What is Cochineal extract Market?
Cochineal is an insect from which the natural dye is extracted. This insect lives on the pads of prickly pear cacti feeding on plants moisture and nutrients. They are collected by brushing them and then dried which contains 17% to 24% ceramic acid. Furthermore they are mostly seen in Peru and Mexico. Ceramic acid has a number of applications such as food, textile, medicine and personal care products. Due to its high demand in food and beverage products which is dominant market for cochineal products the market is growing.
The market study is being classified by Type (Powdered form and Liquid form), by Application (Food & beverages, Bakery & confectionary, Cosmetics, Dairy & frozen products, Textile dyes, Meat products, Cake icing, Hard candy, Pharmaceuticals coating, Personal care and Others.) and major geographies with country level break-up.
The Hershey Company (United States), DDW Color House (United States), Sensient Colors Europe GmbH (Germany), MIGUZ International (United States), PROQUIMAC COLOR S.L. (Spain), Chr.Hansen Holding (Denmark), Colores Naturels (Chile) and Lake foods (United States) are some of the key players profiled in the study.
Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Cochineal extract market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Cochineal extract market by Type, Application and Region.
On the basis of geography, the market of Cochineal extract has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Wide Applications will Affect the Market Positively
- Increasing Demand of Natural Colorants
Market Trend
- Growing Usage of Natural Colors in Booming Food and Beverage Industry
- Technological Advancements are being Done
Restraints
- High Costs Associated with the Product
- Some Consumers Does not accept Animal Products
Opportunities
- Government Regulations have Been Introduced for Artificial Colors Which may create an Opportunity
Challenges
- Lack of Awareness about the Product Benefits
- Cochineal Product is known for Health Risk and can Develop Allergy
Market Leaders and some development strategies
In 2018, the Hershey Company and B&G Foods, Inc. announced that they have entered into a definitive agreement for Hershey to acquire Pirate Brands, including the Pirate’s Booty, Smart Puffs and Original Tings brands.
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations