adoption of ready to eat products in major countries. Expansion of the processed food industry along with rising demand for dairy products, bakery items, and frozen products mainly propelling industry share.
Food colorants market is moderately consolidated to strong presence of key manufacturing companies offering product range. The major players include BASF, Sensient Technology, DSM, CHR Hansen, Sethness, DD Williamson and GNT Group are key companies. These companies are adopting mergers & acquisition strategies for strengthening market position.
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Release ID: 517302