The latest FMI study on chlorophyll color market provides insights into drivers, restraints, and opportunities affecting the growth of the market. The report also highlights recent trends facilitating the demand outlook across leading market segments in terms of nature and application during the assessment period, from 2021 to 2031.
DUBAI, U.A.E, Sept. 28, 2021 /PRNewswire/ -- As per a study by FMI, the global chlorophyll color market is poised to total US$ 126 Mn by 2021. Rising application of chlorophyll colors across the candy & confectionery and beverage industries is set to drive growth in the market at an impressive CAGR of 9.6%. This will also enable the market to surpass a valuation of US$ 316.2 Mn by 2031.
Sales of chlorophyll color are expected to increase by year-on-year (YoY) growth of 9.1% in 2021, driven by the rising adoption of naturally sourced food colors for food products such as snacks & cereals, beverages, dairy, bakery, and others. In addition to this, increasing consumer inclination towards organic and natural food products is expected to fuel the demand for chlorophyll color by 2.5X between 2021 and 2031.
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A number of leading manufacturers are focusing on expanding their production capacity to meet the demand for chlorophyll color from various end-use industries. For instance, in April 2018, Chr. Hansen, a global bioscience company based in Denmark, announced purchasing Banker Wire manufacturing facility in Wisconsin to expand its natural color production facility in North America. Such developments are expected to drive the market through 2031.
As per FMI, the conventional chlorophyll colors segment is expected to hold a lion's share in the global market, accounting for nearly 92% of the sales by 2021. Driven by to its low cost, ample availability, and increasing use across ready-to-drink beverages, demand for conventional chlorophyll color is anticipated to grow at a CAGR of 9.4% through 2031.
"With the rising trend of veganism and surging demand for plant-based and clean-label food ingredients, leading food manufacturers are shifting their focus towards using naturally sourced food colors such as chlorophyll colors. This is expected to propel growth in the market in the coming year," says the FMI analyst.
Key Takeaways from Chlorophyll Color Market Survey
- The U.S. is estimated to lead the North America chlorophyll color market, accounting for more than 85% of the sales by the end of 2021.
- Germany is forecast to emerge as the most lucrative market in Europe, Middle East, Africa, and India (EMEAI), holding a market share of over 20% in 2021.
- Favored by the rising demand for organic and clean-label food products, the market in Japan is likely to expand at a robust CAGR of 9% during the assessment period.
- The China market is anticipated to contribute maximum revenue in Asia Pacific excluding India, accounting for above 35% of the sales in 2021.
- In terms of application type, the beverages segment is projected to remain a dominant segment, growing a CAGR of 9.2% through 2031.
Key Drivers
- Increasing usage of chlorophyll color in bakery products and the rising number of bakeries across regions such as North America and Europe are driving the market.
- Growing awareness regarding the health benefits of organic food products is fuelling the demand for chlorophyll colors.
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Competitive Landscape
As per FMI, leading players in the market are increasingly adopting strategies such as product promotion, merger and acquisition with other industry players to expand their network and increase their consumer's base. For instance,
- In 2019, DDW Inc., a leading manufacturer of edible food flavors headquartered in the U.S., announced acquiring DuPont Natural Colors. The acquisition will assist DDW Inc. to expand its production capacity and sales across food and beverage industries.
- In January 2016, Shahmeer International, one of the leading marketer and distributors of specialty chemicals and culinary ingredients in Pakistan, announced becoming a new channel partner by Kalsec, to promote its product portfolio.
Some of the key players operating in the chlorophyll color market profiled by FMI are:
- DDW The Color House
- Archer Daniels Midland Company
- McCormick & Company
- Chr.Hansen A/S
- Naturex S.A.
- Riken Vitamin Co., Ltd.
- Döhler Group
- Kalsec Inc.
- Sensient Colors LLC
- BioconColors
- Others
More Valuable Insights on Chlorophyll Color Market
FMI, in its new report, offers an unbiased analysis of the global chlorophyll color market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in chlorophyll color market with detailed segmentation:
By Nature:
- Organic
- Conventional
By Application:
- Beverage
- Bakery, Snacks, & Cereal
- Candy / Confectionery
- Dairy
- Fruit Preparations / Fillings
- Meat, Poultry, Fish, & Eggs
- Potatoes, Pasta, & Rice
- Sauces, Soups, & Dressings
- Seasonings
- Pet Food
By Region:
- North America
- Latin America
- EMEAI
- Asia Pacific excluding India
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Key Questions Covered in the Report
- The report offers insight into chlorophyll color market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for chlorophyll color market between 2021 and 2031
- Chlorophyll color market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Chlorophyll color market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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