Market Outlook
The demand for natural coloring agents is increasing among the food processors and consumers over the past years due to its wide utilities in the food processing industries and households. The annatto oil is the coloring oil which is prepared by blending the annatto seeds with vegetable oil which gives bright orange color, such coloring agents enhance the texture and color of a variety of food products. The annatto oil is used to produce vitamin rich jam, marmalade, jellies, and juices. As annatto oil contains orange-yellow coloring agents in many food substances including pies, cakes, purees, and syrups by food processing industries. As annatto oil is often combined with bay leaf and dried chili pepper it is highly used as a condiment in salads, soups, and sauces for the household purpose. Along with food, the annatto oil has huge demands over the beverage industry as a coloring agent in brandy, wine, and beer. The demand for naturally derived products such as annatto oil has risen significantly, amidst a modern trend for all natural diets. This includes the increase in demand for clean label products, natural ingredients in product formulations, natural food additives such as natural colors and preservatives. This demand stems from a negative perception for artificial additives and ingredient in the food products and an increased level of health consciousness globally which is anticipated to drive the global annatto oil market positively during the forecast period.
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Global Annatto Oil: Captivating Demand in Cosmetics
There is a growing demand for annatto oil and processed annatto extracts over the years due to changing consumer preference over natural and chemical-free ingredients. The annatto oil is not only used in food processing but also have numerous application in cosmetics and personal care processing as a natural coloring agent. Annatto oil used as an ingredient in foundation creams, lotions, and face wash products and others. As the annatto oil is extracted by the natural process it has reduced side effects in comparison with other chemical based cosmetics, which is increasing demand among health-conscious consumers. The annatto oil is found to have anti-aging properties by regenerating the dead skin cells as it contains a higher concentration of vitamins that replenish the skin layers. Thus annatto oil is also formulated in bathing soaps and cleansers which is expected to drive the global annatto oil market in the future.
Global Annatto oil: Market Segmentation
On the basis of nature, the global annatto oil market has been segmented as:
- Conventional
- Organic
On the basis of end use, the global annatto oil market has been segmented as:
- Food Products
- Food Services
- Cosmetics & Personal care
- Households
On the basis of the distribution channel, the global annatto oil market has been segmented as-
- B2B
- B2C
- Store-Based Retailing
- Grocery Retailers
- Non-grocery Retailers
- Mixed Retailers
- Other Non-grocery Retailers
- Online Retailing
- Store-Based Retailing
Global Annatto oil: Key Players
Some of the major key players of the annatto oil include Amerilure, Inc., PentaPure Foods, Vinayak Ingredients India Pvt Ltd, Chr. Hansen, Inc., DDW — The Color House, BioconColors, La Perla Spice Company, Inc., Food Ingredient Solutions LLC, Wesson etc. More industrialists and product manufacturers have been showing a keen interest in annatto oil which would be escalating demand among consumers during the forecast period.
Opportunities for Market Participants:
As a natural coloring agent, annatto oil has emerging demand among the food processors all over the world owing to increasing demand on natural additives. In addition, the annatto oil has various health benefits which have aggregating demands among the consumers. Due to developing infrastructure in supply chains and expanding distribution channels, it is anticipated that there would be higher returns for the investors of annatto oil during the forecast period.
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Global Annatto oil: A Regional Outlook
The annatto oil has wide application in various processed foods which is anticipated to cater demand of the consumers and industrialists. Globally, among all regions, annatto oil is highly consumed in Latin America due to growing consumer preference natural color food products. Especially in Mexico, annatto oil is well known for culinary use such frying fish and poultry. In the region of North America and Europe, the annatto oil is highly used in confectionaries and cosmetics to give bright orange-yellow color to end-use products. In Asia Pacific, the increasing demand for annatto oil in food processing industries such as sauces and desserts has contributed to the positive growth of the annatto oil market. In the Middle East & Africa the annatto oil is consumed in the minimal concentration due to higher penetration of artificial colors, however, annatto oil is expected proliferate due to shifting consumer preference towards chemical-free ingredients during the forecast period. Bound to all the above factors it is anticipated that, the global annatto oil market would remain positive during the forecast period.
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