Peruvian Government to Push Cochineal Extract Production

Peru is the largest producer and exporter of the 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. Got questions about your regional growth of Cochineal Extract Market? Just drop us a line or call on +1 646 480 7505 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. Cochineal Extract Market: Segmentation 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 By Region North America The U.S. Canada Mexico Europe Germany France The U.K. Italy Spain Netherlands Russia Rest of Europe Asia-Pacific China Japan India South Korea Australia Indonesia Malaysia Singapore Vietnam Rest of Europe Central and South America and the Caribbean Brazil Argentina Colombia Rest of Central and South America and the Caribbean The Middle East Saudi Arabia The UAE Oman Bahrain Rest of the Middle East Africa Nigeria South Africa Ghana Tanzania Rest of Africa " Crucial Insights The Report Provides:" * Known and Unknown Adjacencies Influencing the Growth of Market * Explorable Revenue Sources * Customer Behaviour Analysis * Target Partners * Customized Geographical Data Based on Customers as well as Competitors * Analysis of Market Size and CAGR between the Forecast Periods