The carmine alternatives market is likely to increase its market space in the global market as it thrives on a CAGR of 5.6%. The market is valued at USD 21.93 Million in 2022 and will reach the value of USD 35.81 Million by 2032.
The market is anticipated to show promising growth prospects during the forecast period, expanding the carmine alternatives market size.
| Attributes | Details |
|---|---|
| CAGR (2022 to 2032) | 5.6% |
| Value (2022) | USD 21.93 Million |
| Value (2032) | USD 35.81 Million |
The carmine alternatives; are used in increasing applications in food products, including meat, beverages, dairy, frozen products, and newly processed foods. The carmine is manufactured using; cochineal extracts. Additional factors that drive growth are penetration in bakeries and confectionery applications involving pastries, cakes, and candies. This, coupled with the hype around plant-based food and its benefits, is gaining traction in the market. Though, the sustainable alternatives and lesser side effects are growing the; sales of carmine alternatives.
Though, synthetic colors are restricting the; demand for carmine alternatives, coupled with lower availability and supply chains.
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The global carmine alternatives market is significantly driven by the rising consumer trend for natural and plant-based products. Carmine is produced from the ground bodies of cochineal insects using a chemical process that leads to the retained chemical and other additives in the final products and also in the food products. Moreover, carmine can trigger an allergic reaction in a particular class of the population. Considering the buzz around plant-based and natural products, increasing sales of carmine alternatives has increased market opportunity.
Carmine alternatives derived from mostly fruits and vegetables have increased demand from developing nations due to favorable government policies and a flourishing food and beverage industry, cosmetics, and personal care products industry.
The per capita consumption of food and beverage and cosmetics in Asian and Middle Eastern, and African region is increasing at a significant rate. This is fueling the demand for carmine alternatives.
Cochineal production is tempered by the fluctuating climatic conditions leading to the volatile prices of carmine. Therefore, food and beverages, and cosmetics manufacturers are turning away from Carmine and are looking for Carmine alternatives. These carmine alternatives are not only plant-based but also cost-effective products, pushing to invest and search for carmine alternatives since the high and volatile prices of carmine in the global market are resulting in uncertainty.
North American and European regions are the major markets in the global carmine alternatives market. However, Asia is anticipated to witness the highest growth rate over the forecast period in the global carmine alternatives market, followed by Middle Eastern and African markets, expanding the market size while increasing the sales of carmine alternatives.
The increasing consumption of processed food products and cosmetics due to the increasing purchasing power is driving the demand for carmine alternatives in these regions.
The positive changes in the country’s GDP, increasing middle-class population, and increasing income of the middle-class working population are affecting the purchasing power of the consumers in a positive way and creating a positive outlook in the global carmine alternatives market, fuelling the sales of carmine alternatives in new market spaces.
The key players of the carmine alternatives market are focusing on mergers and collaborations that are fueling the sales of carmine alternatives including Hansen A/S, Sensient Colours LLC, Kalsec, DDW The Colour House, Archer Daniels Midland Company, GNT Group B.V and Roha Dyechem Pvt. Ltd.
Recent Market Development:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.6% from 2022 to 2032 |
| The base year for estimation | 2021 |
| Historical data | 2015 to 2020 |
| Forecast period | 2022 to 2032 |
| Quantitative units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments Covered | Form, Source, End Use, Distribution & Region |
| Regional scope | North America; Western Europe; Eastern Europe; Middle East; Africa; ASEAN; South Asia; Rest of Asia; Australia; and New Zealand |
| Country scope | USA, Canada, Mexico, Germany, United Kingdom, France, Italy, Spain, Russia, Belgium, Poland, Czech Republic, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, United Arab Emirates(UAE), Iran, South Africa |
| Key companies profiled | Hansen A/S; Sensient Colours LLC; Kalsec; DDW The Colour House; Archer Daniels Midland Company; GNT Group B.V; and Roha Dyechem Pvt. Ltd |
| Customization scope | Free report customization (equivalent to up to 8 analysts' working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
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The Carmine alternatives market is set to thrive at a CAGR of 5.6% through 2032.
North America is the biggest market in the carmine alternatives market, region’s growth owing to its application in dairy/frozen products and processed foods. This leads to the high demand for carmine alternatives in developed countries like USA and Canada.
Demand for carmine alternatives has gained traction owing to their use as sustainable alternatives, and penetration of confectionery and bakery and meat processing units.
| Estimated Industry Size (2024E) | USD 1,835.8 million |
|---|---|
| Projected Industry Value (2034F) | USD 3,679.4 million |
| Value-based CAGR (2024 to 2034) | 7.2% |
| Market Size (2023) | USD 39,779.0 million |
|---|---|
| Projected Market Size (2033) | USD 90,905.8 million |
| Value-based CAGR (2023 to 2033) | 9.3% |
| Market Size (2023) | USD 37 million |
|---|---|
| Market Size (2033) | USD 78.7 million |
| Market CAGR (2023 to 2033) | 8.0% |
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