As per the report, the global carmine market was estimated at $33.9 million in 2017 and is expected to hit $57.5 million in 2025, growing at a CAGR of 6.7% from 2018 to 2025.
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Health fears over artificial food additives, the colors used in the production of such additives, growth in need for naturally extracted carmine for processed food, and rise in demand for natural colors on account of health benefits & cost-effectiveness have fueled the growth of the global carmine market. On the other hand, slow adoption of carmine in developing nations, lack of awareness in undeveloped nations, and high cost associated with extraction of carmine on account of biotech processes have hindered the growth to some extent. Nevertheless, technological advancements in food industries and continuous R&D for deriving cost-effective carmine by private organizations and government have created multiple opportunities in the segment.
Frontrunners in the market
Leading market players analyzed in the research include Hansen Holding A/S, Amerilure, DDW The Color House, Chr. Naturex, colorMaker, Inc., Roha, Sensient Colors LLC, Proquimac, The Hershey Company, and Biocon. They are expanding the scope of their business operations in the developing countries by incorporating cutting-edge products in their product portfolios.
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Powder segment to remain dominant through 2025
Based on form, the powder segment contributed to more than three-fifth of the total market and also came out as the fastest growing segment, registering a CAGR of 7.1% during the forecast period. The increasing demand for non-toxic natural coloring ingredient used in the food industry has spurred the growth.
Dairy and frozen segment to rule the roost
Based on application, the dairy and frozen product segment held nearly two-fifth of the total market share and is anticipated to dominate throughout the study period. Its extensive use in dairy products such as drinking yogurt, chocolate milk, eggnog, and whey-based drinks has driven the growth. Also, wide consumption of dairy & frozen products in the developing countries has propelled the growth of the market.
North America to retain its highest share during the study period
Based on region, North America accounted for more than one-third of the total market share and is anticipated to maintain its dominance till 2025. High consumption of meat products in the region over the past few years has driven the market.
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