Annatto Market: Overview
Shift in the demand for natural food colors from synthetic food color has stimulated the demand for annatto for various applications. Annatto seeds are used as coloring source for various processed food items including cheese, butter, dairy spreads, breakfast cereals, baked good, and more. Rising awareness about health among people is propelling the demand for natural colorants in the food products. This is one major factor contributing to the growth of annatto market.
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Apart from food industry, annatto has applications in the medicinal field. The seed, root, and leaf of the annatto tree has medicinal property. It is used in the preparation of medicines. These medicines are used for the treatment of constipation, diarrhea, vomiting, fever, fluid retention, high cholesterol, and malaria.
Another trend likely to have an influence on the annatto market is the rising demand for natural colors instead of synthetic colors in wall paints, crayons and clothes dye.
An upcoming research report on annatto market provides detailed insights into growth trends and opportunities likely to come to the fore in the said market over the 2019-2029 forecast period. Demand drivers and challenges pertinent to the annatto market are examined to provide reliable analysis of the annatto market over the forecast period.
Annatto Market: Notable Developments
Red colored annatto seeds are produced in Maredumilli forests of Southern part of India. The seed is preferable for red lipstick preparation. Also, lipsticks made from natural ingredient is more preferable when compared to the chemical based lipstick. This will boost the expansion of annatto market.
However, referring to the current news, the middlemen in the market will be dictating the rate of annatto seeds. This will affect both the producers as well as the end users.
Though, the middlemen have assured to give the input price to the producers. Once purchased, the seeds will auctioned in the market of Spain, Iran, Argentina, the U.S., Philippines and Brazil at competitive price. This may bring hindrance for the growth of new companies in the market.
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Annatto Market: Key Trends
At present, modern practices of natural diet is boosting the demand for natural colorants. The demand for natural colorants is increasing among the food processing industry which is driven by the demand for consumers. Annatto has wide applications in the food industry. It aids the production of vitamin rich jam, jellies, marmalade and juices. Annatto, as a natural coloring agent, is also in demand in beverage industry. It is used to provide color to wine, brandy, and beer.
Consumers are opting for chemical-free and natural cosmetic products. And, annatto has applications in personal care and cosmetic industry, as a natural coloring agent. Annatto oil is being used in face wash products, foundation creams, and face wash. The formulation of annatto oil in cosmetic products will indirectly aid the expansion of global annatto market.
Annatto Market: Regional Outlook
North America will be a major contributor to the global annatto market due to the “health and wellness” trend. The trend is increasing the demand for natural food colors in North America. The government in the region is also inclined towards adoption of natural coloring agents in various food and beverages.
Emerging economies in Asia Pacific region is influencing the demand for natural products in food and cosmetics. This will help boost global annatto market. Latin America is the dominant producer of annatto across the globe.
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