According to an analysis by Future Market Insights (FMI), the carmine color market is expected to be valued at US$ 35.5 Mn in 2022, growing at a 7.9% CAGR through 2032.
Shifting consumer preference towards natural flavoring agents in food products is expected to fuel sales in the market. Manufacturers are using organic ingredients in packaged food products to keep up with the growing demand, which is encouraging product developments in the market.
Sales are also expected to be driven by the increasing availability of food and beverage products in the HoReCa sector. In addition to this, manufacturers’ development of various new technologies for creating water-miscible solutions for beverage products is likely to boost sales in the beverage sector.
Further, increasing preference for organic ingredients in pet food is expected to drive the market over the assessment period. Consumers are getting more concious about the ingredients used in pet food to avoid indigestion in dogs and cats. The trend is expected to continue over the forecast period, thereby fueling the growth in the market.
“Growing applications of carmine color in plant-based meat products, along with expansion of the food & beverage sector in emerging economies is expected to drive the market in the forthcoming years,” says the FMI analyst.
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Key Takeaways:
- The U.S. is estimated to account for more than 85% of the North America carmine color market in 2022.
- Germany is expected to dominate the Europe carmine color market holding more than 20% share in 2022.
- Sales in the China carmine color market are forecast to hold 30% of the APAC market share over the forecast period.
- India will emerge as a lucrative market, with sales growing at a 9.6% CAGR over the forecast period.
- Based on nature, sales in the conventional segment are forecast to account for 90.9% of the total market share in 2022.
- In terms of applications, demand in the meat, poultry, fish, & eggs segment will grow at a 7.1% CAGR over the forecast period.
Competitive Landscape
Some of the leading companies offering carmine color are Chr. Hansen Holding A/S, Naturex, colorMaker, Inc., BioconColors, The Hershey Company, DDW The Color House, Sensient Colors LLC, Proquimac, Amerilure, Inc., ColorMaker, Inc. and Others.
Key players operating in the carmine color market are investing in research and development to expand their global presence. They are also using innovative technologies to improve the product quality. Besides this, investments in smart labelling, healthy ingredients, attractive packaging and exotic flavors are expected to remain high. For instance:
- In April 2018, Chr. Hansen expanded production facilities for natural colors in North America. The aim behind the expansion was to strengthen the company’s supply chain capabilities to deliver natural color solutions to current and future customers.
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Get Valuable Insights into Carmine Color Market
Future Market Insights, in its new offering, provides an unbiased analysis of the carmine color market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the demand for carmine color on nature (organic, conventional), application (beverage, bakery, snacks, & cereal, candy/confectionery, dairy, fruit preparations/fillings, meat, poultry, fish, & eggs, potatoes, pasta, & rice, sauces, soups, & dressings, seasonings, and pet food) across seven major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and MEA).
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.