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
- 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.
- 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.
- 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.
- 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.
- 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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