Place marzipan in the bowl of an electric mixer fitted with the paddle attachment. Add food coloring, a drop at a time, beating until desired shade is reached.
Keeping marzipan wrapped in plastic while working, roll a teaspoon of marzipan into a small ball. Flatten in your hand; using a toothpick, make a hole in center. Insert fig stem into hole; mold marzipan around top of fig. Roll marzipan firmly against the small holes of a box grater to make dimples. Repeat with remaining marzipan and figs.
Refrigerate in airtight containers up to 1 week.