The global carmine market size was valued at $33.9 million in 2017 and is expected to grow at a CAGR of 6.7% to reach $57.5 million by 2025.
Carmine is a natural food colorant. It is derived from the shell of the female cochineal insect. This insect Dactylopus coccus costa attaches itself to specific varieties of cactus found in the semi-arid areas of Peru, Chile, Bolivia, Mexico, and The Canary Islands. It is a dye used majorly for coloring food products. This natural colorant \”Carmine\” is the purified form of a colorant known as cochineal. It is derived from the shell of the female cochineal insect. Carmine industry offers its services to various end users such as food processing companies, beverage industry, catering industry, and cosmetics & pharmaceutical industry.
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Growth in health awareness over artificial food additives and the colors used in manufacturing, rise in need for naturally extracted carmine, and technological advancements are expected to drive the growth of the market globally. Also, continuous R&D for low-cost carmine extraction by government and private companies fuel the market growth. However, slow adoption of carmine in developing nations, lack of awareness in undeveloped nations, and high cost associated with extraction of carmine hinder the growth of the carmine market.
The Global Carmine Market is segmented based on form, application, end user, and region. Based on form, the market is divided into powder, liquid, and crystal. Based on application, it is classified into dairy & frozen products, food & beverages, cosmetics, bakery & confectionery, and meat products. As per end user, it is fragmented into food processing companies, beverage industry, catering industry, and cosmetics & pharmaceutical industry. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report highlights the drivers, restraints, opportunities, and growth strategies adopted by the key players to understand the dynamics and potential of the market. Key players operating in the global carmine market are also profiled to provide a competitive landscape of the market space.
The major players profiled in the report are as follows:
- The Hershey Company
- DDW The Color House
- Sensient Colors LLC
- Chr. Hansen Holding A/S
- colorMaker, Inc.
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KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the carmine industry with current and future trends to elucidate the imminent investment pockets in the market.
- It presents information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
- Porter’s five forces model analysis of the industry illustrates the potency of the buyers and suppliers.
- Market player positioning in the report provides a clear understanding of the position of the leading companies.
KEY MARKET SEGMENTS
- By Form
- By Application
o Dairy & Frozen Products
o Food & Beverages
o Bakery & Confectionery
o Meat Products
- By End User
o Food Processing Companies
o beverage Industry
o Catering Industry
o Cosmetics & Pharmaceutical Industry
- By Region
o North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA
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