The new report by Expert Market Research titled, Global Carmine Market Analysis, Share, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis global carmine market assessing the market based on form, application and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 20.37 Million
- Forecast CAGR (2023-2028): 5%
- Forecast Market Size (2026): USD 26 Million
Demand for naturally extracted carmine in processed foods and natural colors is on the rise since they are healthier and more cost-effective than synthetic alternatives. However, the market for carmine is being held back by a lack of adoption in poor countries, a lack of knowledge in underdeveloped countries, and the high cost of extracting carmine due to biotech methods. Technological advances in the food industry, as well as government and private sector research and development efforts to develop low-cost carmine, are projected to open new market opportunities in the near future.
Carmine Industry Definition and Major Segments
Insects that feed on Coccus cacti in semi-arid areas produce carmine, a colorant extracted from the female cochineal insects. The color is magenta or pinkish red, making it a useful coloring ingredient for meat and confectionery. Carmine can also be found in pharmaceutical and cosmetic products.
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The market can be segmented on the basis of form as:
The market can be differentiated by application into:
- Dairy and Frozen Products
- Meat Products
- Bakery and Confectionery
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Carmine Market Trends:
The cosmetics and pharmaceutical industries are expected to develop at the greatest rate of CAGR during the next five years. As far as application segments go, the cosmetics market is expected to grow at the fastest rate over the next several years. Carmine is mostly used in cosmetics to enhance colour vibrancy and shade intensity. It is utilized in personal care products as a natural colour. Makeup and cosmetics formulae can be coloured and tinted with this natural component. A rise in the number of women throughout the world using cosmetics and personal care products is expected to be a major driver of the market over the projected period.
In terms of revenue, it is predicted that Asia Pacific would have significant increase in the next years. Customer indignation against artificial items, increased media exposure, an improved administrative framework, and losses in market share and value have all contributed to the rapid acceptance of carmine and other characteristic added compounds by regional producers, among other things.
Key Market Players
The major players in the market are Amerilure Inc., BIOCONCOLORS, Vinayak Ingredients (India) Pvt. Ltd., Proquimac and among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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