According to a report published by Fortune Business Insights, titled “Annatto Market Size, Share & Industry Analysis, By Type (Oil-soluble Annatto, Water-soluble Annatto, and Emulsified and Solvent-extracted Annatto), Application (Food Industry, Natural Fabric Industry, Cosmetic Industry, and Others), and Regional Forecasts, 2019 – 2026,” the market was valued at USD 186.14 Million in 2018 and is projected to reach USD 283.62 Million by the end of 2026, exhibiting a CAGR of 5.38% in the forecast period (2019-2026).

Annatto is widely used across the food and beverage industry as a natural food colorant. It is used to enhance the visual appearance of several foods such as desserts, dairy products, and meat. Besides applications in the food industry, annatto is used in natural fabrics for dyeing purposes. The developments in the extraction of annatto have led to increased product availability, which in turn will fuel demand for the product across the world. The global Annatto Market is likely to benefit from recent advancements in seed cultivation techniques.