Parry Nutraceuticals and Synthite Industries Partner up for Phycocyanin Extraction
26 Jun 2017 --- Parry Nutraceuticals, a division of E.I.D. Parry and part of the Murugappa Group, has forged a partnership with Synthite Industries to apply proprietary patented technologies for the extraction of Phycocyanin, a natural blue pigment found in Spirulina. Natural Blue is one of the primary colors, and is difficult to master as there are very limited sources that are acceptable by regulatory bodies. Phycocyanin, extracted from Spirulina, is approved by all major regulatory bodies in US, Europe, Japan and South Korea as food color or functional ingredient, as well as being GRAS.
Moreover, Phycocyanin offers excellent stability and flexibility for application in a variety of food and beverages. Spirulina has been consumed for many decades as a health supplement and is proven safe. Therefore, growth is expected in the natural food colors segment mainly driven by consumer demand for clean labels and favorable regulations.
Speaking to NutritionInsight, Muthu Murugappan, Business Head Parry Nutraceuticals, says that the largest opportunities for Phycocyanin are at this point in Western Europe and North America.
“With this partnership, we are complementing our established expertise in Organic Spirulina cultivation of more than two decades with Synthite Industries proven track record of leadership and technical expertise in the extraction of natural products. This is a part of our NPD strategy to launch value added products based on Microalgae to secure a strong market share in niche segments. We are looking at gaining a market share of at least 20% over the next two years in this segment,” Murugappan says.
Recently, E.I.D Parry announced that their microalgae facility successfully completed a US FDA inspection. Synthite Industries, with its strong global presence in the natural color segment, will focus on this market, while Parry Nutraceuticals will continue catering to the human nutrition segment.
Synthite Industries Ltd. was among the first in India to enter into the nascent field of spice oleoresin manufacture. Today, Synthite has become the global leader in spice oleoresins and other plant-derived natural product solutions and commands over 30 percent of the global market.
Speaking about the company’s expansion plans, Murugappan tells NutritionInsight that to start with, the company aspires “to gain a global market share of 20% for which we have the infrastructure and capabilities in place. Further expansion is certainly on the cards, and we will do so after carefully assessing market dynamics.”
