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Albany, New York, June 21, 2019 (GLOBE NEWSWIRE) -- The anthocyanin market features a consolidative vendor landscape owing to the dominance of few companies in terms of revenue, TMR finds during its detailed study. The key players dominating the global anthocyanin market are Sensient Technologies Corp, Archer Daniels Midlands Co., Symrise A.G., and CHR Hansen A/S. These players collectively accounted for near about 50% share in the global anthocyanin market in 2018. These players are continuously trying to expand their production capabilities in order to strengthen their foothold. Additionally, they are trying to retain their dominance in the regional markets, which is an increased level of competition. Further, key players are trying to adopt strategies such as merger and acquisitions for maintaining domination in the global market, which is estimated to benefit the market growth in the coming years.
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Rising Adoption of Natural Food Colorants Drive Market Growth
According to the report by TMR, the anthocyanin market is estimated to expand at a CAGR of 4.6% over the forecast period from 2018 to 2026. With this CAGR, the market is estimated to grab a value of US$735.9 mn by 2026. This growth is attributable to the rising knowledge about benefits of consumption of anthocyanin. Additionally, anthocyanin is a natural colorant similar to most colorants extracted from natural sources. Raw materials used for extraction are expensive than artificial colorants. Thus, consumption of anthocyanin has constructive effects on human health. They act as an anti-oxidant, anti-microbial, anti-allergic, and anti-inflammatory. It improves the microcirculation of the body and rising knowledge about these benefits of consuming anthocyanin is driving growth of the market.
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Anthocyanin is known to accelerate the process of metabolism blood sugar cholesterols. Further, anthocyanin is effective to reduce oxidative stress, which plays a crucial role in intensifying risk of heart diseases. Its consumption also reduces the level of obesity in humans. The rising awareness about health and benefits of anthocyanin for the past few years has led to a substantial rise in the global consumption of anthocyanin. This is a key driver of the market over the forecast period as well.
North America to Retain Its Dominance in Coming Years
Regionally, the high demand from North America is helping to dominate the market in terms of revenue and is estimated to retain its dominance by the end of the forecast period. This is primarily attributable to the high adoption from developed countries such as the US and Canada. However, the market in Asia Pacific is witnessing most lucrative growth on the back of rising awareness about its consumption across the developing countries present in the Asia Pacific such as China, India, and Indonesia.
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However, raw materials used for extracting anthocyanin are more expensive as compared to synthetic colors. Lack of color intensity is found in the anthocyanin as compared to other synthetic colors. This hampers its adoption and restrains growth of the global anthocyanin market. Additionally, the factors such as rising stringent regulations controlling the use of food additives are also posing as a challenge to the growth of the anthocyanin market. Nonetheless, the demand for natural food colors in order to lower consumption of the synthetic colors is likely to offer robust growth opportunities in the forecast period. Furthermore, the booming the food and beverage industry is augmenting demand for the anthocyanin, which is offering opportunities for the market to sustain growth in the coming years.
Moreover, purple foods are coming up as a popular choice among consumers as they offer health benefits. This has expanded the anthocyanin production in terms of extraction. In addition to this, the growing adoption of the smart packaging systems in food and beverages industry is further widening the scope of applications of anthocyanin pigments, which is estimated to drive market growth in coming years.
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This information is encompassed in the report by TMR, titled, “Anthocyanin Market (Product Type - Cyanidin, Malvidin, Delphinidin, Pelargonidin, Petunidin, Peonidin; End Use - Food & Beverage Industry, Nutraceutical Industry, Pharmaceutical Industry, Cosmetics & Personal Care, Animal Feed; Source – Fruits, Vegetables, Flowers, Legumes, Cereals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
For the study, the anthocyanin market has been segmented as follows:
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