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Food & Beverages Color Fixing Agents Market Size
Food & Beverages Color Fixing Agents Market size crossed USD 2.5 billion in 2022 and is projected to exhibit over 4.5% CAGR between 2023 and 2032. A noticeable surge in the consumption of meat and meat products worldwide is a leading factor spurring the market demand.
The demand for meat has grown exponentially over the recent decades, given a visible rise in per capita consumption across high-income countries instigated by expanding geriatric population and the growing dietary concerns seeking greater diversity in protein sources. Besides, the consistent population growth and increasing income levels across low and middle-income economies have further accentuated the trend. For instance, according to recent OECD estimations, to meet the rising demand, the global meat supply is poised to reach 377Mt by 2031.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 2.5 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4.7% |
| 2032 Value Projection: | USD 4.1 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 260 |
| Tables, Charts & Figures: | 191 |
| Segments covered: | Product, Application, and Region |
| Growth Drivers: | |
| Pitfalls & Challenges: |
Furthermore, the consistent improvement in animal breeding and management practices and the ongoing herd and fleet expansion to increase meat productivity will create a favorable growth outlook for the food & beverages color fixing agents market. However, stringent regulatory norms pertaining to product usage across numerous economies may act as a growth-restraining factor.
Food & Beverages Color Fixing Agents Market Analysis
Based on product, the food & beverages color fixing agents market share from the Sodium Nitrate segment accounted for USD 600 million in revenues in 2022. Sodium Nitrate is extensively used as a preservative in a variety of food items, including fish, meat, bakery, and dairy products. It helps prevent the growth of bacteria that spoils meat while keeping its red or pink color intact. The flourishing meat industry, coupled with the increased consumption of animal-based products in countries such as China, backed by rising disposable income.
Regarding the application, the food & beverages color fixing agents market size from beverages segment held over 660 million in 2022, due to their exceptional antioxidant and antibacterial properties, color-fixing agents are used in alcoholic and non-alcoholic beverages. An increasing number of beverage manufacturers experimenting with different flavors and introducing several healthy drink variants will boost the market value. Besides, the healthy growth in the beverages sector, along with changing lifestyles and increasing disposable incomes.
Geographically, the Asia Pacific food & beverages color fixing agents market is estimated to observe around 5% growth rate during the forecast timeline, attributed to the consistent progression of the processed meat industry across the region. The growing middle-class population and its increasing inclination toward processed meat have prompted major international companies to expand their business by means of mergers, acquisitions, or partnerships in the region. In addition, the increasing sea-food consumption owing to the accelerating shift toward healthy and nutrient-enriched food will propel the regional gains.
Food & Beverages Color Fixing Agents Market Share
Prominent participants operating across the food & beverages color fixing agents market include
- BASF SE
- AkzoNobel N.V
- Merck Group
- Yara International
- GFS Chemicals, Inc
- Naturex
- Airedale Chemical
- American Elements
- Sonac
- Mitsubishi Chemical Corporation
These firms have been actively working on integrating novel technologies and introducing new product ranges to gain a competitive edge over others.
For instance, in June 2022, following the phase-out of TiO2 (titanium dioxide) by the European Food Safety Authority (EFSA), ingredient manufacturer Blue California came up with a range of clean label whitening agents as a replacement for the potential health risk white colorant. The new product range comprising proprietary ingredients comes with whitening or opacifying effects and a delicious rich/creamy mouthfeel with exceptional sensory benefits. The products are claimed to support cognitive health and will help brands seek an alternative to titanium dioxide.
Impact of COVID-19 Pandemic
The COVID-19 pandemic had a devastating impact on the market due to several supply chain constraints caused as a result of stringent regulatory norms imposed in response to the viral outbreak. However, during the initial months of the crisis, meat demand witnessed a noticeable upsurge because of panic buying and stockpile-ups. But, later on, due to a visible decline in economic growth and a significant change in consumer buying behavior limited the consumption of meat and meat products. Moreover, several industries, including animal feed, livestock, poultry, etc., suffered a significant setback due to high commodity prices and production costs, diminishing product demand.
The food & beverages color fixing agents market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2018 to 2032 for the following segments:
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Market, By Product
- Sodium Nitrite
- Sodium Nitrate
- Potassium Nitrite
- Potassium Nitrate
- Others
Market, By Application
- Beverages
- Meat
- Poultry & Fish
- Bakery
- Dairy
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Australia
- Malaysia
- Latin America
- Brazil
- Argentina
- Mexico
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
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