The global synthetic
food colors market is set to grow at a healthy CAGR of 6% during the
forecast period (2022-2032), reaching a valuation of US$ 1,066 Mn by 2032.
Demand for synthetic food colors in the market is driven by
rapid production and consumption of high quality and appealing processed foods,
easy availability and inexpensive nature of synthetic food colors, and rapid
growth of food and beverage industry worldwide.
Synthetic food colors are chemically derived artificial
colors used across food and beverage industry for enhancing visual appeal of
products. These colors also help to retain the original properties of vitamins,
flavors, and nutrients in food products that can get altered due to sunlight.
Thus, growing focus of food manufacturing for improving the
product appeal will continue to play a key role in pushing the sales of
synthetic colors during the assessment period.
Similarly, rising production and consumption of food
products and beverages along with the highly effective nature of synthetic food
colors as compared to natural ones will boost market growth during the
forthcoming decade,
Regionally, Asia Pacific, spearheaded by China and India is
expected to emerge as a lucrative market for synthetic food colors during the
forecast period. Growth in APAC synthetic food colors market is driven by
rising adoption of synthetic colors in a wide range of applications due to
their inexpensive nature, increasing consumer discretionary spending on processed
foods, and rapid expansion of food and beverage industry.
However, presence of stringent regulations, growing
popularity of natural food colors, and misperceptions about synthetic food
among consumers are emerging as key restraints limiting growth in the synthetic
food colors market.
Key Takeaways from Market Study
- By
application, the beverage segment holds the largest market share of about
20% in 2022.
- The
Asia-Pacific synthetic food colors market exhibited sales of 19,500 metric
tons by volume and is expected to grow at 5.7% CAGR between 2022 and 2032.
- Demand
for synthetic food colors in EMEAI market is expected to grow at 5% CAGR
between 2022 and 2032.
- North
America synthetic food colors market is expected to register a CAGR of
4.9% during the forecast period from 2022 and 2032.
- Germany
synthetic food colors market reached a valuation of US$ 33 Mn in 2022.
“Companies of synthetic food colors would gain significantly
by targeting the newer sub-segments in the food processing industry. Synthetic
food colors are still the go-to choices for newer food processing units due to
their affordability. Foraying into emerging economies and establishing
strategic alliances with global food brands would immensely help synthetic food
colorant brands,” says a Future Market Insights analyst.
Competitive Landscape
Synthetic food colors companies have been modifying the
product to attract end-user industries and consumers. They are focusing on
improvising their products by investing in the creation of newer colors,
investing in research and development, launching new product types, and
acquiring regional innovative units.
Manufacturers like Biocon are also diversifying towards
various applications like pet foods and edible cosmetics by the means of acquisition
and collaboration. Allied Biotech stands out on the market and continues to
expand its sales territory growing into a global food colorant brand.
Read More: https://www.futuremarketinsights.com/reports/synthetic-food-colors-market