Parry Nutraceuticals, a division of EID Parry and part of the Murugappa Group has forged a partnership with Synthite Industries to apply proprietary patented technologies for extraction of Phycocyanin, a natural blue pigment found in Spirulina.
Natural Blue is one of the Primary colours, which is difficult to master and has very limited sources that are acceptable by regulatory bodies. Phycocyanin (extracted from Spirulina) is approved by all major regulatory bodies in USA, EU, Japan and South Korea as food colour.
Moreover Phycocyanin offers excellent stability and flexibility for application in a variety of food and beverages. Spirulina is being consumed for many decades as a health supplement and is proven safe. Therefore, huge growth is expected in the natural food colours segment mainly driven by the consumer's demand for clean labels and favourable regulations.
"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 extraction of natural products. This is a part of our NPD strategy to launch value added products based on Microalgae to secure strong market share in niche segments. We are looking at gaining a market share of 20% over the next two years in this segment." said Muthu Murugappan, Business Head of Parry Nutraceuticals.
Synthite Industries, with its strong global presence in the natural colour segment, will focus on this market, while Parry Nutraceuticals will continue catering to the Human nutrition segment.
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