Evolving consumer preference for natural products with enhanced stability continues to drive anthocyanin demand. According to Fact.MR’s latest study, demand for anthocyanin is likely to surpass 398 thousand kilos in 2019, up from 383 thousand kilos in 2018. According to the study, the prevalent use of additives in the food and beverage industry is providing a substantial fillip to the sales of anthocyanins. The report associates surging adoption of anthocyanin in food and beverage products with the impact of vibrant colors on consumer perceptions. Some of the key influencing factors discussed in detail in the report include,
Bakery and Confectionery Remains the Largest End Use Industry
The report also unveils that growing propensity of the new-age consumers for cognitive well-being is encouraging them to switch to healthy alternatives, which is likely to pave new avenues for intensified proliferation of anthocyanin into food supplements.
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“Use of anthocyanin in pharmaceutical and specialty drugs is also scaling by considerable figures, owing to its benefits apropos of coronary heart diseases and cardiovascular disorders. With well-established anti-oxidant and anti-inflammatory abilities, anthocyanin is also gaining steady prominence in skin care and dermatological applications”, Senior Analyst, Fact.MR
As per the study, fruits remain the richest source of anthocyanin, followed by vegetables. Some of the commonly-available fruits and vegetables rich in anthocyanins include raisins, blackberries, blueberries, black grapes, purple cabbage, eggplant, purple cauliflower, plums, and purple potatoes.
Use of anthocyanin in bakery and confectionery industry is likely to witness a significant spike, with an estimated sales worth 176 tons in 2019. This upswing in demand for anthocyanin can be attributed to the rising inclination of bakery and confectionery enthusiasts towards enhanced aesthetics. Dairy and beverage industry remains the second most lucrative end use on the back of increased use of anthocyanin in fermented milk, flavored beverages, and so on.
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Sales of anthocyanin via direct sales channels remain bullish, wherein manufacturers establish direct contact with the buyer and sell their products with personalized approaches. Sales of anthocyanin via direct sales are scaling considerable heights, as manufacturers utilize the immense scope available for detailed product demonstration and focus on long-term customer retention. Online channels are trailing the former in terms of lucrativeness, on the back of associated convenience to choose from a myriad of options.
Anthocyanin Market Represents a Fragmented Landscape
The anthocyanin market represents a fragmented landscape and the tier 1 players account for nearly 15-25% of revenue share. According to the report, the market is characterized by wide-spread presence of regional players, which further intensifies the competition level in the global market landscape. The anthocyanin market is likely to witness a massive influx of new and emerging players with a vision of capitalizing on the growing demand for natural colors over synthetic ones.
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Sales of anthocyanin are likely to thrive across the key regions of North America, driven by rising proclivity for natural food colorants by the health-sensitive demographic. Europe is likely to be the second-largest market in terms of demand for anthocyanin and is likely to retain its lucrativeness, on the back of bolstering preference for naturally derived antioxidants.
Manufacturers’ constant pursuit for growth is making them focus on extensive product developments and innovations in line with evolving customer needs. Moreover, manufacturing companies are reorganizing their advertisement and marketing strategies to foray into niche segments and enhance their customer outreach.
Fact.MR’s report offers groundbreaking insights and a detailed opportunity assessment of anthocyanin market for the forecast timespan of 2019- 2027. The report envisages that anthocyanin market is poised to expand at a CAGR of over 4% through 2027.
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