TMR projects the global anthocyanin market to reach US$ 735.9 Mn by 2026. Over this period of 2018-2026, the anthocyanin market is forecast to report a CAGR of 4.6%. Among the key end use segments, the food and beverages industry is likely to lead the market in 2018. The trend is likely to remain unchanged throughout the course of the forecast period. Regionally, the North America anthocyanin market held the leading share in the global market in 2018.
The global anthocyanin market exhibits the presence of several large companies. Besides this, domestic players enjoy a stronghold in regional pockets, which has rendered the market highly competitive. According to a new study by Transparency Market Research (TMR), Archer Daniels Midlands Co., Sensient Technologies Corp, Symrise A.G., and CHR Hansen A/S held nearly 50% of the global anthocyanin market in 2018, thereby registering their dominance.
To sustain growth amidst the prevailing competition, the leading players are trying out a plethora of strategies. For instance, they are engaging in mergers and acquisitions. Besides this, investment towards product innovation is steadily increasing. These strategies are adopted by market players to expand their footprint worldwide. Such strategies are therefore likely to have a significant influence on the global anthocyanin market.
Steadily Rising Demand from Emerging Economies to Steer Growth
Anthocyanin consumption has positive effects on human health. Studies have shown that they have anti-allergic, anti-oxidant, anti-microbial, and anti-inflammatory properties. Besides these, anthocyanin also help in improving microcirculation of the body. Anthocyanin expedite metabolism process, the rising awareness about which is likely to bode well for the market.
Anthocyanin also fight oxidative stress, which can escalate heart ailments. Furthermore, consumption of anthocyanin can help reduce obesity in humans. TMR expects that the market will significantly gain from the rising awareness about health benefits offered by anthocyanin. Additionally, the steadily rising demand from India, China, Brazil, Argentina, and Indonesia will steer growth in the global anthocyanin market.
Demand for Synthetic Variants May Hamper Growth
Anthocyanin are extracted from natural resources, which makes them difficult to work with. Raw materials used for deriving anthocyanin are available at a higher price than those used for extracting artificial colorants. Besides this, anthocyanin lack color intensity unlike their synthetic counterparts. Additionally, the synthetic variants help maintaining the vibrancy of the color. Therefore, the rising demand for synthetic anthocyanin may hamper the growth of global anthocyanin market to an extent.
Furthermore, factors such as the absence of a wide ranging color pallet and implementation of stringent guidelines controlling the use of food additives may negatively the market the market. Nonetheless, the demand for natural food colors is likely to remain steady through the forecast period. Expansion of the food and beverage industry and the steady use of anthocyanin in the sector will enable the market sustain growth in the coming years.