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The global annatto market size is expected to experience a significant growth by reaching USD 281.97 million by 2027. The growth is attributable to the increasing demand for natural cosmetics from the cosmetic industry across the globe. This information is published by Fortune Business Insights in its latest report, titled, “Annatto Market Size, Share & COVID-19 Impact Analysis, By Type (Solvent Extraction & Emulsified Annatto and Aqueous Extraction Annatto), Application (Food Industry, Natural Fabric Industry, Cosmetic Industry, and Others), and Regional Forecasts, 2020 – 2027.” The report further mentions that the market stood at USD 196.55 million by 2019 and is likely to exhibit a CAGR of 5.0% between 2020 and 2027.
Suja Launches New Line of Natural Juices to Boost Their Sales Revenue & Strengthen Position
In March 2020, Suja, a leading producer of natural ingredients, announced the upcoming launch of its innovative line up of natural juices. These products are designed in collaboration with Whole Foods to provide health-conscious customers with natural fruit juices enriched with vital vitamins and nutrients.
Greg Rose, the CMO of Suja said, “At Suja, we precisely understand the evolving consumers’ relationship with food and beverage products, and the demand for clean-labeled, functional products is at an all-time high. We are further excited to launch our natural nutrient-rich product line that includes naturally-occurring agents such as annatto that cater to the individual’s personal and unique fitness regime.” The increasing awareness among the people to consume healthy food products is propelling the companies such as Suja to introduce natural food products that will bode well for the growth of the global market during the forecast period.
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Increasing Adoption of Natural Cosmetics Product to Favor Growth
The increasing prevalence of skin diseases such as skin irritation, genotoxicity, clastogenicity, and skin sensitization, among others owing to the adoption of synthetic cosmetics is driving the demand for natural cosmetic products. In addition to this, several benefits provided by natural beauty products such as less-toxicity and improved skincare regime is driving the demand for the addition of natural ingredients such as annatto in personal care and beauty products. This is expected to favor the growth of the global market in the forthcoming years.
Product Launches by Givaudan SA & Archer to Boost Their Sales Revenue and Expand Product Portfolio
The global natural annatto market is fragmented by the presence of major players such as Archer and Givaudan that are focusing on developing innovative and natural annatto products. The players are further striving to consolidate their market positions by expanding their product portfolio. The adoption of strategies such as merger and acquisition, partnership, and collaboration by key players is expected to contribute to the growth of the market during the forecast period.
List of the Companies Profiled in the Global Market:
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Value (USD Million)