The report “Food Colors Market by Type (Natural, synthetic, nature-identical), Application (Food products, and beverages), Form (Liquid, powder, and gel), Solubility (Dyes and lakes) & Region – Global Forecast to 2026″ is estimated to be valued at USD 4,287.5 million in 2021. It is projected to reach USD 5,386.8 million by 2026, recording a CAGR of 4.7% during the forecast period. On the basis of solubility of food color, the market is segmented into dyes and lakes. The dye segment held a share of nearly 69.6% of the food colors market. This segment is projected to grow at a higher CAGR from 2021 to 2026. A major difference between these two forms is their solubility in water. Dyes are water-soluble and are usually available in the form of powders, granules, or liquids. Lakes are not water-soluble and are found in products that contain fats and oils.
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Processed food products witnesses a high demand with new product developments
Colors make food products visually appealing and enable the identification of flavors in a food item, which helps increase the salability of the product. Processed food products, such as crisps, sausage rolls, tinned vegetables, savory snacks, and other convenience foods, account for the largest market share in the food colors industry. The processed food Products industry is gradually growing as a result of the high demand for convenience foods with improved lifestyles. European Union was the largest importer of processed food products in the world, accounting for USD 462.3 billion in 2017, followed by the US, which recorded USD 117.2 billion, and China USD 64.9 billion. China has witnessed a 10.2% of CAGR on the imports of processed since 2015-2017, which was faster as compared to other developing countries. In the near future, the processed food products market is estimated to grow continuously due to factors, such as diet upgrades, resulting from a rise in incomes, as well as growing health. IRI data analyzed by The Good Food Institute witnessed a larger increase, with plant-based meat sales, which is 454% higher than the previous year in the week of March 21. This growth in the processed food industry has led to an increase in demand for food colors as an additive in these products.
Europe dominated the food colors market, with a value of USD 1,385.4 million in 2020; it is projected to reach USD 1,799.7 million by 2026, at a CAGR of 4.7% during the forecast period.
The high demand for packaged food and the growing bakery and confectionery and dairy & frozen products market in Germany are the key drivers encouraging the growth of the food colors market in the country. Furthermore, investments in new technological developments are projected to encourage the formulation of innovative natural or nature-identical colors for applications, such as pharmaceuticals and processed food. Key players, such as Döhler Group, are actively adopting strategies, such as expansions and investments that have driven the food colors market growth in Germany.
Key players in this market include ADM (US), International Flavors & Fragrances Inc. (US), Sensient Technologies Corporation (US), DSM (Netherlands), Naturex (France), DDW (US), Döhler Group (Germany), Florio Colori (Italy), and Lycored (Israel). These players have adopted growth strategies such as collaborations and agreements to increase their presence in the global market.
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