Market Trends of Anthocyanin Industry
Increasing Consumer Awareness Regarding Natural Products
- Anthocyanin is extracted from natural sources like fruits and vegetables and is an alternative to the synthetic colorants used in the food and beverage sector. Also, stringent regulations regarding the usage of synthetic red colors have fostered the demand for safe colorants, which is driving the market study.
- Countries, including Japan, Australia, Switzerland, and Norway, have banned the utilization of synthetic colorants Red 40 and 20 owing to their link with hyperactivity in children. Anthocyanin is replacing these additives owing to its safe nature. Also, Chile, European Union, Israel, Iran, Saudi Arabia, and South Korea defines all colors derived from anthocyanin as natural, which is a major driving factor owing to rising consumer awareness for safe and natural additives.
- Furthermore, with the surge in the consumer market to restrict extensive usage of artificial colorants in food products, the demand for natural food colorants, including anthocyanin, is expected to grow in the forecast period. In a survey performed in the United States by the International Food Information Council (IFC) in 2021, almost 48% of respondents said they look for natural flavors at least occasionally when choosing foods. As a result, companies are actively engaged in product launches that incorporate anthocyanins, thereby driving the market's growth.
- Moreover, prominent companies have been pursuing acquisitions of other enterprises operating in the market to expand their presence in both existing and new markets. For instance, Givaudan recently announced its agreement to acquire DDW, The Color House, a natural color company based in the United States. DDW offers anthocyanin products such as Amaize (red), aligning with Givaudan's strategic goals.
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Asia-Pacific is Projected to Register the Fastest Growth
- Asia-Pacific has witnessed significant growth in the market owing to the shifting consumer preferences towards healthy ingredients in food, beverages, and personal care products, increasing disposable income of the middle class, and advancing investments supported by the expansions of domestic companies.
- A survey carried out in India by The National Family Health Survey (NFHS) between 2019 and 2021 revealed that 4% of respondents reported having diabetes. Hence, the rise in such medical conditions is also expected to drive the demand for anthocyanin in the market over the forecast period.
- China has seen considerable market growth due to evolving consumer tastes toward healthier ingredients in the cosmetics & personal care domain. For instance, according to the National Bureau of Statistics (NBS) of China, China's wholesale and retail businesses sold cosmetics at retail for roughly CNY 393.6 billion (USD 61.28 billion) in 2022. The application of anthocyanin has experienced significant growth, driven by the increasing demand for clean-label ingredients.
- To meet this rising demand, numerous ingredient companies are expanding their production capabilities and venturing into the Asia-Pacific region. Also, social media platforms are expected to be used on a large scale to increase customer base and market share, make people aware of the benefits of anthocyanin, and increase its demand in all sectors.
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