Carmine Color Market to Reach USD 78.7 Million by 2033 with 8.0% CAGR | FMI

Carmine Color Market
Carmine Color Market

Due to several variables, the demand for the carmine color is anticipated to expand significantly in future years with a CAGR of 8.0% between 2023 and 2033. The market is projected to have a market share of US$ 78.7 million by 2033 while it is likely to be valued at US$ 37 million in 2023

  • The expanding pharmaceutical industry along with the use of carmine in drug formation is an important element in the market growth. Furthermore, the growing application of natural colors and flavors in food and beverages is thriving the sales of carmine color.
  • Non-alcoholic and alcoholic beverages are in high demand with the rising per capita income. Thus, liquor manufacturers are also adding organic carmine color to their products.
  • Increasing space for experiments with food aesthetics and colors are pushing producers to add natural and organic colors and flavors to their food products. Moreover, the higher demand for packaged food and ready-to-eat items is flourishing the market growth.
  • Companies introducing 100% pure carmine color in different forms such as liquid and powder are also creating a bigger consumer space. The variable solubility options are expected to transform the market dynamics during the forecast period.

Key Points

  1. The United States market leads the carmine color market in terms of market share in North America. The United States region held a market share of 35.7% by 2022. The growth in this region is attributed to expanding food and beverages, and extended research and development.
  2. Germany’s carmine color market is another significant market in the European region. The market held a market share of 5.1% in 2022. The growth is attributed to higher restored food spaces, expanding pharmaceutical industry, and higher demand for natural additives and colors.
  3. The India carmine color market thrives at a CAGR of 10.8% during the forecast period. The growth is attributed to the higher ready-to-eat food consumption, and expanding pharmaceutical sector.
  4. The conventional segment leads the nature-type segment as it held a market share of 90.8% in 2022. The growth is attributed to its affordable prices and effective coloring.
  5. Based on the application type, the meat, poultry, fish, and eggs segment lead as it held a market share of 24.8% in 2022. The growth is attributed to the higher consumption and carmine color’s effective impact on meat.

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Competitive Landscape

The key vendors work on the quality, pricing, and effectiveness of the Carmine colors. Companies also collaborate to expand their natural color portfolio. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.

Recent Market Development

  • Naturex S.A. has introduced the carmine color with a PH value lying between 3.0 – 8.0 along with the heat and light-friendly dynamics.
  • Döhler Group has shown its support for red food coloring through precision fermentation along with its active range of carmine color grades.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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