London — Global sales for natural food colors are anticipated to hit $3.2 billon by 2027 with a projected compound annual growth rate (CAGR) of 8.4 percent during the period, according to Meticulous Market Research Pvt. Ltd.
Consumers’ rising health consciousness and inclinations toward environmentally friendly products are propelling the sector, according to the market researcher, which adds demand for organic products will lift the market for natural colors.
By type, red-hued carmine accounted for the largest market share in 2019, attributed to growing demand manufacturers of products such as hard candy, bakery items, cake icing, yogurt and fruit syrups. However, demand for natural blue and green colors will drive spirulina to have the fastest CARG during the forecast period, with rising demand from candymakers projected to be a major contributing factor, according to Meticulous Market Research.