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$528.289 million by the year 2026. Anthocyanin refers to the flavonoids responsible for the colour shading over food, fruits, vegetable and other edible products. These only impart colour over the substance without altering its odour, and other natural characteristics which further aims to inhibit the growth of microorganism over the edible item surfaces. Concerning the packaged food and beverage industry, it also acts as a nutrient balancing agent and is used in almost all juices, beverages as a colourant for the added ingredients. Thus, With the increase in the food and beverage sector, the demand for the flavonoids also increases.
The market players are adopting the new strategies to turn the markets back to normalcy under the lockdown scenario from recovering the impact of COVID-19. The market players have been looking at the market with an optimistic perspective. As the packaged food and drinking industry grow in size due to the change in consumption pattern from open food stalls to sanitised, packaged food, the demand for Anthocyanin also increases. For the Anthocyanin Market, Europe holds significance as the UK is the leading nation for the food products and additives for edible items. UK government has ensured that the ingredients or additives are standardised and must have undergone proper audits and checks. North American nations such as the US and Canada follow a similar route and develops high-quality Anthocyanin additives to be used in food, medicines and other edible items.
FIGURE: Anthocyanin market, US$ million, 2020 to 2026
Source: Knowledge Sourcing Intelligence Analysis, Sample Figure
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 non-availability of labour 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 the anthocyanin remained stable for nutraceuticals and pharmaceutical medical sector,
Rising knowledge about use of Anthocyanin in the edible items
The market for Anthocyanin is majorly being driven by the globally growing knowledge of using Anthocyanin in the 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 from oxidizing which also increases the shelf life of the product. For instance, the Cranberry Partners, Garderener Cranbberry 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 of natural extracts Healthcare and cosmetics products
With the increase in the demand of natural extracts health care products, the consumers demand 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 flavoured lipstick, face creams and other natural cosmetics products. These brands use color Anthocyanins pigments to provide a sense of natural extracts. For instance, firms such as Hemp Organics, Eco Bella, Soul tree offers pure organic, petrochemical free cosmetics products. The rise in the number of such cosmetics product’s 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 a 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.
Figure: Anthocyanin marketshare, by geography, 2020 and 2026
Source: Knowledge Sourcing Intelligence Analysis
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 flavoured cheese, and premium cosmetics which can be potential customers for Anthocyanin firms.