Meticulous Research®—a leading global market research company, published a research report titled, ‘Phycocyanin Market by Form (Powder, Liquid), Grade (Food Grade Phycocyanin, Cosmetic Grade Phycocyanin, Reagent and Analytical Grade Phycocyanin), Application (Food and Beverages, Pharmaceuticals and Nutraceuticals), Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, in terms of value, the global phycocyanin market is projected to reach $279.6 million by 2030, at a CAGR of 28.1% from 2023 to 2030. In terms of volume, the global phycocyanin market is projected to reach 3,587.2 tons by 2030, at a CAGR of 33.8% from 2023 to 2030. The growth of this market is attributed to the increasing adoption of phycocyanin for nutraceutical & nutritional applications, the reluctance toward the use of synthetic colors, the rising demand for natural blue colorants, and increasing venture investments in phycocyanin production. Additionally, the high potential of phycocyanin in pharmaceutical applications and the increasing consumer awareness regarding clean-label products are expected to provide growth opportunities for players operating in the global phycocyanin market.
However, the high prices of natural colorants, high costs of extracting and purifying phycocyanin, and complexities in algae production restrain the growth of this market.
The phycocyanin market is segmented by form (phycocyanin powder, liquid phycocyanin), grade (food-grade phycocyanin, cosmetic-grade phycocyanin, reagent-& analytical-grade), and application (food & beverages, pharmaceuticals & nutraceuticals, cosmetics, diagnostics & biomedical). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on form, the phycocyanin market is segmented into phycocyanin powder and liquid phycocyanin. In 2023, the phycocyanin powder segment is expected to account for the larger share of the global phycocyanin market. The large market share of this segment is mainly attributed to the benefits offered by phycocyanin powder, such as easy solubility and digestibility. Additionally, the powdered form allows active nutrient delivery and offers high flexibility with dosing. Thus, phycocyanin powder is highly used as a colorant and functional component in the food & beverage and cosmetic industries, contributing to its large market share.
Based on grade, the global phycocyanin market is segmented into food-grade phycocyanin, cosmetic-grade phycocyanin, and reagent- & analytical-grade phycocyanin. The cosmetic-grade phycocyanin segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly driven by the increasing applications of phycocyanin in the cosmetic industry due to its therapeutic uses and zero to minimal side effects.
Based on application, the global phycocyanin market is segmented into food & beverages, pharmaceuticals & nutraceuticals, cosmetics, and diagnostics & biomedical. In 2023, the food & beverages segment is expected to account for the largest share of the global phycocyanin market due to the growing awareness about the adverse effects of synthetic food colorants on health, the rising trend of replacing artificial colorants with natural colorants in the food industry, and the non-toxic & non-carcinogenic properties of phycocyanin.
This research report also analyzes major geographies and provides a comprehensive analysis of the market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is slated to register the fastest growth rate during the forecast period due to the presence of several local and regional stakeholders and the rapidly growing demand for processed food products in emerging and developing countries, including India, China, Indonesia, and Thailand. Furthermore, the expanding food & beverage, nutraceuticals, and cosmetics industries and rising demand for phycocyanin in these industries are expected to provide growth opportunities for stakeholders operating in this market.
The key players operating in the global phycocyanin market are AlgoSource (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), 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).
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