The stronghold of several domestic players across regional pockets along with the presence of several large companies have rendered the global anthocyanins market a highly competitive growth dynamics, states Transparency Market Research in a recent report. The top four companies in the market, namely Sensient Technologies Corp, Archer Daniels Midlands Co., Symrise A.G., and CHR Hansen A/S, collectively accounted for over 50% of the overall market in 2015.
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To ensure sustainable returns amid such intense competition, leading players have adopted the course of strategies such as frequent mergers and acquisitions, product innovations, and geographical expansion. For instance, the company Archer Daniels Midlands Co. recently introduced a new line of extracts capable of delivering a concentrated dose of powerful anti-oxidants such as anthocyanins and beta carotene through several food and beverages.
Transparency Market Research states that the global anthocyanins market will expand at a 4.4% CAGR over the period between 2015 and 2021, rising from a valuation of US$300 mn in 2015 to US$387.4 mn by 2021.
In terms of application, the food and beverages industry is the leading consumer of anthocyanins, with the global anthocyanins market earning the dominant share in its revenues owing to sales across this industry in 2015. The trend is expected to remain strong over the forecast period as well. Geographically, the anthocyanins market in Europe led the global market in 2015 and is expected to remain the dominant contributor to the revenues of the global market throughout the period between 2015 and 2021.
Rising Awareness regarding Health Benefits of Anthocyanins to Drive Market
Studies have shown that the consumption of anthocyanins has positive effects on human health. They act as an anti-oxidant, anti-allergic, anti-microbial, anti-inflammatory, and help improve microcirculation of the body. Anthocyanins are known to expedite the process of metabolism of cholesterols and blood sugar. Further, anthocyanins fight oxidative stress, a process known to play a crucial role in escalating heart diseases. Consumption of anthocyanins is also known to reduce the level of obesity in humans.
The rising awareness regarding these factors in the past few years has led to a significant rise in the global consumption of anthocyanins and is expected to be a key driver of the market over the forecast period as well. Additionally, the global anthocyanins market is expected to be driven owing to the steady growth witnessed by the market across developing countries such as India, Brazil, China, Indonesia, and Argentina, in the past few years.
Difficulty in Processing Natural Food Colors Acts as Key Constraint to Growth
Anthocyanins are natural colorants and, like most colorants extracted purely from natural sources, are particularly difficult to work with. The raw materials used for extracting anthocyanins are more expensive as compared to the raw materials used for extracting artificial colorants. Anthocyanins also lack color intensity commonly found in synthetic colors. Synthetic colors also compete well with anthocyanins when it comes to maintaining the vibrancy of color when subject to complex manufacturing and processing across a number of applications.
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Furthermore, the lack of a wide pallet of operational colors and the stringent guidelines pertaining to the use of food additives across several countries are posing challenge to the growth of the global anthocyanins market. These factors are expected to collectively impede the overall growth prospects of the market to a notable extent over the forecast period.
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