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Cochineal Extract Market Overview:
In 2022, the Cochineal Extract Market was estimated to be worth USD 39.5 billion. The market for cochineal extract is expected to expand at a compound annual growth rate (CAGR) of 9.70% between 2023 and 2032, from an estimated USD 43.3 billion in 2023 to USD 90.8 billion by 2032. Stringent regulations on synthetic food colours, expanded uses of cochineal extract, increased demand from emerging economies, and an increase in the need for natural food colours are the main factors driving the market expansion.
The increasing demand for natural food colours, which represents a substantial shift in consumer tastes, health consciousness, and industry trends, is having a considerable impact on the dynamics of the food sector. As people become more aware of what they eat, there is a growing demand for natural food colouring. This desire is being driven by several factors that together illustrate the change of the market landscape.
Due to safety concerns, international regulatory bodies have increased the momentum by imposing limitations on the use of certain artificial food colours. This controlled atmosphere has prompted manufacturers to look into and make investments in natural alternatives that aren’t subject to the same regulations. Adherence to legislative mandates ensures that products fulfil safety standards and satisfy the preferences of informed consumers.
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Beyond legal limitations, the market for natural food colours has been greatly impacted by the trend towards vegan and plant-based diets. As a result of the growing popularity of these dietary strategies, there are now more plant-based food alternatives available that complement these lifestyles. Natural food colours are a great fit with the principles of these diets since they are often made from plant-based ingredients. This opens up new markets and product alternatives.
Segmentations:
Food grade, pharmaceutical grade, and industrial grade are the divisions of the cochineal extract market depending on grade. In 2022, the market was led by the food grade category.
Based on application, the cochineal extract market is segmented into food and beverage, pharmaceutical, and other categories. In 2022, the food and beverage sector brought in the highest revenue.
The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. In 2022, the market for cochineal extract in North America had a dominant 45.80% share. Food colourants are widely used by the beverage and confectionery industries in North America to improve the look and feel of their products. Cochineal extract’s enticing deep red colour helps producers make items that are visually appealing for a variety of applications. In addition, the market for cochineal extract in the United States had the most market share, while the market in Canada had the highest rate of growth on the North American continent.
The Asia Pacific region’s food and beverage business is expanding rapidly due to factors such as population growth, urbanisation, and shifting consumer tastes. Utilising natural colourants like cochineal extract can assist manufacturers in creating things that are aesthetically pleasing and commercially viable as they adjust to the needs of an ever-changing market.
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Key Players:
Key Companies in the Cochineal extract market include
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