Annatto
Market is expected to grow at a significant CAGR in the upcoming
years as the scope and its applications are increasing across the globe.
Annatto is the seed or extract of the achiote tree (Bixaorellana), which is a
tropical tree. It is a naturally intense dye and ranges in colour from bright
yellow to deep orange. The colour of annatto originate from several carotenoid
pigments.
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It is widely used as a
medicine, commercial dye, culinary spice and ingredient in various foods. In
addition, they are also used in body paint, fabric dye, cosmetics, insect
repellent, etc. The factors that propel the growth of the Annatto Market
include increasing demand, rapid urbanization & industrialization and
technological innovations.
In addition, some of the other
factors such as growing awareness regarding the harmful health effects of
synthetic color agents and ban on trading of products made from artificial
products. On the other hand, there are also factors that may hamper the growth
of the market such as high cost and color degradation due to several external
factors such as light, temperature, etc. Also, factors such as allergic nature
and low stability of annatto as compared to synthetic agents.
Annatto Market is classified
on the basis of form, product type, pigment, applications, distribution channel
and geography. Annatto Market is classified by form as powder and liquid.
Annatto Market is segmented by product type as emulsified annatto, oil-soluble
annatto, water-soluble annatto, and others. Annatto Market is categorized by
pigment as carotenoids, bixin, norbixin and others.
Annatto Market is classified
on applications as cosmetic industry, food industry, natural fabric industry,
and others. Annatto Market is segmented by distribution channel as online
stores, specialty stores and others. Annatto Market is classified on the basis
of geography as North America, Latin America, Western Europe, Eastern Europe,
Asia Pacific, Japan and Middle East and Africa.
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