Global Annatto (Bixin/Norbixin) Market Expectations & Growth Trends Highlighted until 2028
A majority of the production is exported to North America, where the demand for annatto is estimated to be high.
[UKPRwire, Fri Jan 11 2019] The demand for processed food and beverage products is rising globally, creating a huge demand for food colors. Annatto is directly extracted from plants and thus does not contain any harmful chemical as that in the synthetic or artificial food colors. With the increasing preference for natural food colors in the food processing industry, government regulations towards consumption of artificial food colors is expected to drive the Annatto Market Growth globally. With natural origin and coloring property, annatto has also found applications in the textile industry as a dyeing ingredient. However, annatto contains some residual proteins that may cause Ig-E mediated reaction, which is expected to restrain the growth of the global annatto market. Besides, availability of other natural food colors such as cochineal and turmeric are expected to hamper the demand for annatto globally.
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Bixa Orellana L. Annatto plant majorly grown in the tropical countries is the primary source of annatto in the form of dried seeds. Annatto has found major applications in the food industry. Annatto is used as a condiment and for food coloring (imparts red or orange color to food products and beverages). Annatto’s characteristics such as good heat stability and water and oil solubility are increasing the adoption of annatto globally. Properties such as flexibility applicability of the annatto including spices, culinary food, dairy products, dyes, cosmetic products, etc., have made annatto one of the consumer preference among other natural color ingredients. The governments of various countries have imposed stringent regulations on the use of artificial or synthetic food colors, which is expected to propel the demand for annatto, a natural form of food color, globally. The countries in Latin America such as Peru and Brazil are the leading producers of annatto. A majority of the production is exported to North America, where the demand for annatto is estimated to be high.
Global Annatto (Bixin/Norbixin) Market: Regional Outlook
The U.S. annatto market is expected to account for high market share among all the countries in the world, majorly driven by high production of processed food in the country. The North America annatto market is followed by Western Europe.
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Latin America is the major producer of annatto, but majority of the annatto is exported to North America, the primary export destination. Eastern Europe, Latin America and MEA markets are estimated to show sluggish growth for annatto market over the forecast period.
Global Annatto (Bixin/Norbixin) Market: Key Players
Examples of some of the key players in the global annatto market are: Wild Flavors, FMC Corporation, Amerilure, Inc., Monterey Bay Spice Co., Hansen Holding A/S, Vinayak Ingredients (India) Pvt. Ltd., DDW The Colour House, Kalsec Inc., AICA COLOR SAC, Aarkay Food Products Ltd.
Brief Approach to the Research
Our analysis will follow a modeling-based approach and triangulation methodology to estimate the data covered in this report. A detailed market understanding and assessment of the applications, types, forms, and end users 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-checked with the supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at the regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
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