Market Research 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.||Product code||726444|
|Published||Content info||82 Pages
Delivery time: 1-2 business days
|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: August 17, 2018||Content info: 82 Pages||
The global carmine market size is expected to reach USD 26.0 million by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a 5.8% CAGR in terms of revenue over the forecast period. Increasing demand from food and beverage industry owing to its unique red color is the primary market driver. Unavailability of substitutes is expected to drive product demand in the forthcoming years.
Rising consumer awareness regarding harmful effects of synthetic food colors has resulted in increasing demand for carmine in bakery and confectionery products. In addition, use of natural colors as substitutes to synthetic red in novel beverages is expected to drive market growth over the forecast period.
Growth of 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 minimum three months. This results in tight raw material supply. As a result, the bargaining power of suppliers is high in the industry.
Companies catering to the international market distribute carmine through dedicated direct, indirect, and online distribution channels. Raw material suppliers play a major role in enabling availability of cochineal bugs as production is concentrated in Peru.