The global annatto market size is expected to reach USD 340.94 million by 2032, according to a new study by Polaris Market Research. The report “Annatto MarketShare, Size, Trends, Industry Analysis Report, By Type (Oil-soluble Annatto, Water-soluble Annatto, Emulsified, and Solvent-extracted Annatto); By Application; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Expansion of the market is anticipated to benefit from the rising demand from the food industry. Annatto extracts are frequently used in quick service restaurants (QSR) to improve the flavor & appearance. Extracts are used in various foods, including butter, processed cheese, desserts, fillings, toppings, & pasta. These extracts can also be used in confectionery, ice cream, and other products. Additionally, the growing customer preference for natural food additives due to rising public health concerns fuels the market expansion for annatto extracts.
Furthermore, dairy product demand has increased due to the rising global population and increased health awareness. According to the Food and Agriculture Organization (FAO), global milk production rose 1.4% from 2018 to 852 million tonnes in 2019, fueling market growth even more. The growing acceptance of lactose-free dairy products, particularly in western regions, drives market expansion.
Also, the rising demand for aging benefits drives the product's demand. For instance, in September 2019, Annatto-GGTM 150, a ground-breaking substance that promotes healthy aging, specifically muscle protein synthesis, bone health, and cellular energy production, was introduced by Designs for Health (DFH). Therefore, the demand for annatto is rising as dietary supplements are demanded among the population.
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below: https://www.polarismarketresearch.com/industry-analysis/annatto-market/request-for-sample
Additionally, as opposed to a boost in output per person, this growth is primarily the result of an increase in the number of producing animals. Poor-quality feed sources, illnesses, restricted access to markets & services, and the low potential for the milk production of dairy cows are all factors that limit dairy output in many developing nations. Unlike wealthy countries, many emerging nations have hot, humid conditions unsuitable for dairy farming.
Annatto Market Report Highlights
Polaris Market Research has segmented the Annatto Market report based on type, application, and region:
Annatto Market, Type Outlook (Revenue - USD Million, 2019 - 2032)
Annatto Market, Application Outlook (Revenue - USD Million, 2019 - 2032)
Annatto Market, Regional Outlook (Revenue - USD Million, 2019 - 2032)