Carmine Market to Witness an Outstanding Growth by 2018-2026
Global Carmine Market was valued US$16.7 Mn in 2017 and is estimated to reach US$27 Mn by 2026 at a CAGR of more than 6.19% during a forecast period.
Global Carmine Market is segmented by Application and by Region.
Carmine market by application segment is classified into Beverages, Bakery & Confectionery, Dairy & Frozen Products, Meat, and Oil & Fat. Geographically split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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Based on an application the dairy and frozen segment lead the carmine market. This can be attributed to stringent regulatory measures introduced by concerned authorities against the use of synthetic food colors. As a result, the usage of synthetic colors in dairy products such as flavored milk and flavored frozen yogurt has decreased significantly. Rising demand for the color in processed meats and meat products such as sausages and bacon is anticipated to drive the market over the forecast period. A growing use of carmine in forming a film over sausages to improve their aesthetic appeal coupled with rising demand for meat products in developed economies such as U.S. and U.K. is expected to boost market growth.
The global carmine market is anticipated to witness sustained growth over the forecast period. Growing 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 the development of improved formulations of carmine food color. Demand for female cochineal bugs is witnessing a growth as they are the only pure source of carmine.
Asia Pacific is expected to witness a significant CAGR in terms of revenue over the forecast period. Factors such as widening media exposure, consumer outrage over artificial products, improving regulatory framework, losses in market value and shares have also contributed to the rapid adoption of carmine also with other natural additives by regional manufacturers. All other regions are following to contribute the growth in Carmine market.
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The report includes detailed profiles of the prominent market players that are trending in the market. Amerilure, The Hershey Company, DDW Color House, Sensient Colors Europe GmbH and Proquimac, MIGUZ International and PROQUIMAC COLOR S.L., among others.
Scope of the Global Carmine Market
Global Carmine Market By Application:
Bakery & Confectionery
Dairy & Frozen Products
Oil & Fat
Global Carmine Market By Region:
The Middle East and Africa
Key Player analysed in the Global Carmine Market:
The Hershey Company
DDW Color House
Sensient Colors Europe GmbH and Proquimac
PROQUIMAC COLOR S.L.
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