The global anthocyanin market is expected to witness significant growth over the next seven years owing to increasing food and beverage demand especially in the emerging economies of BRICS and South Asia. Growing food and beverage coloring agents market including natural and synthetic colors is anticipated to augment anthocyanin demand over the forecast period. Anthocyanin powder is utilized as a coloring agent in various foods and beverages. It is an odorless and flavorless flavonoid pigment present in vegetables and fruits including beets, purple grapes, cabbage, and berries. Increasing application scope in pharmaceuticals and specialty drugs is estimated to bolster the market growth over the forecast period. Superior properties such as microcirculation improvement, anti-microbial, anti-inflammatory, and anti-allergic coupled with additional health benefits are presumed to augment market growth in this segment over the forecast period.
Anthocyanin has been found effective in diseases such as cancer, diabetes, cognitive decline, and several cardiovascular diseases. Rapid urbanization and increasing consumer disposable income are other factors that are expected to propel the market growth particularly in emerging economies such as China, India, and Brazil over the forecast period. Additionally, changing food consumption patterns coupled with an increase in the healthy food demand is yet another factor expected to fuel the anthocyanin demand over the next seven years. Shifting consumer preferences pattern towards healthy and attractive packaged food and beverage products is anticipated to propel fruit concentrates growth. Several government regulations regarding anthocyanin usage is anticipated to negatively affect market growth over the foreseeable future.
On the basis of application, the global anthocyanin market has been segmented into colors and viscosity modifiers, natural colorants, and anti-oxidants. Antioxidants are estimated to be the largest application segment and are expected to remain the major segment over the forecast period owing to increasing healthy food and beverage applications. Anthocyanin is increasingly being used as an essential antioxidant in several health and energy beverages which is further estimated to fuel market growth over the next few years. Natural colorants are anticipated to witness considerable market growth, especially in the consumer sensitive regions including Europe and North America. Natural colorants are used in blending applications in food and beverages along with personal health care products. Viscosity modifiers are expected to witness above-average market demand owing to their ability to maintain proper viscosity of food and beverages which is further expected to fuel the market growth over the next seven years.
Europe was the largest regional anthocyanin market in 2014 and is expected to witness significant growth over the forecast period owing to growing preference for naturally derived antioxidants in the region. Ireland and UK are anticipated to be the frontrunners in the European market owing to increasing food and beverage demand in these regions. Europe was closely followed by North America which is presumed to witness considerable growth owing to increasing natural colorants and viscosity modifiers demand. The U.S. is anticipated to be the frontrunner in the region owing to increasing anthocyanin demand in food applications. Asia Pacific is projected to witness significant growth owing to shifting consumer preferences towards healthy packaged food products. China and India are anticipated to be the frontrunners in the region owing to increasing food and beverage demand coupled with growing consumer disposable income. South America is presumed to witness considerable growth in the market owing to increasing healthy product demand in the form of capsules and beverages. Future demand is expected to come from emerging economies including Mexico, Brazil, China, and India.
Major companies operating in the global anthocyanin market include Lake International Technologies, Albemarle Corporation, The Good Scents Company, Akzo Noble N.V., and Hansen A/S. Innovative product development satisfying customer needs is expected to be a key strategy adopted by these companies over the forecast period. Innovative advertisement and marketing strategies are expected to increase market penetration in niche segments over the next seven years. Social media platforms are expected to be used on a large scale to increase customer base and market share. Partnerships, M&A, JV’s, and expansion of existing facilities are expected to be some other strategies adopted by major market participants to increase their share in the upcoming future.
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The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor.