The global annatto market size is projected to reach USD 283.62 million by the end of 2026. Recent developments in the methods used to cultivate annatto seeds will emerge in favor of market growth. 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. Driven by high product demand, the market will exhibit a CAGR of 5.38% from 2019-2026.
Some of the leading companies that are operating in the global market are:
Annatto is a naturally derived substance that is widely used in food products. Product is used by major food companies, hotels, and other restaurants across the world. It is used to enhance the color and visual appearance of the food. The demand for visually appealing food will create several opportunities for the companies operating in the market. Besides food coloring, the product is used to induce value-added properties in several foods.
The increasing demand for annatto will constitute an increase in the global annatto market size in the forthcoming years. Besides the food enhancing properties, it is found that annatto has minimum side effects on the human body, as a result of which it is being widely adopted by major retail chains and hotels across the world.
The report provides an in-depth analysis of the global annatto market. It highlights the latest products and innovations in the market and states their impact on the growth of the market on a global scale. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and major products. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals. Forecast values have been provided for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources.
Growing Demand for Oil-soluble Annatto Will Have a Huge Impact on the Growth of the Overall Market
The report encompasses several factors that have contributed to the growth of the market in recent years. The growing demand for oil-soluble annatto, attributing to its exceptional properties, will have a direct impact on the growth of the market in the coming years. Exceptional properties of the product, including its ability to gel without forming lumps will lead to a wider product adoption. The growing applications of annatto in the food and beverage industry for dairy and meat products will subsequently lead to an increase in the demand for the product.
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Major Segmentation includes;
Increasing Production of Annatto Will Aid Growth of the Market in Europe and North America
The market has been segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, Europe and North America will emerge leading in the coming years. The increasing cultivation of annatto seeds and advances in cultivation methods will fuel the demand for the product in these regions. Besides these regions, the market in Asia Pacific will exhibit a high CAGR in the coming years, owing to the demand for clean-labelled products in several countries across this region.
Key Industry Developments:
February 2019: Frutarom Natural Solutions received organic certification for its natural color annatto from the US Department of Agriculture and The European Organic Certifiers Council.
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