According to the latest research report by The Insights Partners (Research & Markets), the Natural Food Colors market in APAC is expected to grow from US$635.66 million in 2022 to US$1.019 billion by 2028, with a projected CAGR of 8.2% from 2022 to 2028.
There is a wide range of natural food colors available in the market with major manufacturers being Givaudan, Naturex (now part of Givaudan), Oterra, Kancor, ADM and Sensient Technologies amongst others.
For the Asia Pacific market, demand for natural food color is expected to grow with increasing demand on beverages, bakery and dairy products. According to the report, consumer rising health awareness in post-pandemic period, has also led to rising demand for natural or organic ingredients moving towards clean label products. As a result, many Asian food and beverage manufacturers are reformulating their products by replacing synthetic food colors with natural colors.
Chr. Hansen A/S stated that in the Asia Pacific region, natural food colors exhibited double-digit growth, due to increasing customer demand and regulations such as Federal Food, Drug, and Cosmetic Act, 1938 and Color Additive Amendments, 1960. Meanwhile, according to Natural Food Colors Food Association (NATCOL), the consumer request for natural solutions and products with natural colorants in Asia Pacific was 59% in 2019-2020. Moreover, major beverage companies such as PepsiCo, Inc. and The Coca-Cola Company reported 28% and 10% of beverage volume growth respectively in the Asia Pacific, which is expected to positively impact the natural food color market growth.
In terms of market segmentation of natural food color by type, the Asia Pacific market can be divided into carmine, anthocyanins, caramel, curcumin, annatto, carotenoids, chlorophyll, and others. The carotenoids segment registered the largest market share in this region in 2022. Meanwhile, by format, the liquid & gel segment registered a larger market share in the region in 2022 as compared to the powder form.
By application, the beverages segment registered the largest market share in 2022 followed by other segments like bakery & confectionery, dairy and frozen desserts amongst others.
