Carmine Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3838
Carmine Market size is anticipated to expand at a considerable growth rate over 2021-2027. This can be ascribed to the product’s rising application in food products like beverages, meat, frozen, and dairy products, as well as in processed foods. Additionally, expanding penetration in bakery and confectionary applications is further likely to re-structure the market growth curve in the coming years.
The industry progression is also being driven by the alarming concerns raised by artificial food additives and colors used in the production of such additives. Growth in the need for naturally derived carmine for processed food and a surge in demand for natural colors on grounds of health benefits and cost-effectiveness would further drive the market demand.
Despite its umpteen benefits, lack of awareness in undeveloped economies, slow adoption of carmine, and high cost associated with extraction of carmine on grounds of biotech processes, would potentially hamper carmine market growth. However, advancements in food industries and consistent R&D efforts for cost-effective carmine extraction by government and private organizations would provide major impetus to the global market expansion.
Carmine is a bright red pigment made from cochineal. Based on application, the product is used in cosmetics and personal care industry as a formulation in a wide range of products including nail polish and makeup. Carmine is generally used to add long-wear, color vibrancy, and shade intensity to makeup products. Besides, it is also the ‘go-to’ natural dye wherein cosmetic chemists seek to achieve specific cooler ranges of purples, reds, and pinks. Innovations in carmine products to suit well for the cosmetics industry would further impel the market demand. For instance, Hourglass Cosmetics and Unilever’s R&D team have unitedly introduced a vegan carmine alternative, to create Confession Refillable Lipstick Red.
Based on the end-use spectrum, the carmine market is expected to gain significant returns from dairy and frozen products and meat products segments. The growth in dairy and frozen products segments is anticipated to come from the introduction of stringent regulatory measures by concerned regulatory bodies against the use of synthetic food colors.
Across the meat products application segment, growth in carmine market would be attributed to the increasing consumption of meat across various economies. Carmine is generally used in forming a film over sausages to enhance their aesthetic appeal.
Carmine industry is anticipated to gain traction in North America, led by the United States, Europe, and Asia Pacific. The US carmine market would record notable growth over the forecast period, driven by the increased consumption of meat products in the country. The United States is observing increased substitution of synthetic red colors with carmine in the meat industry owing to the rising concerns regarding the adverse effects of the former.
Asia Pacific carmine market is estimated to churn lucrative profits through 2027. Fundamental factors driving the regional growth include expanding media exposure, improving regulatory landscape, consumer outrage over artificial product, and losses in market shares and value.
Some of the prominent companies operating in the global carmine industry are Vinayak ingredients, IMBAREX, DDW The Color House, Amerilure, Inc., Biocon colors, and Hansen Holding A/S. These companies are implementing strategies like acquisitions, collaborations, product launches, and more, to secure a prominent position in the global market.
COVID-19 impact on carmine market growth
The global outbreak of COVID-19 pandemic during 2020, has brought a significant impact on the global carmine industry. The growth in the market during the pandemic came from the growing consciousness of people towards health and including natural ingredients in food. However, the market witnessed a slowdown in cosmetics industry due to halt in production, disruption in supply chains, and decreased demand.
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