Annatto Market is classified on applications as cosmetic industry, food industry, natural fabric industry, and others

Global Annatto Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are increasing across the globe. Annatto is the seed or extract of the achiote tree (Bixaorellana), which is a tropical tree. It is a naturally intense dye and ranges in colour from bright yellow to deep orange. The colour of annatto originate from several carotenoid pigments.

It is widely used as a medicine, commercial dye, culinary spice and ingredient in various foods. In addition, they are also used in body paint, fabric dye, cosmetics, insect repellent, etc. The factors that propel the growth of the Annatto Market include increasing demand, rapid urbanization & industrialization and technological innovations.

In addition, some of the other factors such as growing awareness regarding the harmful health effects of synthetic color agents and ban on trading of products made from artificial products. On the other hand, there are also factors that may hamper the growth of the market such as high cost and color degradation due to several external factors such as light, temperature, etc. Also, factors such as allergic nature and low stability of annatto as compared to synthetic agents.

Annatto Market is classified on the basis of form, product type, pigment, applications, distribution channel and geography. Annatto Market is classified by form as powder and liquid. Annatto Market is segmented by product type as emulsified annatto, oil-soluble annatto, water-soluble annatto, and others. Annatto Market is categorized by pigment as carotenoids, bixin, norbixin and others.

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Annatto Market is classified on applications as cosmetic industry, food industry, natural fabric industry, and others. Annatto Market is segmented by distribution channel as online stores, specialty stores and others. Annatto Market is classified on the basis of geography as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa.

The North American region consists of the U.S., and Canada. Latin America region consists of Mexico and Brazil. The Western European region consists of Germany, Italy, France, England and Spain. The Eastern European region consists of Poland and Russia. Asia Pacific region consists of China, India, ASEAN, Australia & New Zealand. The Middle East and African region consists of GCC, South Africa and North Africa. By geography, North America is projected to hold a significant share of the Annatto Market.

Some of the key players that fuel the growth of the Annatto Market include Aarkay Food Products, AICACOLOR, Biocon del Peru, DDW, Guangzhou Qianyi, Hansen, FMC, Kalsec, Vinayak Ingredients, WILD Flavors, Zhongda Biological, and others. The key players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.

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