According to Future Market Insights research, during the projected period, the Global Industrial Achiote Powder is expected to grow at an of CAGR 4.2%. The market value is projected to increase from US$ 595.6 Million in 2022 to US$ 898.7 Million by 2032. Industrial Achiote Powder was valued at US$567.2 Million at the end of 2021 and is anticipated to exhibit CAGR growth of 5% from 2017 to 2021.
Market Size Value in 2022
US$ 595.6 Million
Market Forecast Value in 2032
US$ 898.7 Million
Global Growth Rate (2022 to 2032)
4.2% CAGR
Forecast Period
2022 to 2032
Market Share CAGR (latest period) of the United Kingdom in Europe
6.0%
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Introduction
Achiote powder, also known as Annatto, is indeed an extract made from the Bixa Orellana seed that is frequently used in food preparation to alter the color. You can get annatto or Bixa Orellana as a powder, extract, and oil. Due to its economic significance, achiote powder is currently one of the food dyes used in the food and beverage industry.
It adds color to dairy goods like cheddar and Colby cheeses. Achiote is used in the pharmaceutical and cosmetics industries in addition to the food and beverage sector. It is employed in the manufacturing of skin care products, particularly those that contain natural components.
Comparing historical outlook and projections for the world’s Achiote Powder
The historical outlook and projections of the market for the world in 2017 were US$ 466.6 Million and During the projection period, it is anticipated that the global market for Achiote Powder will expand at a CAGR of 4.2% (2022 to 2032).
Achiote powder is produced in several countries, including Mexico, Peru, Bolivia, and Ecuador. The majority of the world’s supply comes from Mexico. The decrease in demand has caused a decline in production. From 2017 to 2021, FMI says that the CAGR was estimated at 5%.
Achiote powder is a red condiment used in many Latin American dishes. It has an earthy, peppery flavor and is made from the seeds of the achiote tree. The powder is used to add color and flavor to food and can be found in both paste and powder form.
Achiote has been used in culinary traditions for centuries. The Mayans and Aztecs used the powder to color their food, and it was also used as body paint by many indigenous tribes. Achiote was introduced to Europe by Spanish explorers, who brought the seeds back from their travels to the New World.
Historically, achiote powder was used as a natural dye for fabrics and body paint. It was also believed to have medicinal properties and was used to treat various ailments. Today, achiote powder is primarily used as a culinary ingredient.
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Category-wise Insights
Why food processing industry is consuming Achiote Powder?
The achiote tree is a popular plant in the food processing industry because of its bright red seeds. The seeds are used to make achiote powder, which is used as a food coloring and flavoring agent. The achiote tree is native to Mexico, Central America, and the Caribbean. It has been introduced to other parts of the world, including Africa, Asia, and Europe. Achiote powder is made from the ground seeds of the achiote tree. The powder has a reddish-brown color and a pungent flavor.
Achiote powder is used in many culinary dishes, including Latin American and Caribbean cuisines. It is also used as a food coloring agent in processed foods. Achiote powder has an earthy, peppery flavor with hints of citrus and annatto. It can be used to season meats, poultry, fish, and vegetables.
What are the different sectors where the application of Achiote powder occurs?
Achiote powder is widely used in the food industries, pharmaceuticals, natural fabric industries, and healthcare sectors.
Country-wise Insights
What is the growth status of Achiote Powder in North America and other regions?
All across the world, there is a considerable demand for achiote powder. Furthermore, due to the government's strict regulations on synthetic items, regions including the Asia Pacific, North America, and Europe are the leading markets for achiote powder. As a significant exporter of achiote powder, Japan is still the Asia Pacific region's development engine. Achiote powder is mostly consumed in the United Kingdom and the Netherlands in Europe, where it is used to make margarine and as a hard cheese coloring agent.
What is the growth status of Achiote Powder in Europe?
Natural food coloring created from achiote plant seeds is known as achiote powder. This is a reddish-orange vegetable that is frequently used to color Latin American food. Additionally, the powder is utilized as body paint and in cosmetics. This is used by chefs who are searching for all-natural alternatives to artificial food color. A few European businesses have begun importing achiote powder from Latin America, and it is anticipated that supply will rise in the upcoming years. In Europe, achiote powder is currently in a relatively early stage of expansion. However, there is a chance that the powder will gain popularity as more people become aware of its distinctive flavor and coloring capabilities.
What is the scenario of the Asia pacific region for the consumption of Achiote Powder?
In Asia Pacific, achiote powder is commonly used as a food coloring or spice. The red color of the powder comes from the carotenoid pigment, which is also responsible for the red color in carrots and tomatoes. Achiote powder has a slightly nutty flavor and is used to add color and flavor to many dishes.
Achiote powder is used in many different cuisines in the Asia Pacific. In Chinese cuisine, it is often used to color rice and noodles. In Japanese cuisine, it is used to add color to soup stocks and sauces. Indian cuisine is used to add color and flavor to curries and other dishes. The use of achiote powder in the Asia Pacific has been increasing in recent years as more people become aware of its benefits.
Supermarket and Industrial Distributors Are Propelling the Growth of Achiote Powder in the Market-
The global market for Achiote Powder is anticipated to expand according to a recent FMI analysis CAGR of 4.2% from 2022 to 2032. The rising demand for natural food colorants is one of the key drivers for market growth. The increasing preference for plant-based food colorants over synthetic ones is also driving the growth of the achiote powder market.
The popularity of achiote powder has grown in recent years, as more people have become interested in Latin American cuisine. Achiote powder is now available in many grocery stores and online retailers.
The high cost of achiote powder is one of the major restraints on market growth.
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Competitive Landscape
A natural, scarlet seasoning called achiote powder is popular in Latin American cooking. It is used to flavor numerous recipes and has a little spicy and bitter taste.
There are many companies competing for market share in the fiercely competitive achiote powder market. The top three competitors in the market are McCormick & Company, Tropical Traditions, and Goya Foods.
With a 35% market share, Goya Foods dominates the achiote powder industry. The business sells a variety of goods, such as seasonings, spices, and condiments, and is well-known in both Latin America and the USA.
With a 20% market share, Tropical Traditions is the second-largest competitor. The business has a significant web presence and sells organic achiote powder that has received USDA certification.
This achiote powder market is highly competitive with various regional and international players vying for a share of the pie. The key players in the market include Ajinomoto Co., Inc., Amitex Agro Industries, Annatto Foods Corporation, B&G Foods, Inc., and Bunge Limited. These companies are engaged in intense competition to gain a larger share of the market.
Achiote Powder Market Report Scope
Attribute
Details
Forecast Period
2022 to 2032
Historical Data Available for
2017 to 2022
Market Analysis
USD Million for Value and Units for Volume
Key Regions Covered
North America
Latin America
Europe
Asia Pacific
Oceania
Middle East and Africa(MEA)
Key Countries Covered
USA
Canada
Mexico
Germany
United Kingdom
France
Italy
Spain
China
Japan
India
South Korea
Australia
Brazil
Argentina
South Africa
United Arab Emirates
Key Segments Covered
By Type
By Application
By Distribution Channel
By Region
Key Companies Profiled
Brownana Gh Ltd.
MG Natura Peru SAC
Mama Sita’s
Marven bio chem
Amerilure
Kolorjet Chemicals Pvt.Ltd.
Denton Spice Company
SENSIENT Pharmaceuticals
Report Coverage
Market Forecast, Company Share Analysis, Competitive Landscape, Drivers, Restraints, Opportunities, and Threats
Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Segmentation
By Distribution channel the Achiote Powder is segmented as:
Online
Offline
By type the Achiote Powder is segmented as:
Oil-Soluble Annatto
Water Soluble Annatto
Emulsified and Solvent-Extracted Annatto
By Application the Achiote Powder is segmented as:
Pharmaceutical
Healthcare
Food industry
Natural fabric industry
Frequently Asked Questions
What is the market Share value of Achiote Powder in 2022?
The global Achiote Powder will reach a valuation of US$ 595.6 Million by the end of 2022.
What is the Achiote Powder Outlook?
The Achiote Powder is expected to register of CAGR 4.2% in the years 2022 to 2032.
Which are the major countries driving demand for Achiote Powder Market?
The USA, Germany, Japan, and China are the major countries driving demand for Achiote Powder Market.
What is the demand outlook forecast for the Achiote Powder Market?
The global Achiote Powder is forecasted to surpass US$ 898.7 Million by the end of 2032.
What is the, USA Achiote Powder Market Outlook?
The USA Achiote Powder Market is contributing 33.4% of the total market share which values.
What is the, Germany Achiote Powder Market Outlook?
In Germany Achiote Powder Market is contributing to the total market share which values at 22.2% by the year 2022.
At What Rate Will Achiote Powder Market Demand Grow in Australia?
The demand for Achiote Powder Markets is expected to of total market share value of 3.0% in the year 2022.
At What Rate Will Achiote Powder Market Demand Grow in Japan?
The Japan Achiote Powder Market will grow at 11.4% of the total market share values in the year 2022.
What is the, China Achiote Powder Market Outlook?
In China Achiote Powder Markets contributed 3.3% of CAGR in the year 2022.
What is the India Achiote Powder Market Outlook?
The India Achiote Powder Market is expected to register a 4.7% of CAGR in the year 2022.
