Global Phycocyanin Market, By Nature (Organic and Conventional), Form (Powder and Liquid), Grade (Phycocyanin E18, Phycocyanin E25 and Phycocyanin E3.0), Applications (Food and Beverages, Nutraceutical, Animal Feed, Medicines/Pharmaceuticals, Biotechnology, Cosmetics and Personal Care, Aquaculture and Others), Country (U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa) Industry Trends and Forecast to 2029.
Market Analysis and Insights of Phycocyanin Market
Data Bridge Market Research analyses that the global phycocyanin market will project a CAGR of 8.23% for the forecast period of 2022-2029. Growth and expansion of the food and beverages industry, growing focus on innovations by the food and beverages sector, rising consumer consciousness towards the consumption of food and beverages that provide high protein and other nutritional benefits, surging rate of application of food colorants and additives and increasing personal disposable income by the major companies are the major factors attributable to the growth of phycocyanin market.
Phycocyanin is a light-based protein pigment that belongs to the family of phycobiliproteins. Phycocyanin is a water-soluble, fluorescent and blue pigment protein obtained by the extraction from Arthrospira platensis. Phycocyanin is used as a food colorant or additive in a wide range of applications such as confectionaries, beverages, bakery and various others. Phycocyanin is highly beneficial for consumers and useful in a number of biotechnology applications such as fluorescent reagents, probes and tracers.
Rising personal disposable income and growing consciousness towards maintaining good health are the major factors fostering the growth of the market. Changing lifestyle, westernization, rising research and development initiatives taken by major biotechnological companies especially in the developing economies, surging consumption of natural ingredients over artificial ingredients and ever-rising global population are acting as market growth determinants. Improving distribution channel, rising awareness levels of consumers regarding the wide range of benefits of natural ingredients especially in the developing economies, growing patented production process of these ingredients to ensure consistent supply of pigments, surging level of health hazards of synthetic colours such as allergic disorders, skin irritations, and digestion problems and changing tastes and preferences of consumers will further induce growth in the market value.
However, high cost of natural colours, purification and its extractions will pose a major challenge to the growth of the market. Fluctuations in the prices of machinery equipment and supply chain disruptions owing to the pandemic will further restrict the scope of growth for the market. High cost associated with the research and development activities and risk of algae contamination will also hamper the market growth rate.
This phycocyanin market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on phycocyanin market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Phycocyanin Market Scope and Market Size
The phycocyanin market is segmented on the basis of nature, form, grade and applications. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of nature, the phycocyanin market is segmented into organic and conventional.
- Based on form, phycocyanin market is segmented as powder and liquid.
- Phycocyanin market has been segmented on the basis of grade into phycocyanin E18, phycocyanin E25 and phycocyanin E3.0.
- Phycocyanin market is also segmented into food and beverages, nutraceutical, animal feed, medicines/pharmaceutical, biotechnology, cosmetics and personal care, aquaculture and others on the basis of applications. Food and beverages is sub-segmented into confectionaries, beverages, dairy products, bakery products, baby food formula and others. Cosmetics and personal care are sub-segmented into face creams, moisturizers and lotions, lipsticks, eye liners, eye shadow, soaps and body wash.
Phycocyanin Market Country Level Analysis
The phycocyanin market is analyses and market size, volume information is provided by country, nature, form, grade and applications as referenced above.
The countries covered in the phycocyanin market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa(MEA).
Europe region dominates the phycocyanin market and will continue to flourish its trend of dominance during the forecast period owing to the growth of the scientific and technological development in the field of micro-algae research and increasing food safety concerns and stringent government regulations. Asia-Pacific region will score the highest growth rate owing to the large scale demand for natural colorants, presence of several local and regional players, growing population, changing lifestyle, and increasing personal disposable income.
The country section of the phycocyanin market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Phycocyanin Market Share Analysis
The phycocyanin market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to phycocyanin market.
Some of the major players operating in the phycocyanin market are Cyanotech Corporation, Chr. Hansen Holding A/S, DIC CORPORATION, Dongtai City Spirulina Bio-engineering Co., Ltd., Scottish Bioenergy Cooperative Ventures Limited, GNT Group B.V., Fuqing King Dnarmsa Spirulina Co., Ltd., Fraken Biochem Co., Ltd, Parry Nutraceuticals, NATUREX, Far East Bio-Tec Co., Ltd., DDW The Color House, Zhejiang Binmei Biotechnology Co., Ltd, NutraCulture, Japan Algae Co., Ltd, AlgoSource, Wellisen Nutraceuticals Pvt. Ltd., Bluetec Naturals Co., Ltd, Pond Tech, Tianjin Norland Biotech Co., Ltd and Merck KGaA among others.