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Global Annatto Market Size, Share, Growth, Trends, Forecast: By Nature: Organic, Conventional; By Form: Raw, Processed; By Product Type: Annatto- Bixin, Annatto- Norbixin; By End User: Food Industry, Cosmetic, Retail; By Distribution Channel; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Annatto Market Outlook
The global annatto market stood at a value of more than USD 219.93 million in 2023. The market is further expected to grow at a CAGR of 5.10% in the forecast period of 2024-2032 to attain a value of over USD 344.06 million by 2032.
| Global Annatto Market Report Summary | Description | Value |
| Base Year | USD Million | 2023 |
| Historical Period | USD Million | 2018-2023 |
| Forecast Period | USD Million | 2024-2032 |
| Market Size 2023 | USD Million | 219.93 |
| Market Size 2032 | USD Million | 344.06 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 5.1% |
| CAGR 2024-2032 - Market by Region | Latin America | 5.4% |
| CAGR 2024-2032 - Market by Country | Mexico | 5.2% |
| CAGR 2024-2032 - Market by Country | USA | 4.5% |
| CAGR 2024-2032 - Market by Distribution Channel | Direct | 5.9% |
| CAGR 2024-2032 - Market by End User | Food Industry | 5.7% |
| Market Share by Country 2023 | Canada | 2.7% |
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Increasing Demand for Organic Products to Aid the Global Annatto Industry
Based on nature, the organic segment accounts for a significant share in the market owing to the increasing inclination of consumers towards organic food products. The organically sourced ingredients involve the use of fewer pesticides and have high nutritional value. Organic annatto based food products boost immunity and possess various medicinal properties. Furthermore, the COVID-19 pandemic has propelled the demand for immunity boosting condiments among consumers, which has been bolstering the demand for organic annatto. This is aiding the growth of the segment.
North America Accounts for a Significant Share in the Annatto Industry
The annatto industry in North America is driven by the rising demand for natural food colourants and condiments in countries like the United States and Canada. The growing demand for processed foods is aiding the product demand, as annatto based colours are mainly used in in food stuffs to provide yellow to orange reddish hues, such as in cheese making. The United States is one of the significant markets for the product globally, thereby propelling the industry growth in North America.
| 2023 Market Share by | Country |
| Canada | 2.7% |
| USA | XX% |
| UK | XX% |
| Germany | XX% |
Annatto Market Segmentation
Annatto is defined as a dyestuff obtained from seeds of achiote tree, an American tropical tree which is also known as Bixa Orellana. It is a yellowish-red dyestuff that is often used in food dyes and polishes, mainly in applications including cheese making, fish processing, and confectionery.
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Based on nature, the market can be segmented into:
- Organic
- Conventional
The major forms of the product include:
- Raw
- Processed
Among these, the processed segment is further divided by type into liquid, powder, and extract.
The segmentation of the market, on the basis of product type, includes:
- Annatto- Bixin
- Annatto- Norbixin
The significant end uses of annatto include:
- Food Industry
- Cosmetic
- Retail
| CAGR 2024-2032 - Market by | End User |
| Food Industry | 5.7% |
| Retail | 4.6% |
| Cosmetic | XX% |
By distribution channel, the market is segmented into:
- Direct
- Indirect
| CAGR 2024-2032 - Market by | Distribution Channel |
| Direct | 5.9% |
| Indirect | XX% |
Among these, the different types of indirect distribution channels include supermarket/hypermarket, convenience store, speciality store, and e-retailers.
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
| CAGR 2024-2032 - Market by | Region |
| Latin America | 5.4% |
| North America | 4.5% |
| Europe | XX% |
| Asia Pacific | XX% |
| Middle East and Africa | XX% |
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| CAGR 2024-2032 - Market by | Country |
| Mexico | 5.2% |
| USA | 4.5% |
| UK | 4.3% |
| Australia | 4.2% |
| France | 3.7% |
| Canada | XX% |
| Germany | XX% |
| Italy | XX% |
| China | XX% |
| Japan | 3.5% |
| India | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
Rising Application of Annatto in the Food and Beverage Sector to Boost the Growth of the Annatto Industry
The global annatto industry is driven by the rising demand for annatto as a condiment as well as colouring agent in the food and beverage industry. Annatto is widely used as a food colourant in various industrialised and semi-industrialised foods such as cheese, ice-cream, bakery products, desserts, fruit fillings, butter, and margarines, among others. In addition to this, the rising application of annatto in the cosmetic industry is likely to propel its demand in the forecast period. Annatto possesses significant antioxidant properties due to the presence of carotenoids, terpenoids, flavonoids, and tocotrienols, which are extremely beneficial for the skin health. Hence, the market is likely to witness a significant growth in the forecast period.
Key Industry Players in the Global Annatto Market
The report gives a detailed analysis of the following key players in the global annatto market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Aarkay Food Products Ltd.
- Aicacolor S.A.C.
- Amerilure, Inc.
- Biocon Del Peru S.A.
- DDW, Inc.
- Frutarom Natural Solutions Ltd.
- Kalsec, Inc.
- Wild Flavors, Inc.
- Chr. Hansen Holding A/S
- Sensient Technologies Corporation
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Nature |
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| Breakup by Form |
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| Breakup by Product Type |
|
| Breakup by End User |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Annatto Market Analysis
8.1 Key Industry Highlights
8.2 Global Annatto Historical Market (2018-2023)
8.3 Global Annatto Market Forecast (2024-2032)
8.4 Global Annatto Market by Nature
8.4.1 Organic
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Conventional
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.5 Global Annatto Market by Form
8.5.1 Raw
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.1 Processed
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.1.4 Processed by Type
8.5.1.4.1 Liquid
8.5.1.4.2 Powder
8.5.1.4.3 Extract
8.6 Global Annatto Market by Product Type
8.6.1 Annatto- Bixin
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Annatto- Norbixin
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.7 Global Annatto Market by End User
8.7.1 Food Industry
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Cosmetic
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Retail
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.8 Global Annatto Market by Distribution Channel
8.8.1 Direct
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2023)
8.8.1.3 Forecast Trend (2024-2032)
8.8.2 Indirect
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2023)
8.8.2.3 Forecast Trend (2024-2032)
8.8.2.4 Indirect by Type
8.8.2.4.1 Supermarket/Hypermarket
8.8.2.4.2 Convenience Store
8.8.2.4.3 Speciality Store
8.8.2.4.4 E- retailers
8.9 Global Annatto Market by Region
8.9.1 North America
8.9.1.1 Market Share
8.9.1.2 Historical Trend (2018-2023)
8.9.1.3 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Market Share
8.9.2.2 Historical Trend (2018-2023)
8.9.2.3 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Market Share
8.9.3.2 Historical Trend (2018-2023)
8.9.3.3 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Market Share
8.9.4.2 Historical Trend (2018-2023)
8.9.4.3 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Market Share
8.9.5.2 Historical Trend (2018-2023)
8.9.5.3 Forecast Trend (2024-2032)
9 North America Annatto Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Annatto Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Annatto Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Annatto Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Annatto Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Aarkay Food Products Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Aicacolor S.A.C.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Amerilure, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Biocon Del Peru S.A.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 DDW, Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Frutarom Natural Solutions Ltd.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Kalsec, Inc.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Wild Flavors, Inc.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Chr. Hansen Holding A/S
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Sensient Technologies Corporation
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Annatto Market: Key Industry Highlights, 2018 and 2032
2. Global Annatto Historical Market: Breakup by Nature (USD Million), 2018-2023
3. Global Annatto Market Forecast: Breakup by Nature (USD Million), 2024-2032
4. Global Annatto Historical Market: Breakup by Form (USD Million), 2018-2023
5. Global Annatto Market Forecast: Breakup by Form (USD Million), 2024-2032
6. Global Annatto Historical Market: Breakup by Product Type (USD Million), 2018-2023
7. Global Annatto Market Forecast: Breakup by Product Type (USD Million), 2024-2032
8. Global Annatto Historical Market: Breakup by End User (USD Million), 2018-2023
9. Global Annatto Market Forecast: Breakup by End User (USD Million), 2024-2032
10. Global Annatto Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
11. Global Annatto Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
12. Global Annatto Historical Market: Breakup by Region (USD Million), 2018-2023
13. Global Annatto Market Forecast: Breakup by Region (USD Million), 2024-2032
14. North America Annatto Historical Market: Breakup by Country (USD Million), 2018-2023
15. North America Annatto Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Europe Annatto Historical Market: Breakup by Country (USD Million), 2018-2023
17. Europe Annatto Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Asia Pacific Annatto Historical Market: Breakup by Country (USD Million), 2018-2023
19. Asia Pacific Annatto Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Latin America Annatto Historical Market: Breakup by Country (USD Million), 2018-2023
21. Latin America Annatto Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Middle East and Africa Annatto Historical Market: Breakup by Country (USD Million), 2018-2023
23. Middle East and Africa Annatto Market Forecast: Breakup by Country (USD Million), 2024-2032
24. Global Annatto Market Structure
Key Questions Answered in the Report
In 2023, the global annatto market attained a value of nearly more than USD 219.93 million.
The market is estimated to grow at a CAGR of 5.10% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach over USD 344.06 million by 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include the growing demand for food additives, growing consumption of processed food products, and the rising application of annatto in various industries.
The increasing inclination towards organic and natural food additives is expected to be a key trend guiding the growth of the industry.
Organic and conventional are the major segments based on nature.
Annatto-bixin and annatto-norbixin are the major forms of the product.
Raw and processed are the major types of the product in the market.
Food industry, cosmetic, and retail are the different end users of the product.
Direct and indirect are the different distribution channels of annatto.
The major players in the industry are Aarkay Food Products Ltd., Aicacolor S.A.C., Amerilure, Inc., Biocon Del Peru S.A., DDW, Inc., Frutarom Natural Solutions Ltd., Kalsec, Inc., Wild Flavors, Inc., Chr. Hansen Holding A/S, and Sensient Technologies Corporation, among others.
Analyst Review
The global annatto market attained a value of more than USD 219.93 million in 2023, driven by the growing demand for the product in the food and cosmetics industry. Aided by the growing demand for organic food colourants, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 5.10%. The market is projected to reach over USD 344.06 million by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on nature, the market is divided into organic and conventional. On the basis of product type, the market is divided into annatto-bixin and annatto-norbixin. By form, the market has been bifurcated into raw and processed, among which the processed segment is further divided by type into liquid, powder, and extract. The major end users included in the market report are food industry, cosmetic, and retail. The different segments based on distribution channel include direct and indirect, wherein the indirect segment is further divided into supermarket/hypermarket, convenience store, speciality store, and e-retailers. The major regional markets for annatto are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Aarkay Food Products Ltd., Aicacolor S.A.C., Amerilure, Inc., Biocon Del Peru S.A., DDW, Inc., Frutarom Natural Solutions Ltd., Kalsec, Inc., Wild Flavors, Inc., Chr. Hansen Holding A/S, and Sensient Technologies Corporation, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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