Peruvian Government to Push Cochineal Extract Production

Thu, 08 October 2020 5:53

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.

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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.

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

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