For each color channel, the process includes gathering Bayer pattern pixel values by pairs, each pair being composed by two successive pixels belonging to the channel along the scanning direction of the pixels of the image, thus each pair of values representing a current input vector, and calculating a predictor vector of the input vector in terms of the differences between the values defining the input vector and a pair of prediction values generated according to a certain criterion, for representing a prediction error. The process further includes quantizing each so calculated predictor vector according to a heavier or lighter degree of quantization depending on whether the predictor vector is representative of an area of relatively uniform color of the image or of an area of relatively abrupt changes of colors of the image, and generating a multibit code representative of the quantized predictor vector of the input vector according to a certain compression ratio.