IMARC Group, a leading market research company, has recently releases 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 global annatto market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the annatto market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 213.63 Million |
| Market Forecast in 2028 | US$ 285.15 Million |
| Growth rate (2023 to 2028) | CAGR of 4.80% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is annatto?
Annatto, derived from the seeds of the achiote tree, is a natural coloring and flavoring agent that imparts a vibrant yellow to reddish-orange color to foods. It is widely used in coloring cheese, butter, and snacks and has a slightly sweet and peppery flavor, commonly preferred in Latin American, Caribbean, and Filipino cuisine. It is a natural source of carotenoids, including bixin and norbixin, which help protect cells from free radical damage. It also contains tocotrienols, a type of vitamin E that may lower cholesterol levels and promote heart health. Since it is a plant-based ingredient, annatto is ideal for individuals who follow a vegan diet. As a result, annatto finds extensive applications in the food and beverage (F&B) and pharmaceutical industries across the globe.
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What are the growth prospects and trends in the annatto?
The global annatto market is primarily driven by the rising demand for processed foods due to rapid urbanization, changing dietary preferences, and improving consumer lifestyles. Moreover, the escalating demand for natural and clean-label food ingredients like annatto owing to the increasing consciousness among people about the ingredients used in their food is positively influencing the market growth. Additionally, the rising use of annatto in the cosmetics and personal care industry to manufacture natural and organic beauty products has catalyzed market growth. Furthermore, key players are heavily investing in research and development (R&D) activities to improve the production and application of annatto, thereby contributing to market growth. Other factors, including the expanding global population, the emerging trend of vegan and vegetarian lifestyles, and inflating consumer disposable incomes, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Product Type Insights:
- Annatto-Bixin
- Annatto-Norbixin
Nature Insights:
- Organic
- Conventional
Form Insights:
- Raw
- Processed
- Liquid
- Powder
- Extract
Sales Channel Insights
- B2B
- B2C
Breakup by Geography:
- 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.
- AICAcolor
- Amerilure Inc.
- Biocon Del Peru S.A.
- DDW The Color House (Givaudan)
- Kalsec Inc.
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