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Health & Nutrition

EID Parry developing algae-based food colors

July 20, 2016
AlgaeIndustryMagazine.com

EID Parry is working on developing natural food colors from microalgae ingredients. Photo: tariqmcom.com

EID Parry is working on developing natural food colors from microalgae ingredients. Photo: tariqmcom.com

Gireesh Babu reports for businessstandard.com that Murugappa Group’s EID Parry, in India, is working on developing natural food colors as part of strengthening its presence in the wellness space. It has mapped out plans to reduce the dependence on sugar by extending the core business to ethanol, biofuels, power and differentiated products.

The business is focusing on moving up the value chain by offering value added and more consumer appealing products from microalgae ingredients ­— spirulina and chlorella, said the company. Projects for developing natural food colors include phycocyanin, one of the major pigment constituents, and chlorophyll, from spirulina.

The developments are in line with EID’s future strategies and to de-risk the business. They plan to reduce the dependence on sugar by extending the business in less cyclical areas, such as ethanol, bio fuels, power and differentiated products.

The sugar business is cyclical, heavily dependent on unpredictable weather patterns, macroeconomic trends and volatile market prices. Last year the world sugar industry was pushed to a record low in prices, the company said.

EID claims that it is the only company in the world with the capability to produce all three algae-based dietary supplements: spirulina, chlorella and astaxanthin. It has also launched Organic Chlorella, a dietary supplement that aids in detoxification, tissue regeneration and healthy ageing.

The company’s sales from nutraceuticals was Rs 71.64 crore (~$10,620,000 US) for the year ended March 31, 2016, representing three per cent of the Company’s revenue, as compared to Rs 74 crore (~$10,970,000 US) from the previous year. About 86 per cent of this revenue is from exports.

EID has initiated action to improve spirulina sales by focusing on multi-level marketing customers in Asia. While Western Europe and North America remain its key markets, the coming years will see rapid expansion in the Asia Pacific and Indian sub-continent regions, the company said.

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