Carmine Market Size Worth $26.0 Million By 2025 Due To Increasing Demand From Food And Beverage Industry | Grand View Research, Inc.

March 03
08:16 2021
Carmine Market Size Worth $26.0 Million By 2025 Due To Increasing Demand From Food And Beverage Industry | Grand View Research, Inc.

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According to a report published by Grand View Research, the global carmine market is expected to expand owing to the usage of the product in food products, including meat, alcohol, dairy and frozen products, and packaged foods.

According to a report, “Carmine Market Size, Share & Trends Analysis Report By Application (Beverages, Bakery & Confectionery, Dairy & Frozen Products, Meat, Oil & Fat), By Region, And Segment Forecasts, 2018 – 2025” published by Grand View Research, Inc., the global carmine market size is expected to reach USD 26.0 million by 2025. It is anticipated to expand at a 5.8% CAGR in terms of revenue over the forecast period. Increasing demand from the food and beverage industry owing to its unique red color is the primary market driver. The unavailability of substitutes is expected to drive product demand in the forthcoming years.

Rising consumer awareness regarding the harmful effects of synthetic food colors has resulted in increasing demand for carmine in bakery and confectionery products. In addition, the use of natural colors as substitutes to synthetic red in novel beverages is expected to drive market growth over the forecast period.

The growth of the food and beverage industry in developing economies, in light of increased domestic consumption, is anticipated to be a major factor driving the carmine market. Rising preference for natural food colors owing to their health benefits is expected to drive product demand from food and beverage manufacturers over the next eight years.

Factors such as raw material supply, price, and consumer demand, and regulatory trends widely influence the market for carmine. The insect harvesting process used for the production of carmine is laborious and requires a span of a minimum of three months. This results in a tight raw material supply. As a result, the bargaining power of suppliers is high in the industry.  

Carmine Market Report Highlights

• On the basis of application, the bakery and confectionery segment accounted for around 22.7% of revenue share in 2017 owing to increasing usage in the production of pastries, cupcakes, muffins, specialty baked goods, and candies.

• Europe accounted for a significant revenue share of the carmine market in 2017 on account of demand from producers of novel beverages such as juices, health drinks, and dairy and frozen products including ice creams and yogurts.

• Asia Pacific is expected to witness a significant CAGR in terms of revenue over the forecast period owing to the factors such as widening media exposure, consumer outrage over artificial products, and improving the regulatory framework.

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Carmine Market Segmentation

Grand View Research has segmented the global carmine market report on the basis of application and region:

Carmine Application Outlook (Volume, Tons; Revenue, USD Thousand, 2014 – 2025)
       1. Bakery & Confectionery

       2. Beverages

       3. Dairy & Frozen Products

       4. Meat Products

       5. Oil & Fat

       6. Fruits & Vegetables

       7. Other Food Products

Carmine Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2014 – 2025)
      1.   North America

     1.1. The U.S.

     1.2. Canada

     1.3. Mexico

     2.    Europe

     2.1. The U.K.

     2.2. Germany

     3.    Asia Pacific

     3.1. China

     3.2. India

     3.3. Japan

     4.    Central & South America

     4.1. Brazil

     5.     Middle East & Africa

Key Players in the Carmine Market

1.         Chr. Hansen Holding A/S

2.         Naturex

3.         Sensient Technologies Corporation

4.         Roha Dyechem Pvt. Ltd.

5.         Diana Naturals

6.         DDW The Color House

7.         The Hershey Company

8.         GNT Group B.V.

9.         BioconColors

10.       ColorMaker, Inc

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Tannin– The global tannin market size was estimated at 1,076.3 Kilotons in 2015. Increasing demand from the leather manufacturing and winemaking industry is expected to be a key factor driving market growth.

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