The vegetable carbon market is predicted to expand at 10% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 8 million in 2023.
The charcoal-infused food trend that started back in the historical analysis period, has now taken over restaurant owners, foodies, and Instagram users, by storm. Vegetable carbon is typically used in the food and beverage industry, specifically in confectionaries that require deep black color in desserts, ices, and confectionery.
Extended applications of vegetable carbon constitute cosmetics, pharmaceuticals, and shading agents. In countries like New Zealand, Canada, and Australia, plant-based vegetable carbon is permitted for use in the food industry.
The product gained approval as a food additive in the EU in March 2018, post which the food additive manufacturers have come into a favorable position. These manufacturers started to ramp up their production facilities to release plant-based carbon black in the market.
Vegetable carbon is a trendsetting food fad. Adding vegetable carbon infuses the dish with a unique character in terms of texture, color, and flavor. Thus, enhancing its aesthetic appeal. Gen Y, in particular, is roused by such cool and innovative food preparations. Seizing the opportunity, restaurants, cafes, and chefs are continuously experimenting with the product to introduce new food items on the menu.
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In emerging markets like India, the trend is relatively new, and it is gradually growing among consumers in India. Since vegetable carbon is an acquired taste, the downstream industries must take into account not everyone may like the taste at once. However, by introducing a limited availability period for charcoal-infused food items, businesses can create buzz around the product and profit from the increased demand.
Vegetable carbon gives a good look to food items. Nevertheless, there are certain factors that the end users should be mindful about. Even though vegetable carbon is safe for consumption, it should be consumed in a prescribed quantity or as per the recipe’s requirement.
If a person is on any medication, consuming vegetable carbon can neutralize the effects of the medication. Additionally, the food additive is a good absorber and may absorb minerals and nutrients present in the food itself. Using a limited quantity of the substance could go a long way in preserving the clients of this product.
Top Highlights from the FMI’s Analysis of Vegetable Carbon Market:
- In 2022, the United States gained a significant portion of 34.5% of the vegetable carbon industry.
- Within Europe, Germany emerged as an important market by acquiring 16.5% of the global market.
- The United Kingdom is expected to pace the marketplace at a 5.6% CAGR in an estimated period.
- Japan acquired a 1.4% market share in 2022.
- China is projected to impressively expand at a CAGR of 7.8% in the review period.
- India, falling a little behind in terms of the CAGR of China, is projected to expand at 6.7%.
- The powder form of vegetable carbon holds a substantial portion of the market, i.e., 68.4%.
- Vegetable carbon finds noteworthy application in desserts. As per FMI estimates, the desserts segment acquired a 23% market share in 2022.
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How are Vendors Gaining a Notable Market Share?
Operating companies in the market are researching improved ways of developing vegetable black from natural sources. Presently, the vendors offer an easy-to-use vegetable black solution. The same can be used in just about any form.
Merchants are gaining loyal customers by providing functional products for end users with simple label requirements. The enhanced color dispersion of vegetable carbon also leads to low cost-in-use for end users.
Companies are focusing on increasing their capacity to meet the increased demand for vegetable black in the market. By venturing out into emerging economies, where the consumers are less informed about the charcoal trend, companies can gain a beneficial position.
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Vegetable Carbon Industry by Category
By Application:
- Beverage
- Milk Drinks & Milk Alternatives
- Alcoholic Beverages
- Carbonates (Carbonated Soft Drinks)
- Sports Drinks
- Coffee & Cocoa
- Tea
- Energy Drink
- Juice Based Drinks
- Flavored water
- Enhanced Water
- Sparkling Waters
- Bakery, Snacks, & Cereal
- Breakfast Cereal
- Bread
- Cakes & Pastries
- Cookies
- Biscuits & Cones
- Frosting / Icing
- Crackers & Savory Snacks
- Candy / Confectionery
- Panned Candy
- Chocolate & Compound Coating
- Gummies
- Chewing Gum
- Jellies & Licorice
- Sprinkles & Sugar
- Hard Candies / Boiled Sweets
- Dairy
- Cheese
- Ice Cream
- Milk Drinks & Milk Alternatives
- Pudding / Custard
- Dips & Spreads
- Yogurt
- Fruit Preparations / Fillings
- Meat, Poultry, Fish, & Eggs
- Casings
- Egg & Egg Substitute
- Fish / Seafood
- Jerky
- Meat Substitute
- Processed Meat & Poultry
- Potatoes, Pasta, & Rice
- Pasta
- Potato Chips / Crisps
- Processed Potatoes
- Rice
- Sauces, Soups, & Dressings
- Asian Sauces
- Barbecue & Steak Sauce
- Condiments
- Gravy / Dry Sauce Mix
- Marinade
- Oils & Dressings
- Seasonings
- Batter
- Breading and Coating
- Bouillon / Soup Base / Stock
- Liquid Smoke
- Spice Blends / Dry Seasonings
- Pet Food
- Extruded / Dry Pet Food
- Snacks / Treats
- Wet Food
By Region:
- North America
- Latin America
- EMEAI
- Asia Pacific
- About Future Market Insights (FMI)Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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