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Global Annatto Market 2021: By Form (Powder, Liquid), By Application (Food & Beverage, Textile, Cosmetic)Global Annatto Market Growth Rate, Trends, Market Analysis, Applications, Growth Forecast till 2028” is a forthcoming report produced by the research analyst team of Trusted Business Insights. The report includes factors driving and hindering market growth, as well as trends and possible opportunities for existing as well as new entrants in the market. Details of major companies is also provided in the report, along with revenue, business categories, regional presence, etc. The target market is projected to be valued at US$ X Mn in 2028 and register substantial CAGR of X % over the 10-year period. The global annatto market report has been bifurcated on the basis of form, application, and region/ country.Request Covid - 19 Impact The Global The Global Annatto market size was valued at USD $193.48 Million in 2020, USD $202.97 Million in 2021, forecasted to reach USD $212.91 Million in 2022, and is projected to reach USD $312.17 Million by 2030, and is anticipated to expand at a CAGR of 4.9% over the forecast period from 2020 to 2030.
Annatto: Product OverviewAnnatto is a dried seed derived from achiote tree (Bixa Orellana L) that is mainly cultivated in South and Central America. The seed and leaf of Bixa Orellana L tree are used to make medicines. It is used as a food coloring agent and condiment in food industry and has applications in cosmetic and textile industries. Various health benefits offered by annatto are that it helps prevent cataract, helps in digestion, reduces stomach issues, and provides essential nutrients to body for strong bones.
Global Annatto Market: Driving Factors and Limiting FactorsIncreasing popularity for natural food products and growing awareness among consumers regarding esthetic appeal and looks are prominent factors that are anticipated to drive global market growth. In addition, stringent rules and regulations on use of chemicals and artificial coloring, especially in food industry, is in turn estimated to result in increased demand for natural food coloring agents including annatto. This is another factor that is expected to fuel target market growth. Furthermore, increasing demand for annatto in food industry owing to its therapeutic properties such as treating gonorrhea, controlling congenital disabilities, dermal healing, and others is among some of the other factors anticipated to support revenue target market growth. Moreover, rapid industrialization, coupled with growing cosmetic and textile industries, changing lifestyles, and increasing spending capacity are factors expected to boost global market growth in the near future. However, possibilities of irritable bowel syndrome by overconsumption and allergic reactions in some individuals allergic to certain content of annatto is a major factor that could hamper the global market growth. Segment Analysis: Global Annatto Market
By Form:Among the two segments based on form, the powder form segment is projected to register major revenue share of the global market in the next 10-year period. This is attributed to increasing usage of annatto in personal care & cosmetic products such as soaps, lotions, skincare, blush powders, etc.
By Application:Among the three major applications, the food & beverage segment is anticipated to register highest growth rate in the target market. Increasing consumption of bakery products, culinary, beverages, dairy products include cheese, butter, etc. is a factor expected to propel segment growth in the target market.
Region Analysis for Global Annatto MarketThe North America annatto market is estimated to record highest share in terms of value and is projected to continue to dominate in the next coming years. This is due to high consumption of annatto in the US and Canada countries in the region. Additionally, rising demand for natural coloring in cosmetics and textile industries is a factor expected to drive market growth of annatto in the region. The annatto market in Asia Pacific is projected to register fastest CAGR in the market owing to increasing food & beverage industry. The Latin America market is expected to register substantial growth rate, due to presence of major producer of annatto in Brazil and Peru in the region.
Below are the leading companies profiled in this Annatto Market Report:
Chapter 1 Methodology and Scope