Market Leaders: ADM (US), DSM (Netherlands), IFF (US), and Sensient Technologies Corporation (US) are Increasing their Market Shares Steadily Through Strategic Deals in Food Colors Market
The food colors market is projected to reach USD 6.0 billion by 2028 and growing from USD 4.6 billion by 2023 growing at a CAGR of 5.4% from 2023 to 2028. Food colors are contained in many processed food & beverage products, including snack foods, margarine, cheese, jams and jellies, desserts, and drinks, among others. The increase in consumption of natural colors, especially in developing countries due to rising disposable income, changing consumer preferences, and growing demand for convenience food among consumers are the key factors contributing to the growth of the market. Technological advancements, an increase in R&D activities, and consumer interest in organic products are the key factors projected to drive the growth of the food colors market in the developed markets of North America and Europe.
The key players in the food color market include ADM (US), Sensient Technologies Corporation (US), DDW (US), DSM (Netherlands), and International Flavors & Fragrances, Inc. (US) among others. Key market players, along with the other players, adopted various business strategies, such as new product & technology launches, expansions & investments, acquisitions, agreements, mergers, joint ventures, and partnerships, in the last few years to meet the growing demand for food colors and to maintain their market position.
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Koninklijke DSM N.V. is a Dutch multinational company primarily engaged in the production of health & nutritional products and sustainable living solutions. The company is majorly involved in the manufacturing of nutritional & pharmaceutical ingredients, biomedical materials, thermoplastics, resins, and industrial chemicals. The company has three major business segments—nutrition, materials, and innovation centers. The company’s food colors cater to different end-use applications for food products such as dairy, bakery, fruit juice, beer, wine, and savory. The company’s subsidiaries include Fortitech, Inc. (US), Microbia, Inc. (US), DSM Food Specialties B.V. (Netherlands), Aland (Jiangsu) Nutraceutical Co., Ltd. (China), DSM Nutritional Products AG (Switzerland), DSM Dyneema LLC (US), DSM India Private Limited (India), and Ocean Nutrition Canada (Canada). Its products focus on global products and local solutions. DSM is present across 55 countries and has a strong supply chain of 38,000 suppliers. In June 2022, DSM announced its merger with Firmenich (Denmark). Firmenich is among the major leaders in fragrance and flavors. This merger will help the company to strengthen its market position in the nutrition, wellness, and beauty space.
International Flavors & Fragrances (IFF) is primarily engaged in the production and distribution of flavors and fragrances for food, beverage, personal care, and household products. The company offers a range of customized flavor modifiers to help food manufacturers enhance the sweetness, reduce salt, enrich umami, block bitterness, mask off-notes, and augment the mouthfeel for their food & beverage products. It is located in 37 countries and serves in 162 countries in North America, Latin America, Europe, Africa, the Middle East, and Greater Asia. It operates through its subsidiaries such as International Flavors & Fragrances Ltd. (China), International Flavors & Fragrances I.F.F. Ltd. (UK), International Flavors & Fragrances I.F.F. A.G. (Switzerland), International Flavors & Fragrances Ltd. (Hong Kong), International Flavors & Fragrances Ltd. (Japan), International Flavors & Fragrances Pty. Ltd. (Australia), and International Flavors & Fragrances Sp.z.o.o. (Poland). The key competitors of this company are Givaudan (Switzerland), Symrise (Germany), and Firmenich (Switzerland). In 2021, IFF completed its merger with Dupont’s Nutrition & Biosciences, creating global ingredients and solutions leaders serving food & beverage, home & personal care, and health & wellness end markets. DuPont Nutrition & Biosciences (Denmark), now known as IFF, is a subsidiary of DuPont and it operates under 4 business segments: nourish, health & biosciences, scent, and pharma solutions.
Related Reports:
Food Colors Market by Type (Natural, Synthetic, and Nature-identical), Application (Food Products and Beverages), Source (Plants & Animals, Microorganisms, and Minerals & Chemicals), Form, Solubility and Region - Global Forecast to 2028
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