Cochineal Extract Market Size is projected to reach USD 69.5 Billion by 2030, growing at a CAGR of 6.9%: Straits Research

New York, United States, Oct. 06, 2022 (GLOBE NEWSWIRE) — Peru is the largest producer and exporter of cochineal extract and holds approximately 80%–83% global production share. Cochineal extract is usually found in the country’s tropical and subtropical parts; hence, it is the Peruvians’ primary source of income. The Peruvian government is in continuous efforts to increase the cochineal extract’s production to enhance the employment rate in the rural part of the country. A government organization, the Instituto de Investigaciecnola Industrial y de Normas Ticas (ITINTEC), and Simon Fraser University have developed a carmine dye extraction process for efficient production of pure carmine. It is backed by the plentiful availability of cochineal insects and experienced labor force in rural parts.

A majority of the local cochineal processing plants are built near the farming areas to employ the local people. Currently, a cochineal farmer earns more than 10% of the cochineal extract market’s revenue. Cochineal extract consumption in Peru is dominated by the food and beverage industry as it is considered one of the non-toxic natural color additive choices. A majority of its demand in the country comes from a pastry shop and confectionery, drinks, and dairy items.

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COVID-19 to Negatively Impact the Global Cochineal Extract Market

Brazil, Mexico, Chile, and Peru are among the largest producers of the cochineal extract and most affected countries. Mexico and Brazil are topping the charts with most COVID-19 cases in the world. Lockdown in these countries and broader closures has severely affected the cochineal extract market’s global supply chain. The border closures have fueled the disruption in the carmine supply. Lack of carmine dye availability is expected to lead to the adoption of other substitutes and hamper the cochineal extract market growth.

Report Scope

Report Metric	Details
Market Size	USD 69.5 Billion by 2030
CAGR	6.9% (2022-2030)
Historical Data	2019-2020
Base Year	2021
Forecast Period	2022-2030
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Grade, Application, Regions
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	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., and Colores Naturales EIRL
Key Market Opportunities	The unique characteristics of the cochineal extract have created lucrative opportunities in pharmaceutical sectors.
Key Market Drivers	Wide Range of Substitutes to Hamper the Growth of the Market

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Regional Analysis

North America, Europe, Asia Pacific, Central and South America and the Caribbean, the Middle East, and Africa are the different geographic regions that make up the global market for cochineal extract.

Because of the growing demand from the food processing industry in the United States and Mexico, North America is anticipated to account for a sizeable portion of the global market for cochineal extract. The market for cochineal extract is steadily expanding in Central and South America, as well as the Caribbean. The consumption of natural colour additives is expected to rise in the future years in Asia-Pacific, which is predicted to have the fastest rate of growth in the packaged food sector. During the projected period, the cochineal extract market is expected to expand significantly in Europe. The Middle East and Africa collectively possess very small market shares for cochineal extract, but it is anticipated that their demand would increase over the course of the forecast period compared to the previous few years.

Key Highlights

• The global cochineal extract market size was valued at USD 35.4 billion in 2021 and is anticipated to reach an expected value of USD 69.5 billion by 2030 at a CAGR of 6.9% over the forecast period (2022–2030).
• Geographically, the global cochineal extracted market is segmented into North America, Europe, Asia Pacific, Central, and South America and the Caribbean, the Middle East, and Africa.
• North America is anticipated to account for a sizeable portion of the global market for cochineal extract.
• Asia-Pacific is anticipated to be the fastest-growing for cochineal extract.

Some of the prominent players in the market are

• 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 

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Market Segmentation: Cochineal Extract Market

By Grade

• Food Grade
• Pharmaceutical Grade
• Industrial Grade

By Application

• Food Beverages
  • Bakery and Confectionery
  • Beverages
  • Dairy and Frozen Products
  • Meat Products
  • Oil and Fat
  • Fruits and Vegetables
  • Other Food Products
• Pharmaceuticals
• Others

Regions Covered

• North America
• Europe
• Asia-Pacific
• Central and South America and the Caribbean
• The Middle East
• Africa

TABLE OF CONTENTS

1          Introduction

1.1       Market Definition

1.2       Market Scope

2          Research Methodology

2.1       Primary Research

2.2       Research Methodology

2.3       Assumptions and Exclusions

2.4       Secondary Data Sources

3          Executive Summary

4          Market Overview

4.1       Report Segmentation and Scope

4.2       Value Chain Analysis: Cochineal Extract Market

4.2.1   Vendor Matrix

4.3       Key Market Trends

4.3.1   Drivers

4.3.2   Restraints

4.3.3   Opportunities

4.4       Porter’s Five Forces Analysis

4.4.1   Bargaining Power of Suppliers

4.4.2   Bargaining Power of Buyers

4.4.3   Threat of Substitution

4.4.4   Threat of New Entrants

4.4.5   Competitive Rivalry

4.5       Environmental and Regulatory Landscape

4.6       Forecast Factors and Relevance of Impact

4.7       Macro-Economic and Geopolitical Scenario

4.8       Parent Market Overview

4.9       Technology Landscape

4.10    Market Share Analysis

4.11    Potential Venture Analysis

4.12    Regional Price Trends

4.13    Raw Material Trends

4.14    Cost Structure Analysis

4.14.1 Labor Cost

4.14.2 Consumables

4.14.3 Maintenance Cost

4.15    Covid-19 Impact Analysis

4.15.1 Pre and Post Covid-19 Market Scenario Analysis

4.15.2 Market Recovery Timeline and Challenge

4.15.3 Measures Taken by Top Players

4.15.4 Quarterly Market Revenue and Growth Forecast Till 2021

5          Grade Overview

5.1       Introduction

5.1.1   Market Size and Forecast (Value and Volume)

5.2       Food Grade

5.2.1   Market Size and Forecast (Value and Volume)

5.3       Pharmaceutical Grade

5.3.1   Market Size and Forecast (Value and Volume)

5.4       Industrial Grade

5.4.1   Market Size and Forecast (Value and Volume)

6          Application Overview

6.1       Introduction

6.1.1   Market Size and Forecast (Value and Volume)

6.2       Food and Beverages

6.2.1   Market Size and Forecast (Value and Volume)

6.2.2   Bakery and Confectionery

6.2.2.1            Market Size and Forecast (Value and Volume)

6.2.3   Beverages

6.2.3.1            Market Size and Forecast (Value and Volume)

6.2.4   Dairy and Frozen Products

6.2.4.1            Market Size and Forecast (Value and Volume)

6.2.5   Meat Products

6.2.5.1            Market Size and Forecast (Value and Volume)

6.2.6   Oil and Fat

6.2.6.1            Market Size and Forecast (Value and Volume)

6.2.7   Fruits and VegeTABLEs

6.2.7.1            Market Size and Forecast (Value and Volume)

6.2.8   Other

6.2.8.1            Market Size and Forecast (Value and Volume)

6.3       Pharmaceuticals

6.3.1   Market Size and Forecast (Value and Volume)

6.4       Others

6.4.1   Market Size and Forecast (Value and Volume)

7          Regional Overview

7.1      Introduction

7.1.1   Market Size and Forecast (Value and Volume)

7.2      North America

7.2.1   Economic Overview

7.2.2   Market Scenario

7.2.3   The U.S.

7.2.3.1            By Grade

7.2.3.2            By Application

7.2.4   Canada

7.2.4.1            By Grade

7.2.4.2            By Application

7.2.5   Mexico

7.2.5.1            By Grade

7.2.5.2            By Application

7.3      Central and South America and the Caribbean

7.3.1   Economic Overview

7.3.2   Market Scenario

7.3.3   Brazil

7.3.3.1            By Grade

7.3.3.2            By Application

7.3.4   Argentina

7.3.4.1            By Grade

7.3.4.2            By Application

7.3.5   Columbia

7.3.5.1            By Grade

7.3.5.2            By Application

7.3.6   Rest of Central and South America and the Caribbean

7.3.6.1            By Grade

7.3.6.2            By Application

7.4      Europe

7.4.1   Economic Overview

7.4.2   Market Scenario

7.4.3   Germany

7.4.3.1            By Grade

7.4.3.2            By Application

7.4.4   France

7.4.4.1            By Grade

7.4.4.2            By Application

7.4.5   The U.K.

7.4.5.1            By Grade

7.4.5.2            By Application

7.4.6   Italy

7.4.6.1            By Grade

7.4.6.2            By Application

7.4.7   Rest of Europe

7.4.7.1            By Grade

7.4.7.2            By Application

7.5      Asia-Pacific (APAC)

7.5.1   Economic Overview

7.5.2   Market Scenario

7.5.3   China

7.5.3.1            By Grade

7.5.3.2            By Application

7.5.4   Japan

7.5.4.1            By Grade

7.5.4.2            By Application

7.5.5   India

7.5.5.1            By Grade

7.5.5.2            By Application

7.5.6   Australia

7.5.6.1            By Grade

7.5.6.2            By Application

7.5.7   South Korea

7.5.7.1            By Grade

7.5.7.2            By Application

7.5.8   Rest of APAC

7.5.8.1            By Grade

7.5.8.2            By Application

7.6      The Middle East

7.6.1   Economic Overview

7.6.2   Market Scenario

7.6.3   Saudi Arabia

7.6.3.1            By Grade

7.6.3.2            By Application

7.6.4   The UAE

7.6.4.1            By Grade

7.6.4.2            By Application

7.6.5   Qatar

7.6.5.1            By Grade

7.6.5.2            By Application

7.6.6   Oman

7.6.6.1            By Grade

7.6.6.2            By Application

7.6.7   Turkey

7.6.7.1            By Grade

7.6.7.2            By Application

7.6.8   Rest of MEA

7.6.8.1            By Grade

7.6.8.2            By Application

7.7      Africa

7.7.1   Economic Overview

7.7.2   Market Scenario

7.7.3   Nigeria

7.7.3.1            By Grade

7.7.3.2            By Application

7.7.4   South Africa

7.7.4.1            By Grade

7.7.4.2            By Application

7.7.5   Rest of Africa

7.7.5.1            By Grade

7.7.5.2            By Application

8          Competitive Landscape — Manufacturers and Suppliers

8.1      Competition Dashboard

8.2      Industry Structure

8.3      Gentle world

8.3.1   Business Overview

8.3.2   Financial Performance

8.3.3   Recent Developments

8.3.4   Product Portfolio

8.4      DDW The Color House

8.4.1   Business Overview

8.4.2   Financial Performance

8.4.3   Recent Developments

8.4.4   Product Portfolio

8.5      Char Hansen Holding A/S

8.5.1   Business Overview

8.5.2   Financial Performance

8.5.3   Recent Developments

8.5.4   Product Portfolio

8.6      Xian LiSheng-Tech Co

8.6.1   Business Overview

8.6.2   Financial Performance

8.6.3   Recent Developments

8.6.4   Product Portfolio

8.7      Sensient Technologies Corporation

8.7.1   Business Overview

8.7.2   Financial Performance

8.7.3   Recent Developments

8.7.4   Product Portfolio

8.8      Naturex, Roha Dyechem Pvt. Ltd.

8.8.1   Business Overview

8.8.2   Financial Performance

8.8.3   Recent Developments

8.8.4   Product Portfolio

8.9      Lake Foods

8.9.1   Business Overview

8.9.2   Financial Performance

8.9.3   Recent Developments

8.9.4   Product Portfolio

9          Conclusion and Recommendation

10        Acronyms and Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/cochineal-extract-market/toc 

News Media

 Peruvian Government to Push Cochineal Extract Production

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