Colorants Market
Colorants Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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Colorants Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Colorant refers to an additive that is added to the product to change the color of the product. Pigments are dyes are the major colorants which are frequently used in industries. These are mainly used in food, cosmetics and personal care products. Addition of colorants makes the food more attractive to the consumers. Natural colorants are gaining traction among population owing to the rising healthcare awareness.
Global colorants market is anticipated to flourish at a CAGR of 5.2% over the forecast period. Further, the market of colorants is expected to garner USD 66.3 Billion by the end of 2024 from USD 46.8 Billion in 2016. Rising demand for colorants from the food & beverage, clothing and cosmetics industry is envisioned to bolster the market of colorants globally.
In the regional platform, Asia Pacific is expected to witness lucrative growth during the forecast period. Further, the market of colorants in this region is likely to get escalated by growth and expansion of various end use industries in the region such as plastic, textile & coatings and increasing demand for colorants from these industries. Moreover, increasing number of manufacturing units in the region is expected to boost the demand for colorants. Countries such as China and India are expected to significantly contribute to the growth of global colorants market.
North America colorant market is anticipated to grow at a significant pace and create significant demand for colorants during the forecast period. Construction activities such as architectural coatings are expected to create substantial demand for colorants during the forecast period. Further, pigment and dye segment is projected to grow at robust CAGR over the forecast period. Apart from this, the demand for colorants is increasing in Europe region owing to the rising preference for natural colorants.CLICK TO DOWNLOAD FREE SAMPLE
Based on application, the global colorants market is segment into food & beverage, personal care, printing, paints & coatings and other. In these segments, food & beverage segment was held for the largest market share of global colorants market. Rising consumption of natural colorants in the food industry is expected to spur the growth of this segment.
Our in-depth analysis has segmented global colorants market into the following segments:
Global colorants market is further classified on the basis of region as follows:
The growing demand for colorants is driven by the increasing application of colorants in various end use industries. Further, expansion of end use industries is supplementing the growth of global colorants market. Apart from this, rising demand for plastics is anticipated to foster the growth of colorants market globally. Moreover, rising utilization of pigments in automotive and construction sector is expected to augment the growth of global colorant market.
Apart from this, development of new shades and flavors is expanding the market of colorants globally. Moreover, wider acceptance of various shades in personal care and plastic industry is expected to fuel the growth of global colorants market during the forecast period. Further, growing preference of the consumer for the attractive packaging of the product is expected to drive the growth of colorants market.
However, volatility in the raw material price is expected to limit the growth of the global colorants market. Further, stringent government regulations limiting the use of synthetic colorants in food & beverage is limiting the growth of the colorants market globally.
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