(I-BusinessNews.Com, February 12, 2020 ) The food colors market was valued at USD 3.71 billion in 2017; it is projected to grow at a CAGR of 5.7%, to reach USD 5.12 billion by 2023. The basic objective of the report is to define, segment, and project the global market size for food colors on the basis of application, type, form, solubility, and region. Other objectives include analyzing the opportunities in the market for stakeholders and providing a competitive landscape of market trends, analyzing the macro and microeconomic indicators of this market to provide factor analysis, and to project the growth rate of the food colors market. The base year considered for the study is 2017 while the forecast period considered is from 2018 to 2023.
The key players profiled have a strong presence in the global food colors market; they include ADM (US), Sensient Technologies (US), Kalsec (US), DDW (US), DowDuPont (US), Chr. Hansen (Denmark), and DSM (Netherlands).
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The key market players adopted various growth strategies such as expansions & investments, and new product and technology launches to cater to the increasing demand for food color products and expand their business. The companies in this market are increasing their investments in R&D to focus on developing new food colors with a combination of natural and synthetic elements that provide additional health benefits and are less harmful than the existing synthetic colors. Companies also focus on expanding their geographic presence by increasing their production facilities.
The companies are also investing in new technologies to create new color products to be used in various food applications such as processed foods, confectionery products, and beverages. Companies such as ADM (US), Chr. Hansen (Denmark), and Sensient Technologies (US) are expanding their product portfolio by expanding and innovating new products and coloring technologies. Companies such as DDW (US) have added caramelized fruit & vegetable colors to their product range of naturally derived colors. Companies are also expanding their global presence by expanding their geographic reach and establishing new offices and production facilities, globally.
In January 2018, ADM established an innovation center in Singapore to support R&D activities in the Asia Pacific region. In May 2017, Wild Flavors and Specialty Ingredients division of ADM extended its natural food color portfolio by adding food colors based on extracts from pumpkin and a special carrot variety containing lycopene.
Naturex (France) strengthened its position in the food colors market, mainly through new product development and expansion. Naturex introduced new product categories in the food & beverage segment in January 2016. This helped consumers in using ingredients such as spirulina blue, along with glittery sparkles for better appearance and taste. In October 2017, Naturex expanded its geographic reach by appointing Chimab (Italy) as its distributor in the Italian market.
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Sensient Technologies (US), in May 2018, launched three new food colors—organic black carrot, organic annatto, and organic beet. With this launch, the company extended its organic food color portfolio. In August 2014, Sensient Technologies invested in the expansion of production and distribution facilities in South Africa. This development strengthened the company’s product offering in the region.
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