The anthocyanin market was evaluated at US$380.103 million for the year 2020 growing at a CAGR of 5.64% reaching the market size of US$528.289 million by the year 2026. Anthocyanin refers to the flavonoids responsible for the color shading over food, fruits, vegetable, and other edible products. These only impart color over the substance without altering its odor, and other natural characteristics which further aims to inhibit the growth of microorganisms over the edible item surfaces. Concerning the packaged food and beverage industry, it also acts as a nutrient balancing agent and is used in almost all juices, beverages as a colorant for the added ingredients. Thus, With the increase in the food and beverage sector, the demand for flavonoids also increases.
The market players are adopting the new strategies to turn the markets back to normalcy under the lockdown scenario from recovering the impact of COVID-19. The market players have been looking at the market with an optimistic perspective. As the packaged food and drinking industry grows in size due to the change in consumption pattern from open food stalls to sanitized, packaged food, the demand for Anthocyanin also increases. For the Anthocyanin Market, Europe holds significance as the UK is the leading nation for the food products and additives for edible items. UK government has ensured that the ingredients or additives are standardized and must have undergone proper audits and checks. North American nations such as the US and Canada follow a similar route and develop high-quality Anthocyanin additives to be used in food, medicines, and other edible items.
The market growth has been relatively impacted by the initiating of the outbreak since the disruption in the supply chain led to a delay in the order shipments faced by the equipment manufacturers. Also, the crunch of raw materials and the non-availability of labor further led to a slump in the manufacturing output as well. On the other hand, the demand is expected to be hampered by the fact that the recent outbreak has further impacted the demand for anthocyanin products in several countries. Also, the temporary halt of food packaging industry operations in many parts of the world due to the safety guidelines to reduce the impact of the disease has further led to a decline in the production across the Anthocyanin market and other food additives. However, the revival is following as expected from January 2021 onwards as the food and beverage industry revives. The impact of COVID-19 on the industry has been transitory as the demand for anthocyanin remained stable for nutraceuticals and the pharmaceutical medical sector,
Rising knowledge about the use of Anthocyanin in the edible items
The market for Anthocyanin is majorly being driven by the globally growing knowledge of using Anthocyanin in food, medicines, and other edible items. The focus of the consumer is upon the natural or organic Anthocyanin derived from plants. The use of Anthocyanin is undertaken to reduce the inflammation through acidic food as a neutralizer, limits the growth of viruses and bacteria over the food surface, and prevents oxidizing which also increases the shelf life of the product. For instance, the Cranberry Partners, Gardener Cranberry uses the anthocyanins pigments which good color to the product along with increasing the health benefits such as longevity, cardiovascular diseases, and others. Similar products can be blueberries, pomegranate, Beetroot, and other products which have deep natural pigments. Even, the nutraceutical companies such as
Increase in the demand for natural extracts Healthcare and cosmetics products
With the increase in the demand for natural extracts health care products, the consumers demand the same quality resulting yielding as with the chemical substrate products but with organics and natural extracts, in corresponding to such requirements the cosmetics brands have rolled out natural flavored lipstick, face creams, and other natural cosmetics products. These brands use the color Anthocyanin pigments to provide a sense of natural extracts. For instance, firms such as Hemp Organics, Eco Bella, Soul tree offer pure organic, petrochemical-free cosmetics products. The rise in the number of such cosmetics product companies in many countries around the globe has also led to an increased demand for Anthocyanins. Thus, positively impacting the market growth during the next five years. Moreover, the players operating in the market are also strategically investing in R&D for the launch of new and enhance products, with a primary aim to capture a greater share in the market and gain a competitive edge over other players further shows the market growth potential over the next five years. The organic Anthocyanins derived from plants have not reported health ill-effects.
Geographically, the Asia Pacific region is projected to witness promising market growth over the next five years. The key factors supporting the market growth in the APAC region include the booming consumption of cosmetics products in countries such as China, India, and Indonesia among others. Moreover, the presence of a large number of niche cosmetics stores, organic food shops in various countries across the region further supports the demand for Anthocyanin as well.
Additionally, the increasing propensity of consumers to spend on processed food further expands the business growth opportunities for the manufacturers and vendors in the Asia Pacific region over the forecast period. Apart from the Asia Pacific, European Countries such as France, Netherlands, Germany also have potential demand for Anthocyanins as countries such as France offers Red wine, Different flavored cheese, and premium cosmetics which can be potential customers for Anthocyanin firms.
Frequently Asked Questions (FAQs)
Q1. What will be the anthocyanin market size by 2026?
A1. The anthocyanin market is projected to reach a total market size of US$528.289 million by 2026.
Q2. What is the size of global anthocyanin market?
A2. Anthocyanin market was valued at US$380.103 million in 2020.
Q3. What are the growth prospects for the anthocyanin market?
A3. The global anthocyanin market is projected to grow at a CAGR of 5.64% during the forecast period.
Q4. Which region holds the largest market share in the anthocyanin market?
A4. Geographically, the Asia Pacific region is projected to hold a significant share in the anthocyanin market owing to the booming consumption of cosmetics products in countries such as China, India, and Indonesia among others.
Q5. What factors are anticipated to drive the In anthocyanin market growth?
A5. The market for Anthocyanin is majorly being driven by the globally growing knowledge of using Anthocyanin in food, medicines, and other edible items.