The Carmine Market is forecast to reach $61.26 million by 2025, growing at a CAGR of 7.44% during 2020-2025. The boom in the demand packaged dairy products is fueling the demand for carmine in the market. In particular, the markets for dairy products and confectionery are boosting the consumption of carmine.
- North America dominates the carmine market owing to increasing demand from applications such as dairy products and confectionery industries.
- The dairy products industry held the major share in the end-use industry segment.
By Application- Segment Analysis
The dairy products segment held the highest share in the market.Global milk output in 2018 is estimated at 843 million tonnes, an increase of 2.2 percent from 2017, driven by production expansions in India, Turkey, the European Union, Pakistan, the United States of America and Argentina, but partially offset by declines in China and Ukraine, among few others. This increase has come about as a result of higher dairy herd numbers along with improvements to milk collection processes (India and Pakistan), efficiency improvements in integrated dairy production systems (Turkey). This is fueling the demand for carmine in the market.The growing demand for candies has resulted in an increasing foray of companies into the sector.Increasing consumer spending and growing trend towards urbanization has led to huge growth of the market in Europe and North America. Confectionery market comprises array of food products such as chocolates, raw pastes, and various sugar-based products. In addition, it includes therapeutic and dietetic confectioneries that differ in formulations from traditional confections.
Geography- Segment Analysis
North America dominated the carmine market with a share of more than 38%, followed by APAC and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing.Considering milk output across major regions, Asia was mainly behind the global output expansion. Milk output expanded moderately in all the regions, including Africa, Central America and the Caribbean, Europe, North America, Oceania and South America.
In Asia, milk output increased to 346.9 million tonnes, up 3.9 percent from 2017, as outputs rose in India and Pakistan. In India, milk production increased by 5.6 percent in 2018, driven by an expanded dairy herd and incremental, but steady, improvements to milk collection systems and higher productivity. However, India’s milk output growth in 2018 was slightly lower than for the preceding two years. This resulted from limited fodder availability on account of the below-average rainfall received during the monsoon.
In Europe, milk output increased to 226.4 million tonnes in 2018, up 0.8 percent from 2017, with higher outputs in the European Union, the Russian Federation and Belarus, partially offset by a decline in Ukraine. Milk deliveries in the European Union reached 167.3 million tonnes, or about 1.7 million tonnes more, an increase of 1.0 percent from 2017. The rate of growth of output expansion could have been slightly higher if not for the 2018 summer drought that affected parts of Europe and the marginal decline of dairy herd numbers. Milk output in the Russian Federation increased to 31.5 million tonnes.
Drivers –Carmine Market
- Growing Confectionery Demand
Increasing innovation among existing products and surging global demand for chocolate products are among the key drivers pushing market growth. However, a widening base of consumers switching to healthy food products is prompting leading manufacturers to add innovative and organic products to their product portfolios.
Challenges – Carmine Market
In the U.S., the FDA regulates both finished dietary supplement products and ingredients found in dietary supplements. As previously noted, dietary supplements are outside of the strict oversight accorded drugs and pharmaceutical products. Instead, they are categorized as a type of food product, and must comply with regulations promulgated under the federal Dietary Supplement Health and Education Act (DSHEA) of 1994 and other more recent legislation. Under current FDA regulations, manufacturers and distributors are directly responsible for evaluating the safety and labeling of their products prior to marketing them for sale, and are prohibited from marketing products that are adulterated or misbranded.
Technology launches,acquisitions and R&D activities are key strategies adopted by players in the carmine market. In 2018, the top five players accounted for xx% of the share. Major players in the carmine Market are Bioconcolors, Chr. Hansen Holding A/S, Colormaker, Inc, Ddw The Color House, Diana Natural, Gnt Group B V, Naturex, Roha Dyechem Pvt Ltd, Sensient Technology Corporation, The Hershey Company,among others.
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