According to a new report published by Allied Market Research, titled,"Carmine Market by Form, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global carmine market size was $33.9 million in 2017, and is projected to reach $57.5 million in 2025, registering a CAGR of 6.7% from 2018 to 2025. The powder form segment accounted for maximum share in 2017. Carmine is a dye majorly used for coloring food products and galenicals. It is also used in inks. This natural colorant Carmine is the purified form of a colorant known as cochineal. It is derived from the shell of the female cochineal insect (Dactylopius coccus Costa). Cochineal and its derivatives come from the bodies of female cochineal beetles. The carmine industry offers wide range of applications in cosmetics, pharmaceutical coatings, cake icings, fillings, and hard candy, icings, yogurt, gelatin dessert, alcoholic beverages, bakery products, and cosmetics.
In 2017, the dairy & frozen products segment dominated the global carmine market, accounting for $12.49 million, and is expected to grow at a notable CAGR of 7.5% during the forecast period. This is attributed due to major use in dairy products such as drinking yogurt, chocolate milk, eggnog, and whey-based drinks. The segment is also estimated to witness a healthy growth rate in the future.
The cosmetics segment is estimated to be the fastest growing segment in the application segment during the forecast period. Carmine in cosmetics is mostly used to add color vibrancy and shade intensity to makeup. In cosmetics, it is used as natural color for personal care application, makeup application, and coloring cosmetic formulas. The increase in consumption of cosmetics and personal care products by majority of women worldwide is anticipated to drive the global carmine market in future.
In 2017, by end users, the food processing companies acquired the maximum market share of 34.1owing to rise in need for natural carmine extracts for processed food and surge in health consciousness among the people globally.
The cosmetics and pharmaceutical industry is anticipated to grow with the highest CAGR of 8.4% during the forecast period (2018-2025).
By form, the powder segment dominated the overall market with 61.2% share and is expected to grow at a CAGR of 7.1% during the forecast period.
Based on region, Asia-Pacific is expected to witness the highest growth rate of 8.1% during the forecast period, owing to improvement in lifestyle, rise in health awareness, and development in regulatory framework.
Key Findings of the Carmine Market:
- Based on region, Asia-Pacific is anticipated to lead the carmine market in 2025, growing at a CAGR of 8.1%, in terms of value.
- In 2017, based on form, the powder segment occupied nearly 61% of the carmine market share.
- In 2017, based on application, the dairy & frozen products segment dominated the global market and is expected to grow at a CAGR of 7.5% during the forecast period.
- In 2017, based on end user, the food processing companies segment occupied around 34.1% of the carmine market size.
The major companies profiled in the report include are Amerilure, The Hershey Company, DDW The Color House, Sensient Colors LLC, Proquimac, Chr. Hansen Holding A/S, Naturex, colorMaker, Inc., Biocon, and Roha.