IMARC Group, a leading market research company, has recently released a report titled “Annatto Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the annatto market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Annatto Market?
The global annatto market size reached US$ 213.63 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 285.15 Million by 2028, exhibiting a growth rate (CAGR) of 4.80% during 2023-2028.
What is Annatto?
Annatto refers to a natural colorant and flavoring agent obtained from the seeds of the achiote tree. It has a vibrant yellow to orange-red color and is commonly used to add color to food products, including cheese, butter, snacks, etc. Annatto also contains carotenoids, such as bixin and norbixin, that can aid in protecting cells from damage caused by free radicals. In addition to this, it also comprises tocotrienols, a type of vitamin E that assists in minimizing cholesterol levels and improving heart health. As a result, this natural colorant and flavoring agent finds wide-ranging applications in the pharmaceuticals and food and beverage (F&B) industries across the globe.
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What are the growth prospects and trends in the annatto industry?
The escalating demand for processed food items, as they often require coloring agents to enhance their visual appeal, is among the key factors driving the annatto market. Moreover, the widespread adoption of flavoring agents, which are derived from a natural plant source, owing to the emerging trend of vegetarianism, is further stimulating the market growth. Besides this, the elevating need for natural and clean-label food ingredients, including annatto, on account of the increasing consciousness among consumers towards the additives used in their meals, is acting as another significant growth-inducing factor. Furthermore, the rising sales of the product in the personal care industry to produce natural and organic beauty items are also propelling the global market. Apart from this, leading players are extensively investing in R&D activities to improve production processes and applications of natural colorants, which is anticipated to fuel the annatto market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Product Type Insights:
Sales Channel Insights
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Market Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Aarkay Food Products Ltd.
- Amerilure Inc.
- Biocon Del Peru S.A.
- DDW The Color House (Givaudan)
- Kalsec Inc.
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