The global food colors market is expected to hit $3.75 billion in 2022, according to a new report by India-based market research firm Markets and Markets.

In “Food Colors by Market Type, Application, Form and Solubility,” Markets and Markets reports the overall food color market will see a compound annual growth rate (CAGR) of 8.4 percent from 2016 to 2022. The projected growth is based, in part, on greater demand for dyes and natural colors.