Top Emerging Trends Of Carmine Market Progress Forecast 2025Posted by Mrudula Anil Karmarkar on April 1st, 2021 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. Weaker consumer demand for lifestyle and wellbeing products due to social restrictions and lockdown policies shall have a negative impact on the demand patterns of cosmetic ingredients and certain categories of food additives. However, easing restrictions and public discourse about restarting economic activities in the consumer goods marketspace indicates that, the recovery of demand is imminent. The report will account for Covid19 as a key market contributor. 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 Carmine is manufactured using cochineal extracts. Hence, it does not fall under purview of clean label products. As a result, it is witnessing a mixed reaction by consumers. However, unavailability of sustainable alternatives and lesser side effects as compared to synthetic colors are factors driving the demand from various end-use industries. Further key findings from the report suggest:
Cochineal extract used for the production of pure carmine is derived from female cochineal insects found on Coccus cacti. Peru and Canary Islands are the major producers of pure carmine, which is imported by U.S. The demand from U.S. is growing as the pigment imparts a rare magenta-pink-red color to meat products, candies, and ice-creams. Rising consumer demand for natural food colors to substitute synthetic colorants to reduce their adverse health impacts is expected to complement market growth. Food companies aiming to be a part of the hygienic food future are investing in the introduction of new food products with natural additives and development of improved formulations of carmine food color. Demand for female cochineal bugs is witnessing a rise as they are the only pure source of carmine. Certain companies are using artificial means to create similar weather conditions, which will aid in breeding of these bugs in other parts of the world. This is expected to lower the overall price of carmine over the forecast period. High prices of color formulations owing to the laborious manufacturing process as compared to its synthetic substitutes are expected to restrain the growth of the carmine market. However, increasing yield of carminic acid owing to the use of improved extraction and processing processes is expected to further reduce the price in the near future. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1626/ibb Consumers are apprehensive about carmine as it is extracted from insects. Hence, manufacturers are facing challenges as a large number of players in application industries are limiting their use to very few foods and beverage products. As a result, the manufacturers are searching for a perfect substitute for cochineal carmine. Vertically integrated companies, such as Chr. Hansen, use their manufactured carmine color in dairy products as a food additive to enhance the aesthetic appeal of ice creams, yogurt, cheese, and milk alternatives. They also offer their wide product portfolio to other players in the food processing and manufacturing industry. Grand View Research has segmented the global carmine market report on the basis of application: Carmine Application Outlook (Volume, Tons; Revenue, USD Thousand, 2014 - 2025)
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. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |