Chromologics
- Founded in: 2017
- Number of employees: 4
- Country: Denmark
- Investors: Non-dilutive pre-seed investments from the Novo Nordisk Foundation, Innovation Foundation Denmark and the Technical University of Denmark
- Market: Natural colorants with special focus on natural food colorants
- Website: www.chromologics.com
Which input provides your business model/core technology towards a bio-based economy?
Currently used natural food colorants are produced via extraction from fruits and vegetables, which alternatively could be used as foods. Their production is not only dependent on the availability of the extraction source but also on existing farming space. Our red colorant ChromoRed is produced by a wild-type filamentous fungus in a fermentation set-up. Our production process is more sustainable since neither food resources nor farming space are required.
Which market/clients do you address and which short-term/long-term goals do you have?
In 2023, the global market of natural food colorants is expected to have a value of 3 bil. USD, of which more than 50% are red. Chromologics aims at replacing the red colorant carmine in current food applications. The current carmine market is estimated to be 420M USD (projection 2023: 560M USD). Carmine is currently used in beverages, dairy, meat and confectionary.
What makes your approach unique compared to other stakeholders in the field?
With ChromoRed, Chromologics aims to replace carmine in current food applications. The current European carmine market has a value of 150M USD. Carmine struggles with poor consumer reputation since it does not comply with special dietary requirements like vegan, halal, and kosher, and has been associated with allergies. After 6-8 years of EFSA approval of ChromoRed we aim at taking 10% of the market share of carmine in meat, dairy and confectionary applications.
You can meet Chromologics in Toulouse at the START-UP VILLAGE @EFIB on 17-18 October.