Food & Beverages Color Fixing Agents Market is poised to witness growth by 2032, primarily due to the rapidly increasing fish production and consumption worldwide. As per FAO statistics, the overall fisheries and aquaculture production reached an overwhelming 214 million tons in 2020, globally.
In addition, the key providers in the food and beverages color fixing agents market are also seeking to gain a better foothold in the market by expanding their portfolio and engaging in valuable mergers and acquisitions. To cite an instance, in January 2022, Blue California launched its clean-labeled, food-grade whitening, as a suitable alternative to the traditional white colorant, after the European Food Safety Authority (EFSA) banned titanium dioxide as a food additive. As per the company claims, the new whitening agent boasts of excellent sensory benefits and supports cognitive health.
Overall, the food and beverages color fixing agents market has been segmented in terms of product, application, and region.
On the basis of product, the food and beverages color fixing agents market is likely to be characterized by the sodium nitrite segment. The segment was valued at approximately USD 1.19 billion in 2022. The increasing consumption of preserved meat across the globe is speculated to drive the product demand within the next ten years. Various research studies show that processed meat consumption is increasing in Latin America. Among the Latin American countries, Chile has one of the highest amounts of red meat consumption. The research also claimed that among Chilean adolescents, the consumption of processed meat is much higher than unprocessed red meat.
In the context of the application, the meat segment is anticipated to witness robust growth through 2023-2032. The rising demand for easy-to-eat food items will be the primary reason accelerating the segmental expansion. Besides, increasing disposable income and increasing number of working-class individuals will also add impetus to the market.
In the regional context, the Europe food and beverages color fixing agents market will expand at more than 4.5% CAGR during the stipulated time frame. The regional market growth can be accredited to the increasing consumption of bakery products such as biscuits, pastries, cakes, and bread. For instance, the bread consumption trends differ vividly across the European continent, with most countries recording an average consumption of 50 kilograms of bread per person annually. Besides, the dairy industry is also growing in this region, which will also fuel the market growth during the next decade.