The global market for anthocyanins has witnessed significant rise in the past few years owing to the rising awareness regarding the health benefits of anthocyanins and their rising set of applications across a number of industries. The strengthening economic conditions of developing countries such as India, China, Brazil, and Argentina in the past years and the resultant rise in purchasing power of consumers have helped increase the consumption of anthocyanin-rich foods across these countries. The consumption of anthocyanin rich products is also attributed to the changing lifestyle of the consumers, which, in turn, is fuelled by the rising awareness about health and wellness among consumers.
Transparency Market Research states that the global anthocyanins market was valued at US$300 mn in 2015 and will reach US$387.4 mn by 2021, expanding at a CAGR of 4.4% from 2015 to 2021.
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Strict Regulations Related to Synthetic Food Colors to Hamper Anthocyanins Consumption in Europe
Europe is presently the market leader for anthocyanins in terms of contribution of revenue to the global market, valued at nearly US$106 mn in 2015 and is expected to retain market dominance throughout the forecast period. U.K. is the frontrunner for the regional market. However, the consumption of anthocyanins in the region has suffered a decline post the enforcement of stringent rules and regulations regarding the usage of synthetic food colors in various products.
In Europe, every natural food color that has been approved for use is evaluated by the Scientific Committee on Food (SCF), which consists of a group of scientific experts from every member state appointed by the European Commission. This is expected to result in a slight decline in the region’s share in the global anthocyanins market by 2021, with Asia Pacific emerging as the next high-potential consumer over the period between 2015 and 2021. The Asia Pacific anthocyanins market is expected to exhibit a highly promising and the most significant 8.73% CAGR over the said period.
North America is also one of the key regional markets for anthocyanins, with U.S. and Canada being the major contributors to the vast demand for the same. Furthermore, several companies operating in the field of anthocyanins have strong presence in the region as well. Additionally, owing the heavy presence of the food and beverage, personal care, and pharmaceutical industries in the U.S., consumers have a wide access to a variety anthocyanin infused products. The demand for anthocyanins in North America is expected to witness a significant surge during the forecast period.
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Applications across Food and Beverages Industry Continue to Accelerate Market Growth
In terms of applications, the global anthocyanins market has been segmented into food and beverages, pharmaceuticals, and personal care. Of these, applications across the food and beverages industry contributed the maximum chunk of revenues to the global market in 2015, worth US$143.5 mn in 2015. The food and beverages industry is expected to retain market dominance throughout the forecast period, although a minor decline is anticipated by the end. The set of applications of anthocyanins in a variety of food and beverage products is enormous as compared to applications in other key end-use industries.
However, therapeutic effects of anthocyanins, owing to their anti-oxidative, neuroprotective, and anti-cancer nature, have made them suitable for application in pharmaceutical products as well. Thus, the demand for anthocyanins in the healthcare sector has witnessed a huge rise in the past few years, making the pharmaceutical industry one of the key contributors to the global anthocyanin market’s growth. Therefore, the pharmaceutical segment is the considered to be the most attractive application segment of the global anthocyanins market over the next few years, expected to register the most promising 4.9% CAGR from 2015 through 2021.