Carmine Market Size to Reach USD 71.93 Million by 2030, Says The Brainy Insights
The Brainy Insights
Updated 7 min read
The Brainy Insights
The demand for natural and organic products is rising, which has increased the market share of carmine-made products. The market growth of carmine is significantly dependent on the performance of the bakery and confectionery food industry. Europe emerged as the largest market for the global carmine market, with a 32.74% share of the market revenue in 2021.
Newark, Nov. 07, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global carmine market is expected to grow from USD 41.02 million in 2021 to USD 71.93 million by 2030, at a CAGR of 6.44% during the forecast period 2022-2030.
Carmine is a complete natural coloring agent approved by the FDA to be used in the food and beverages industry. Carmine is the only red coloring agent approved in food products in the European Union and the U.S. These regions have stringent regulations regarding synthetic coloring. Carmine is preferred to be used in yogurt, cake icings, candies, processed foods, etc. Further, it is even used in makeup products to improve the vibrancy of color and increase the intensity of the shade. Carmine is a multi-functional element and is thus used in cross-verticals. Carmine is naturally extracted from insect bodies, then processed in sodium carbonate or ammonium carbonate solution.
Bakery and confectionery products are increasingly consumed in Western and Asian countries. There has recently been a surge in demand for artificial food additives used in processed food items. Thus, many manufacturers are adopting natural additives as they are much safer to consume. Companies involved in the carmine market are expanding the reach of their services to tap into more consumer base. Further, on the demand side, many consumers prefer to use carmine while preparing any desserts at home. This can be attributed to carmine's light and heat stability capabilities. Carmine approves from international agencies like the FDA and many regional agencies to be used in processed meats, confectioneries, etc.
Key players operating in the global carmine market are Chr. Hansen Holding A/S, Sensient Technologies Corporation, Naturex, Diana Naturals, Roha Dyechem Pvt. Ltd., The Hershey Company, DDW The Color House, GNT Group B.V., ColorMaker, Inc, BioconColors, Proquimac Color S.L., Miguz International, Sensient Colors Europe GmbH, Imbarex, Amerilure Inc. among others. To enhance their market position in the global carmine market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Carmine Market Scope:
Report Coverage
Details
Page number
236
Base year
2021
Forecast period
2022-2030
Growth momentum & CAGR
Accelerate at a CAGR of 6.44%
Market growth 2022-2030
USD 71.93 billion
Market structure
Fragmented
Regional analysis
APAC, Europe, North America, South America, and MEA
Performing market contribution
The North American region emerged as the largest market for the global anti-inflammatory drugs market, with a 39.88% market revenue share in 2022.
Competitive landscape
Leading companies, competitive strategies, consumer engagement scope
Companies profiled
Chr. Hansen Holding A/S,Sensient Technologies Corporation,Naturex,Diana Naturals,Roha Dyechem Pvt. Ltd.,The Hershey Company,DDW The Color House,GNT Group B.V.,ColorMaker, Inc,BioconColors,Proquimac Color S.L.,Miguz International,Sensient Colors Europe GmbH,Imbarex,Amerilure Inc.
Market Dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period.
Customization preview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
The high tint segment should grow at the highest CAGR forecast period.
The product type segment is divided into carminic acid, color-based, and high tint. The high tint segment should grow at the highest CAGR forecast period. High-tint carmine provides rich color to food and beverages without interfering with the taste. Also, a drop of high tint is sufficient, making it cost-efficient compared to other product types.
The liquid segment should grow at the highest CAGR forecast period.
The form type segment is divided into crystal, powder, and liquid. The liquid segment should grow at the highest CAGR forecast period. Liquid carmine is readily soluble and does not interfere with the consistency of the product. It can be mixed with the batter of pastries, cakes, and mousses. Liquid carmine is usually a specific percentage of carminic acid in an aqueous solution.
The food and beverages segment accounted for a market share of 51.03% and was valued at USD 20.93 million in 2021.
The application segment includes food and beverages, pharmaceutical, and cosmetics. The food and beverages segment includes dairy and frozen products, confectioneries and bakeries, meat products, fruits and vegetables, and others. The food and beverages segment accounted for a market share of 51.03% and was valued at USD 20.93 million in 2021. Carmine is used in processing meat products such as sausages and burgers to improve their appearance, eventually attracting more consumers. Carmine is even used in cooking oil, including palm oil and chilli oil, as the demand for colored oil has increased in recent years.
The online segment should grow at the highest CAGR forecast period.
The sales channel segment is divided into retail stores, wholesalers, and online. The online segment should grow at the highest CAGR forecast period. There are several businesses to business and business-to-consumer online sales channels that offer several types of Carmine. Consumers can opt for online purchasing at their convenience and choose from various brand options.
• North America (U.S., Canada, Mexico) • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Europe region emerged as the largest market for the global market, with a market share of 32.74% in the year 2021. Europe will gain tremendous market share among the regions due to numerous leading carmine manufacturers, with companies increasing their manufacturing potential in most of the regional countries. The high concentration of pharmaceutical, food & beverages, and cosmetics industries in the three regions significantly contributes to carmine market growth. Consumers in Europe are more concerned about their food habits, and thus, the use of any such synthetic additive is highly frowned upon. The concerned agencies have promoted the adoption of natural colors for food products and have imposed stringent regulations on using artificial colors.
The global carmine market is analyzed based on value (USD Million). All the segments have been analyzed globally, nationally, and country. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, and distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
