The global annatto market is likely to benefit from recent advancements in seed cultivation techniques. According to a report published by Fortune Business Insights, titled “Annatto Market Size, Share & Industry Analysis, By Type (Oil-soluble Annatto, Water-soluble Annatto, and Emulsified and Solvent-extracted Annatto), Application (Food Industry, Natural Fabric Industry, Cosmetic Industry, and Others), and Regional Forecasts, 2019 – 2026,” the market was valued at USD 186.14 Million in 2018 and is projected to reach USD 283.62 Million by the end of 2026, exhibiting a CAGR of 5.38% in the forecast period (2019-2026).
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Some of the leading companies that are operating in the global market are:
- Givaudan SA
- Archer Daniels Midland Company
- Chr. Hansen Holding A/S
- Sensient Technologies Corporation
- Kalsec Inc.
- Dohler Group
- Dairy Connection, Inc.
- IFC Solutions
- Biocon Colors
- Aarkay Food Products Ltd
Annatto is widely used across the food and beverage industry as a natural food colorant. It is used to enhance the visual appearance of several foods such as desserts, dairy products, and meat. Besides applications in the food industry, annatto is used in natural fabrics for dyeing purposes. The developments in the extraction of annatto have led to increased product availability, which in turn will fuel demand for the product across the world.
Major Segmentation includes;
- Oil-Soluble Annatto
- Water-Soluble Annatto
- Emulsified and Solvent-extracted Annatto
- Food Industry
- Natural Fabric Industry
- Cosmetic Industry
The report classifies the global annatto market based on product type, applications, and regional demographics. Several aspects of the market have been discussed in detail, with primary focus on growth drivers, leading products, and areas that have witnessed huge product demand. Additionally, the competitive landscape has been analyzed in brief and the leading companies have been labelled out. Through extensive research methods, forecast values have been calculated for a fixed period.
Driven by Increasing Regulatory Approvals, Several New Products Are Likely to Be Introduced
The high demand for annatto, coupled with growing applications across diverse industries have offered huge potential for market growth. As a result, companies are putting in increased efforts in order to better their product offerings.
Moreover, high product demand has attracted several market entrants in recent years. Encouraged by this, regulatory bodies are clearing newer products at a rapid pace. In 2019, Frutarom Natural Solutions received organic certification for its natural product Annatto.
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The company bagged certifications from both, the US Food and Drug Administration as well as the European Organic Certifiers Council.
The company’s sales and revenue are likely to increase as a result of the latest update. Driven by a global customer reach of Frutarom, the organic certification for the company will have a direct impact on the global market in the forthcoming years.
North America and Europe to Dominate the Global Market
The report classifies the annatto market based on regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, North America and Europe will witness considerable growth.
Driven by exceptionally high product demand, these regions will dominate the global market in the coming years. These regions have witnessed massive advancements in production as well as distribution of annatto.
Furthermore, the export of annatto on a large scale from both Europe as well as North America across the world will add to the growth of the market in these regions. Additionally, developments in regional markets will have a positive impact on the growth of the global market.
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