Annatto is a type of food coloring made from the seeds of the achiote tree (Bixa orellana). Though it may not be well known, an estimated 70% of natural food colors are derived from it. Additionally, annatto is used as a condiment to enhance the flavor of dishes due to its slightly sweet and peppery taste. Its aroma is best described as nutty, peppery, and floral.
In addition to its culinary uses, annatto has long been used in many parts of South and Central America for art, as a cosmetic, and to treat various medical conditions. This natural food coloring has been associated with various potential health benefits:
Antioxidant properties
Antimicrobial properties
Anti-cancer properties
Promotes eye health
Promotes heart health.
Anti-inflammatory properties.
Source: https://www.healthline.com/nutrition/annatto#benefits