Annatto Market: Insights
The global market has witnessed a rise in the demand for natural food ingredients and colorants, which can be attributed to the increasing consumer demand for naturally-derived and safer food ingredients. Color additives reinforce the colors already present in the food and ensure uniformity of the food from season to season and batch to batch. Over the years, the natural colorant market has evolved and has come up several new natural food colorants such as anthocyanins, beet colorants, carotenoids and annatto. Annatto colorants are derived from annatto seeds that grow on a tree called Bixa Orellana. The Bixa Orellana tree is known as Annatto or as ‘Achiote’ in large parts of South America and as ‘Urucum’ in Brazil.
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Global Annatto Market: Rising Demand for Natural Food Color
Annatto seeds and extracts have been in use for over a century in Europe and North America to impart a yellow to red color to foods, especially dairy products such as cheddar and Colby cheeses. Today, annatto ranks second in economic importance worldwide among all natural colors and it is the most frequently used natural colorant in the food industry. Besides the food industry, the Annatto market has been slowing gaining traction in the cosmetic world as well. Cosmetic chemists have drawn inspiration from the use of annatto by the Amazonians for sunless tanners. While popular as a colorant, annatto is widely used in skin care products, especially brands that use all-natural ingredients as well. Annatto in its various forms, such as extract, oil and powder, is witnessing demand in large-scale food, cosmetic and retail sectors as well.
Global Annatto Market: Key Players
Some of the key players operating in the global annatto market include BioconColors, Amerilure Inc., Kalsec Inc., Sensient Technologies Corporation, D.D. Williamson & Co. Inc. and ADM (Wild Flavors), among others.
Global Annatto Market: Key Trends
Major shareholding companies in the annatto market have been executing strategic collaborations with peer companies to come up with innovative products.
Global Annatto Market: Key Developments
- In 2018, FMC Corporation and Hansen, announced a five-year extension of their collaboration to develop and commercialize natural solutions for the agricultural industry
- In Feb 2018, Sensient Technologies Corporation announced that it has reached a definitive agreement to acquire the natural color business of GlobeNatural, a leading natural food and ingredient company, based in Lima, Peru, owned by the Michell Group
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Opportunities for Annatto Market Participants
The global natural food colors market incorporates coloring foodstuffs and minimally processed pigments derived from micro-lags, plant parts, fruits and vegetables for imparting color to various foods and beverages. North America is among the prominent regions for natural food colors owing to technological advancements in the natural color extraction process, economical and intense colors. The Asia Pacific is another considered dominant region for natural colorant market due to rise in consumption rate of the product. Hence these two regions are being considered as the opportunistic factor for annatto market in order to gain traction and accordingly generate sales.
Brief Approach to Research
The company will follow a modeling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms, and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
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