Infinium Global Research has added a new report on Global Carmine Market. The report covers the analysis of global as well as regional markets of carmine. Moreover, the report gives insights into the factors that affect the global as well as regional performance of the market in the short run and in the long run. According to the report, the global carmine market is projected to grow at a CAGR of 6.21% over the forecast period of 2019-2025.
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Carmine Market: Market Insight
The food additive industry is majorly driven by the sales of the food and beverage industry. The food coloring market is focusing more on the natural source of the ingredients. Carmine is one of the food coloring agents which has a natural source. It is derived from an insect called Dactylopius coccus, which after dying is dried and then powdered to make Carmine. The Carmine market is fragmented with more local players competing with each other for their share in the market. The major Carmine producers including New Zealand Coromandel Mountains Carmine Company Ltd., Naturally Australian Carmine Pty Ltd, Main Camp Natural Extracts CAN, GR Davis Pty Ltd, Jenbrook Pty Ltd and others are situated in Australia and New Zealand.
Carmine Market: Drivers, Restraints and Opportunities
The higher application in the food and beverage industry is majorly driving the carmine market. Carmine is used in various foods including bakery products, confectionary, meat products, dairy products and beverages as it is the only FDA approved red food color in some regions. Moreover, increasing demand for natural coloring agents is expanding the demand for carmine. Carmine is extracted from the insects without any chemical additives. Awareness among consumers regarding the effects of chemical food additives on health is pushing the demand for natural food additives. Furthermore, the growing adoption in the cosmetic and pharmaceutical industry is supporting the growth of the carmine market. However, the high cost of manufacturing of carmine is the major restraining factor for the growth of the carmine market. Carmine production is a time consuming and labor intensive process which requires a lot of capital. Nevertheless, the development of a cost-effective production process is expected to offer lucrative opportunities for the key players in the Carmine market.
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In terms of geography, North America generated the highest revenue for carmine, dominating the global market. The largest market share of North America attributed to the increase in the demand for natural food additives and growing awareness regarding health among the consumers in this region. Moreover, the higher expenditure on cosmetics in the region is expected to boost the growth of the carmine market in North America.
Carmine Market: Segmentation
The report on global carmine market covers segments such as application, and form. On the basis of application, the sub-markets include bakery & confectionery, beverages, dairy & frozen products, meat products, oil & fat, fruits & vegetables, and other applications. On the basis of form, the sub-markets include powder, crystal, and liquid.
Carmine Market: Competitive Landscape
The report provides profiles of the companies in the market such as Hershey Trust Company, Amerilure, Inc., Chr. Hansen Holding A/S, DDW The Color House, Naturex, Sensient Technologies Corporation, Biocon Limited, Proquimac Color S.L., Roha Dyechem Pvt. Ltd., Diana Food SAS, and Other Companies.
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