NIU’s Global Round-up: Germany to be pacesetter for European CBD market, Chilean astaxanthin producers eyes Asia, and more

31-Mar-2019 - Last updated on 31-Mar-2019 at 20:25 GMT

It’s a global industry and there’s a lot happening. We know it’s not always easy keeping up with everything that’s happening around the world that could impact the US dietary supplements industry. The answer? Our weekly round-up of key news from across the globe.

LATAM

Chilean astaxanthin producer eyes big potential in Asia nutraceutical markets

Consumer awareness of astaxanthin in Latin America is low, which is why Chilean astaxanthin producer Atacama Bio Natural Products S.A. is targeting markets in Asia and the US.

“Today, the size and scope of the market for algae-derived Astaxanthin in Latin America are very limited,” J. Tomás Arenas, VP global marketing for Atacama Bio Natural Products, told NutraIngredients-LATAM. “Still, we have identified some prospects with which we are evaluating collaborative relationships for our product range, and we are putting our best effort to leave no stones unturned while exploring possibilities.”

The company would like to address the local market at some point, and does have customers and prospective customers in Peru, Chile, and Brazil.

“Nevertheless, in the bigger picture, we are not planning to perform great commercial efforts in this zone due to a significant lack of awareness for both human consumption and animal feed applications,” added Arenas. “Despite having the geographical advantage of being local in the area, in today's globalized world, we are centering our efforts mainly in Asia.”

The company is also eying opportunities with US-based nutraceutical companies.

The Atacama Desert provides ideal conditions for growing Haemotococcus pluvialis algae for astaxanthin: it’s the driest desert in the world and has the highest solar irradiance on the planet.

Europe

Germany identified as future pacesetter for European CBD market

Germany is predicted to outpace it European rivals as the region’s CBD (cannabidiol) market blossoms over the next four years, according to the Brightfield Group.

Hemp © Getty Images jessicahyde — Hemp. Image © Getty Images / jessicahyde

Growth of the European CBD market is expected to be in the region of 400% to 2023, which was estimated at €282m ($318m) in 2018.

“CBD is just starting to take hold in Europe, with both product availability and consumer awareness still quite limited,” said Bethany Gomez, Brightfield’s managing director.

“This is a great opportunity for developed brands to enter and expand through Europe with far less competition than we're seeing in the US.”

For more on this, please click HERE.

Asia

FSSAI considers separate classification within food supplements regime

The Food Safety and Standards Association of India (FSSAI) has announced a collaboration with the Ministry of Ayush on possible standards for traditional ayurvedic foods (ayurvedic ahaar) as a separate category.

“We are in discussions with the Ministry of Ayush to explore various possibilities, and are looking at whether there can be standards for ayurvedic ahaar as a separate category in the food supplements regulatory framework,” said CEO Pawan Kumar Agarwal at a recent event organized by the Chamber of Indian Industry (CII).

“These standards could either be part of food supplements and nutraceutical regulations or we could look at having a separate set of regulations for ayurvedic ahaar.”

“The decision of making it a separate category or keeping it in the existing food supplement regulations will be taken up at appropriate time,” he added.

For more on this story, please click HERE.