European Chemicals & Ingredients: US Colour Reformulation: Bright spots but further to run

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European Chemicals & Ingredients: US Colour Reformulation: Bright spots but further to run

Equity Research

24 June 2026

European Chemicals & Ingredients

US Colour Reformulation: Bright

spots but further to run

Our proprietary data analysis indicates artificial colour European Chemicals & Ingredients

penetration still sits at ~17% in the US with the reformulation NEGATIVE

still in the early innings despite notable progress at Nestle. European Chemicals & Ingredients

Alex Sloane

Sensient has been a clear beneficiary, while Givaudan and +44 (0)20 3555 0645

Kerry have scope to increase participation. alexander.sloane@barclays.com

Barclays, UK

Setu Sharda

Momentum building but significant progress needed to meet MAHA's ambition on colours:

+ 91 (0)22 6175 1934

Regulatory pressure (MAHA and the FDA's synthetic dye phase-out initiative) is increasingly setu.sharda@barclays.com

being reinforced by consumer demand and a growing list of commitments from major CPG Barclays, UK

companies to remove artificial colours from products in the US. Nestlé USA’s confirmation that it

Katie Richards

has fully removed FD&C colours (Link) across its portfolio provides an important proof point +44 (0)20 3555 0315

that large-scale reformulation is achievable, helping to reduce perceived execution risk for the kathryn.richards@barclays.com

wider industry. Our proprietary web scraping analysis indicates penetration of artificial colours Barclays, UK

have fallen from 21% in July 2025 to 17% in June 2026 suggesting clear reformulation activity

Anil Shenoy

taken by the FMCG companies. Despite the progress, artificial colour penetration remains +91 (0)22 6175 2487

elevated across many food and beverage categories, leaving a sizeable conversion opportunity anil.shenoy@barclays.com