Expert Market Research’s new report titled Global Carmine Market Report and Forecast 2021-2026′, gives an in-depth analysis of the global carmine market assessing the market based on form, application and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
- Historical market size (2020): USD 20.37 million
- Forecast CAGR (2021-2026): 5%
- Forecast Market Size (2026): USD 26 Million
The demand for naturally extracted carmine in processed foods and natural dyes is increasing as they are healthier and more cost effective than synthetic alternatives. However, the carmine market is held back by a lack of adoption in poor countries, a lack of knowledge in underdeveloped countries, and the high cost of carmine extraction due to biotechnological methods. Technological advancements in the food industry, along with government and private sector research and development efforts to develop carmine at low cost, are expected to open new market opportunities in the near future.
Industry definition and major segments
Insects that feed on Coccus cacti in semi-arid areas produce carmine, a dye extracted from female scale insects. The color is magenta or pinkish red, making it a useful coloring ingredient for meat and confectionery. Carmine can also be found in pharmaceuticals and cosmetics.
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The market can be segmented on the basis of form as follows:
The market can be differentiated by application by:
- Dairy and frozen products
- Beauty products
- Meat products
- Bakery and Confectionery
Regional markets for the product include North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
The cosmetics and pharmaceutical industries are expected to grow at the highest CAGR rate in the next five years. As for the application segments, the cosmetics market is expected to grow at the fastest rate over the next few years. Carmine is mainly used in cosmetics to enhance the brilliance of colors and the intensity of shades. It is used in personal care products as a natural colorant. Make-up and cosmetic formulas can be colored and tinted with this natural component. An increase in the number of women globally using cosmetics and personal care products is expected to be a major market driver over the projected period.
In terms of revenue, Asia-Pacific is expected to see a significant increase over the next few years. Customer outrage over 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 growers. , among others.
Main market players
The major market players are Amerilure Inc., BIOCONCOLORS, Vinayak Ingredients (India) Pvt. Ltd., Proquimac and among others. The report covers market shares, capacities, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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