Cochineal Extract Market Expected to Witness a Strong 9.1% Growth Rate by 2032: Emerging Trends and Opportunities in the Industry

With a robust compound annual growth rate (CAGR) of 9.1% between 2022 and 2032, the global cochineal extract market is projected to reach US$ 73,736.1 Mn by 2032, representing a year-over-year (YoY) rise of 6.7%.

The cochineal is an insect of the Dactylopius coccus family, and dyecarminis is obtained from this bug's natural food colour. The female insect is dried, and dye is taken from both the dried insect and the eggs. To make dye, this extract is combined with calcium or aluminium salts. Carmine is mostly used as a food and lipstick colourant. Cochineal extract has been used as a natural colourant for centuries and has a wide range of applications in food, textile, medical, and personal care goods. Cochineal insect farming is used to raise certain insects for red colouring. The cochineal insect is thought to have originated in Peru and Mexico.

The insects are grown on the specific type of cactus plant these insects grow on the moisture and nutrient contents of the cactus leaves. Insects are then collected and sun-dried to produce the extract. Dried cochineal, contains 17 % to 24% carminic acid, is carefully extracted in an acidic, aqueous, alcoholic solution to produce red, orange color dye.

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Cochineal Extract Market Segmentation:

The cochineal extract market is segmented on the basis of its form, application, and region. On the basis of forms, the cochineal extract market is segmented into powders and liquid forms. The cochineal extract is available in both water-soluble as well as oil-soluble. The cochineal extract market is segmented on the basis of its applications in food and beverages, textile/fabric, cosmetics & personal care, pharmaceuticals, and others, etc.

Cochineal extract market demand is considerably high in the food and beverage market segment as it is considered as natural color option where synthetic color is prohibited, and hence demanded as a colorant in various food products such as bakery and confectionary, beverages, dairy products, etc. Thus, the food and beverages market segment is dominant market for cochineal extract. In the cosmetics & personal care market segment cochineal extract is mainly used as colorant in skin care products, lipsticks, face powders, rouges, and blushes etc. Applications of cochineal extract in fabric/ textile segment is comparatively lesser as numerous new and synthetic color dye options are being invented, however in few of the markets it's still popular. In pharmaceutical market segment cochineal extract is basically used for color pills and ointments, however this segment comprises very small share of total market. Others market segment includes cochineal extract uses in the manufacturing of artificial flowers, paints and crimson ink.

Cochineal extract market is further segmented on the basis of regions as North America, Latin America, Asia Pacific Excluding Japan, Japan, Europe, and Middle East and Africa. Latin America is major export market of cochineal extracts, Mexico and Peru being major regional producers. In European markets France is the major importer for cochineal extract. Due to various government bans on the uses of synthetic food colorant in Japan , Japan is also a becoming major importer for cochineal extract in coming years.

Cochineal Extract Market Drivers:

Cochineal extract is in high demand in several application sectors across the world. Principle factors driving market demand are continuous rising demand natural colorants. As synthetic colorant had proven allergic and hazardous for health, natural color market demand is high. Also rising market demand for natural products based cosmetics and skin care products is becoming another market driver for cochineal extract. Various government such as Japan has banned synthetic color uses in food and beverage products, this is driving natural colorant market demands such as cochineal extracts.

Cochineal Extract Market Restrains:

Cochineal extract has no known health risks, number of people have been found to experience occupational asthma, foodand cosmetic allergies due to use of product containing cochineal extracts. Increasing vegan food culture and adoption of 100% plant food concept, many consumers are not ready to accept animal products and not preferring product labeled with cochineal extract or carmine as an ingredients. These are the main restraints for cochineal extract market.

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Cochineal Extract Market Key Players:

Maximum amount of cochineal extract is produced in Mexico and Peru and get exported into global markets. Key players operating in cochineal extract market are DDW The Color House, Gentle world, Xian LiSheng-Tech Co., Ltd, Chr. Hansen Holding A/S, Colores Naturales EIRL, Lake Foods, and many of the local Mexican and Peru market players extract the cochineal product like Earthue, Biocon del Peru.

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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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