Algry to launch new products to increase market share
several new research agreements to develop active ingredients for
pharma and food applications.
The new products, expected to launch in 2004 and the following year, will be developed with researchers at the University of Castilla la Mancha in Spain and manufactured by Algry Quimica.
Choline, one of the B vitamins, helps the use of fats in the body and therefore supports weight loss. It is also referred to as the 'memory' vitamin, owing to its key role in the nervous system and apparent aid to memory.
Guillermo Rodriguez, export manager for the firm, said further details about the new ingredients would be revealed shortly. Around 90 per cent of Algry's unencapsulated choline salts are currently sold to the nutritional supplement and infant formula market but the firm is hoping to increase sales to pharma, he said.
It has also increased its market share in the US where a nutrient content claim for choline authorised by the Food and Drug Administration two years ago has boosted demand for the vitamin in the supplements category. In Europe, the booming energy drinks market and a changing environment in food supplements will further drive growth.
"Our target for this year is to increase sales by between 10-15 per cent in the unencapsulated salts market," Rodriguez told NutraIngredients.com.
Last year Algry reported a sales increase of 14 per cent over the 12 month-period and new marketing and distribution agreements are expected to retain this level of growth.
The Madrid-based firm opened a new facility on the south coast in 1999 allowing its products to meet high quality requirements. Its small size (around 35 people work in the plant) mean that it is flexible and can respond quickly to market demands, according to Rodriguez.
