“Global food and beverages color fixing agents industry size is expected to be valued at more than $3.4 billion by 2027, as per estimates from a GMI report”
In the food industry, coloring agents have long been used to impart and maintain color stability over the prolonged shelf life of products. The popularity of food & beverages color fixing agents is expected to rise due to several factors, including the emergence of ultra-processed foods as a prominent category and the escalating consumption of ready-to-eat snacks during the COVID-19 lockdown.
According to Metro Cash and Carry, its overall processed food segment rose by 3% in the initial 10-15 days in April 2021. With remote working becoming more prevalent during the crisis, in-house consumption of salted snack foods increased by 20%, while the intake of instant meals like pasta and noodles rose by 4%. Furthermore, the wholesaler revealed that there was a significant increase in consumption of breakfast cereals by 36%.
Another key factor adding significant impetus to the food & beverage color fixing agents market growth is the implementation of varied schemes to boost fish production. Under the Pradhan Mantri Matsya Sampada Yojana program, for example, the Indian government was planning to increase fish production to 22-MMT in the country by 2024-2025.
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High consumption of beverages and meat during lockdown
The novel coronavirus pandemic has been posing a long-term impact on drinking habits worldwide. According to a survey commissioned by Alkermes in 2021, over 17% of the respondents reported heavy drinking in the 30 days prior to the survey. Such factors could stimulate the adoption of coloring agents in alcoholic drinks. As per a GMI report, the food and beverages color fixing agents market from the beverage segment will depict a CAGR of 4.9% through 2027.
Apart from alcoholic drinks, the consumption of non-alcoholic beverages also skyrocketed throughout the pandemic. According to data from Pattern Data Science, the demand for non-alcoholic drinks observed the biggest increase, up by 52% in 2021 as compared to a year earlier, generating growth opportunities for the providers of food coloring agents.
Despite COVID-19-induced disturbances on the meat market during the initial months of the pandemic, rapid herd and flock expansion, along with the increasing per animal productivity in regions including China and America, will contribute to global meat consumption. As per the OECD-FAO Agricultural Outlook, the global meat supply is projected to reach 374-Mt by 2030, which could amplify the use of coloring agents in foods like packaged meats.
Rise of organic aquaculture and dairy production in Europe
In Europe, a holistic method like organic aquaculture has been gaining traction due to the introduction of new favorable initiatives, thus supporting the makers of color fixative for foods like processed fish products. An Action Plan introduced in 2021, for example, was aimed at boosting the consumption and production of organic products and increasing organic aquaculture in the EU. The plan puts forward 23 actions that are structured around 3 axes, i.e., rising production, boosting consumption, and improving the sustainability of the sector.
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The high emphasis of dairy companies on regional expansion is another major factor responsible for the development of the food coloring ingredients business. In February 2022, German dairy firm Hochland SE announced plans to invest above $109 million for extensive construction projects in Europe. Also, in 2022, milk production in the EU27 is slated to rise by 0.2% to 150.45 million metric tons as compared to a year earlier, as per the USDA, which could potentially escalate the adoption of coloring agents for milk beverages.
With the rising investment interest towards the dairy industry and the favorable outlook for aquafarming, Europe will likely emerge as a lucrative revenue pocket for the food & beverages color fixing agents business over the coming years.
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