The global carmine market size is expected to reach USD 26.0 million by 2025,
according to a new report by Grand View Research, Inc. It is anticipated to
expand at a 5.8% CAGR in terms of revenue over the forecast period. Increasing
demand from food and beverage industry owing to its unique red color is the
primary market driver. Unavailability of substitutes is expected to drive
product demand in the forthcoming years.
Rising consumer
awareness regarding harmful effects of synthetic food colors has resulted in
increasing demand for carmine in bakery and confectionery products. In
addition, use of natural colors as substitutes to synthetic red in novel
beverages is expected to drive market growth over the forecast period.
Growth of food and
beverage industry in developing economies, in light of increased domestic
consumption, is anticipated to be a major factor driving the carmine market.
Rising preference for natural food colors owing to their health benefits is
expected to drive product demand from food and beverage manufacturers over the
next eight years.
Factors such as raw
material supply, price, and consumer demand, and regulatory trends widely
influence the market for carmine. The insect harvesting process used for the
production of carmine is laborious and requires a span of minimum three months.
This results in tight raw material supply. As a result, the bargaining power of
suppliers is high in the industry.
Access Research Report of Carmine Market@ www.grandviewresearch.com/industry-analysis/carmine-market
Further key findings from the report suggest:
· Bakery and confectionery accounted for
around 22.7% of revenue share in 2017 owing to increasing usage in production
of pastries, cupcakes, muffins, specialty baked goods, and candies
· Carmine in meat products is expected to
witness a 4.1% CAGR from 2018 to 2025 in terms of revenue owing to development
of new formulations with improved heat stability useful in meat preparations at
high temperatures
· Europe accounted for a significant revenue
share of carmine market in 2017 on account of demand from producers of novel
beverages such as juices, health drinks, and dairy and frozen products
including ice creams and yogurts
· U.S. is expected to expand at a steady CAGR
in terms of revenue owing to rising adoption in ready-to-eat foods with
presence of major players such as Nestle, Kellogg’s, H.J Heinz, and ConAgra
· Companies catering to the international
market distribute carmine through dedicated direct, indirect, and online
distribution channels. Raw material suppliers play a major role in enabling
availability of cochineal bugs as production is concentrated in Peru.
Grand View Research has
segmented the global carmine market report on the basis of application and
region:
Carmine Application Outlook (Volume, Tons; Revenue,
USD Thousand, 2014 - 2025)
·
Bakery & Confectionery
·
Beverages
·
Dairy & Frozen Products
·
Meat Products
·
Oil & Fat
·
Fruits & Vegetables
·
Other Food Products
Carmine Regional Outlook (Volume, Tons; Revenue, USD
Thousand, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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