According to an analysis by Future Market Insights (FMI), the carmine color market is expected to be valued at US$ 35.5 Mn in 2022, growing at a 7.9% CAGR through 2032.
Shifting consumer preference towards natural flavoring agents in food products is expected to fuel sales in the market. Manufacturers are using organic ingredients in packaged food products to keep up with the growing demand, which is encouraging product developments in the market.
Sales are also expected to be driven by the increasing availability of food and beverage products in the HoReCa sector. In addition to this, manufacturers’ development of various new technologies for creating water-miscible solutions for beverage products is likely to boost sales in the beverage sector.
Further, increasing preference for organic ingredients in pet food is expected to drive the market over the assessment period. Consumers are getting more concious about the ingredients used in pet food to avoid indigestion in dogs and cats. The trend is expected to continue over the forecast period, thereby fueling the growth in the market.
“Growing applications of carmine color in plant-based meat products, along with expansion of the food & beverage sector in emerging economies is expected to drive the market in the forthcoming years,” says the FMI analyst.
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Key Takeaways:
Competitive Landscape
Some of the leading companies offering carmine color are Chr. Hansen Holding A/S, Naturex, colorMaker, Inc., BioconColors, The Hershey Company, DDW The Color House, Sensient Colors LLC, Proquimac, Amerilure, Inc., ColorMaker, Inc. and Others.
Key players operating in the carmine color market are investing in research and development to expand their global presence. They are also using innovative technologies to improve the product quality. Besides this, investments in smart labelling, healthy ingredients, attractive packaging and exotic flavors are expected to remain high. For instance:
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