Market Research Future (MRFR) has published a cooked research report on the “Global Cochineal Extract Market” that contains information from 2018 to 2032. The cochineal extract market is estimated to register a CAGR of 9.70% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global cochineal extract market— Gentle world, DDW The Color House, Chr Hansen Holding A/S, Xian LiSheng-Tech Co. Ltd, Sensient Technologies Corporation, Naturex, Roha Dyechem Pvt. Ltd., BioconColors, ColorMaker Inc., Colores Naturales EIRL, Lake Foods and others
The global cochineal extract market is accounted to register a CAGR of 9.70% during the forecast period and is estimated to reach USD 90.8 Billion by 2032.
The cochineal extract market, sourced from insects, is witnessing steady demand in the food, cosmetics, and pharmaceutical industries due to its natural red coloring properties. Rising consumer preference for natural ingredients fuels its usage.
The global cochineal extract market has been segmented based grade and application.
On the basis of grade, the market is segmented into food grade, pharmaceutical grade and industrial grade. The food grade segment dominated the market in 2022. Food goods including confectionery, ice cream, yogurt, and beverages all use food-grade cochineal extract. It is a natural red color that can be consumed by people.
Based on application, the global cochineal extract market has been segmented into food beverages, pharmaceuticals and others. The food beverages category generated the most income in 2022. This is a result of the growing demand for natural food colors in the food and beverage industry. Cochineal extract, a natural red dye that has a long history of use in food products and is suitable for human consumption.
The global cochineal extract market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Cochineal extract market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Cochineal extract market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Cochineal extract market comprises of Middle East, Africa, and Latin America.
The North America cochineal extract market dominated this market in 2022 (45.80%). In North America, food colorants are frequently used in the beverage and confectionery industries to improve the look and appeal of their goods. Cochineal extract's appealing deep red color helps producers make goods that are aesthetically pleasing for a variety of functions.
Moreover, the second-largest market share belongs to Europe. Cochineal extract has been authorized for use as a food colorant by European regulatory organizations including the European Food Safety Authority (EFSA). Due to its legal status as a secure and permitted colorant, manufacturers can utilize it with assurance in a range of food and beverage applications.
Additionally, the Asia-Pacific cochineal extract market is expected to grow at the fastest CAGR from 2023 to 2032. Due to urbanization, population growth, and shifting consumer tastes, the food and beverage business in the Asia Pacific area is expanding significantly. The use of natural colorants, such as cochineal extract, can assist manufacturers in creating products that are appealing and marketable as they adjust to suit the demands of this changing market.
Furthermore, the rest of the world's cochineal extract market is divided into the Middle East, Africa, and Latin America. Due to consumer preference for clean labelling, natural substances like cochineal extract are being used more frequently in the food and cosmetics industries in Latin America. Its red-colored coloring qualities and domestic sourcing help it gain market share.
Key Findings of the Study