Generic agrochemical producer Makhteshim Agan Ltd. said Tuesday its LycoRed Natural Products Ltd. subsidiary received FDA approval to use its lycopene products as a food coloring.
The approval allows LycoRed to sell lycopene, which is produced from a special variety of tomato, as a natural food coloring product in the American food industry.
The approval was granted after five years of testing by the FDA.
The natural food coloring market is estimated to be valued at $250 million, with market share of red coloring at around $30m. - $40m.