Annatto Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Annatto Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Annatto Market is projected to register a CAGR of 3.72% during the forecast period 2019-2024.

Key Highlights

• Increasing demand and consumer preference for minimally processed foods and health-promoting properties of natural colorants are expected to drive the annatto market across the globe.
• Wide varieties and applications of annatto in the food and beverage industry is making it one of the most required substances for the enhancement of food products. In addition, increasing uptake of functional foods is also expected to driving its market in the developing countries like India and China.

Key Market TrendsGrowing use of Natural Food Colorants in Processed Food Industry

The growing demand for natural food colorants in the market as awareness of health and environmental issues have increased significantly over the years. As the market for natural colorants is expected to grow in the forecast period, owing to which the use of annatto will also increase, as it gives an extraordinary red/orange color, naturally. Annatto is a natural colorant responsible for the yellow color of butter, margarine, and cheese, without which all of these would be a pale creamy color. It is also used in many commercial products, such as processed meats, smoked fish, beverages, and a variety of packaged foods.

North America Dominants the Annatto Market

North America holds the largest market share in annatto market, globally. Furthermore, United States is one of the largest markets for annatto. It sources over 60% of the supplies from Peru and the remainder from the Caribbean region. The increasing government support for the adoption of natural food colors in various food & beverage applications is expected to boost the growth of the annatto market in North America. Western Europe and Asia-Pacific countries are expected to create robust demand for annatto in the years to come. Morerover, Latin America is a regional hotspot of annatto production in the world.

Competitive Landscape

Some of the major key nplayers in the annatto market, globally includes Aarkay Food Products, AICA-COLOR, Amerilure, Inc., Biocon del Peru, DDW, FMC, Hansen, Frutarom Natural Solutions BU, Kalsec, and WILD Flavors, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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