Redding, California - September 11, 2024
Phycocyanin Market to Reach $350.5 Million by 2031
Phycocyanin Market Size, Share, Forecast, & Trends Analysis by Form (Powder, Liquid), Grade (Food-grade, Reagent grade, Cosmetic-grade Phycocyanin), Category (Non-Organic, Organic), Application (Food & Beverages, Pharmaceuticals)—Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled ‘Phycocyanin Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research®, the Phycocyanin market is expected to reach $350.5 million by 2031, at a CAGR of 27.5% from 2024 to 2031.
The factors propelling the growth of the phycocyanin market include the growing use of phycocyanin for nutritional and nutraceutical applications, the disinclination to artificial coloring, the demand for natural blue colorants from the food industry, and the rise in venture capital investments in phycocyanin production. However, market growth is constrained by the high price of natural colorants, the substantial costs associated with extracting and purifying phycocyanin, and the complexities involved in algae production. In addition, the potential of phycocyanin in pharmaceutical applications, combined with growing consumer awareness of clean-label products, presents a significant opportunity for market players.
Key Players:
The phycocyanin market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the phycocyanin market are AlgoSource SA (France), Bluetec Naturals Co., Ltd (China), DIC Corporation (Japan), E.I.D. - Parry (India) Limited (India), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Givaudan SA (Switzerland), GNT Group B.V. (Netherlands), Hangzhou OuQi Food co., Ltd. (China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Japan Algae Co., Ltd. (Japan), Jiangshan Comp Spirulina Co., Ltd. (China), Merck KGaA (Germany), Phyco-Biotech Laboratories (France), Pond Technologies Inc. (Canada), Qingdao Haizhijiao Biotechnology Co., Ltd (China), Qingdao ZolanBio Co., Ltd. (China), Sensient Technologies Corporation (U.S.), SPIFORM (France), Tianjin Norland Biotech Co., Ltd. (China), Wellisen Nutraceuticals (U.S.), Xi’an Fengzu Biological Technology Co., Ltd. (FZBIOTECH) (China), Yunnan Green A Biological Project Co., Ltd. (China), and Zhejiang Binmei Biotechnology Co., Ltd (China).
The phycocyanin market is segmented by form (phycocyanin powder and liquid phycocyanin), grade (food-grade phycocyanin, reagent—& analytical-grade phycocyanin, and cosmetic-grade phycocyanin), category (organic and non-organic), and application (food and beverage, cosmetics, pharmaceuticals & nutraceuticals, and diagnostics and biomedical). The report evaluates industry competitors and analyzes the market at the regional and country levels.
By form, the phycocyanin powder segment is anticipated to hold the dominant position, with 81.8% of the market share in 2024. The significant market share of powdered phycocyanin is attributed to the large number of providers offering this form of pigment, driven by increasing demand across industries such as food and beverages, cosmetics, and pharmaceuticals. Powdered phycocyanin boasts several advantages over its liquid counterpart, including a longer shelf life, easier handling, and enhanced stability against light, heat, and oxygen. These benefits contribute to its growing popularity and market expansion. Moreover, the powdered form facilitates more effective nutrient delivery and offers greater flexibility in dosing, further supporting market growth.
By grade, the food-grade phycocyanin segment is expected to hold the dominant position in the phycocyanin market. This segment's large market share is primarily driven by the expanding global food and beverage sector, which has heightened the adoption of phycocyanin as a natural alternative to synthetic colorants. Increased awareness of the adverse effects associated with synthetic colors and a growing demand for clean-label products that emphasize natural ingredients are also significant factors fueling this growth.
By category, the organic phycocyanin segment is slated to register the fastest growth during the forecast period. This segment's rapid growth is attributed to the growing number of companies offering organic phycocyanin. Additionally, the rising demand for organic-certified phycocyanin from manufacturers across the food and beverage, nutraceutical, and cosmetic sectors—fueled by increasing consumer awareness of organic and vegan product claims—is expected to drive further growth in this market during the forecast period.
By application, the food & beverages segment is projected to hold a dominant position, with a share of 75.4% of the phycocyanin market in 2024. This segment’s substantial market share is primarily driven by the growing demand for phycocyanin as a natural food colorant. This trend is fueled by increased awareness of the health risks associated with synthetic food colors and the rapid expansion of the global food and beverage industry. The food sector’s shift towards natural colorants over artificial alternatives, along with the non-toxic and non-carcinogenic properties of phycocyanin, further supports the segment’s growth.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (France, Germany, U.K., Italy, Spain, Netherlands, Denmark, Sweden, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Thailand, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (Egypt, Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa).
By geography, Europe is anticipated to hold the dominant position, with a share of 34.8% of the phycocyanin market, followed by North America and Asia-Pacific. Europe's phycocyanin market is estimated to be worth USD 22.3 million in 2024. The significant market share of this region can be attributed to several key factors. These include a growing demand for natural food colors driven by stringent regulations that restrict synthetic colors in food and beverages and advancements in microalgae research that support the development of healthy foods and nutritional supplements. Moreover, the expansion of the personal care and cosmetics sectors, along with increased use of algae-derived natural colors in cosmetics, is expected to further drive market growth in the region.
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Key Questions Answered in the Report-
- What is the value of revenue generated by the sale of phycocyanin?
- At what rate is the global demand for phycocyanin projected to grow for the next five to seven years?
- What is the historical market size and growth rate for the phycocyanin market?
- What are the major factors impacting the growth of this market at global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which form, grade, category, and application segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the phycocyanin market?
- Who are the major players in the phycocyanin market? What are their specific product offerings in this market?
- What recent developments have taken place in the phycocyanin market? What impact have these strategic developments created on the market?
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