Global Phycocyanin Market Opportunities and Forecast 2023-2030

Phycocyanin Market Overview

The Phycocyanin Market was predicted to be worth $156.5 million in 2021 and is anticipated to grow to $410.11 million by 2030, with a CAGR of 10.1% between 2023 and 2030.

The global Phycocyanin market is expected to grow at a sound pace in the times to follow. Consumers of various ages have been drawn to items such as vivid blue-tinted frosting on a cupcake or an ocean-blue coloured candy. Food additives or food colourants are responsible for the product's blue colour. Phycocyanin is a blue pigment generated from blue-green algae found in the sea that is used as a food colourant. Phycocyanin derived from the sea offers several appealing characteristics that are driving the market growth. With a new wave of natural ingredients and natural products, consumer expectations and perceptions are altering the food and beverage business. Phycocyanin is a blue colourant that is obtained from natural resources and provides natural alternatives to blue colourants on the global market. Over the projection period, phycocyanin is expected to see a jump in demand due to rising market demand for natural ingredients.
 
The US Food and Drug Administration has approved phycocyanin, a member of the phycobilli protein family, for use in food and beverage products. Food manufacturers are urged to employ phycocyanin instead of synthetic blue colours, which is propelling the phycocyanin market forward. Phycocyanin is known for its brilliant to dark blue colour, but it also has anti-cancer, anti-inflammatory, and antioxidant effects, which has created a health halo around its use. The rising frequency of various diseases around the world, particularly in developed countries, is raising health concerns and awareness, which is expected to drive up market demand for phycocyanin.

Covid-19 Impact on Phycocyanin Market
 
A pandemic such as COVID-19 has not only affected the smooth operations of food supply chains but also resulted in food insecurity conditions in several nations. Manufacturers working in the sector are facing challenges in regards to operations, supply chain, training, safety, emergency responses, awareness, incident management, recreating business models, digitalization, and other unanticipated impacts. Alcohol, a major component in the beverage industry is facing a devastating effect of a pandemic. Around 13% to 15% of the craft beer sector in the world is in the process of shutting up shop, and the wine industry is in severe distress. Besides, shortage of raw materials caused to shut down of many small to medium food processing companies around the world
 
Phycocyanin Market Segment Overview




Based on Application, Food & Beverages is one of the largest segments in the global Phycocyanin market.  To promote the use of phycocyanin in confectionaries, ice creams, and beverages, manufacturers are targeting stakeholders in the food and beverage industry. Because phycocyanin is more stable than other natural blue colourants, it is increasingly being used in alcoholic beverages by stakeholders in the food and beverage industry. Manufacturers are ramping up production of indoor-grown, high-quality, and pure phycocyanin as the fast-growing food and beverage industry expands. They are achieving this by growing their spirulina algae in custom-growing facilities, which allows them to extract five times more algae than collecting phycocyanin from open pond systems, which is also a cost-effective solution.
 
Phycocyanin Market, By Nature
 
·       Organic
·       Conventional
 
Phycocyanin Market, By Form
 
·       Powder
·       Liquid
 
Phycocyanin Market, By Grade
 
·       Phycocyanin E18
·       Phycocyanin E25
·       Phycocyanin E3.0
 
Phycocyanin Market, By Application

• Food & Beverages
  • Confectioneries
  • Beverages
  • Dairy Products
  • Bakery Products
  • Baby Food Formula
  • Others
• Cosmetics & Personal Care
  • Face Creams
  • Moisturizers & Lotions
  • Lipsticks
  • Eye Liners
  • Eye Shadow
  • Soaps
  • Body Wash
• Nutraceuticals
• Animal Feed
• Aquaculture

Phycocyanin Market Regional Overview

Regio-Wise, North America dominated the phycocyanin market in 2020 and is anticipated to sustain its dominance during the forecast period. The North American phycocyanin market is powerfully driven by rising applications of phycocyanin in many sectors such as food & beverages, pharmaceutical, and cosmetic sectors. Additionally, the demand for phycocyanin in North America is owing to a surge in demand for natural food colour products and an increase in health consciousness among consumers. Besides, the increase in the occurrence of diseases caused by artificial colours has encouraged people to choose natural colours, which has enhanced the phycocyanin market growth in North America.
 
Phycocyanin Market, By Geography
 
·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
 
Phycocyanin Market Competitor overview

Some key developments and strategies adopted by manufacturers in the Phycocyanin are highlighted below.

·       In August 2023, Scottish biotech company ScotBio has developed a patent-protected method of enhancing the amount of phycocyanin, the blue pigment, produced in spirulina. The company said this innovation will make indoor-grown spirulina a cost-effective option for the food sector.

·       In February 2018, Florida-based Valensa International and parent company EID Parry have announced a new joint venture to develop new ingredients and non-GMO certifications on existing algae products.
 
Phycocyanin Market, Key Players

·       Chr. Hansen Holding A/S
·       DDW Inc.
·       Cyanotech Corp.
·       Dongtai City Spirulina Bio-Engineering Co., Ltd.
·       Parry Nutraceuticals Limited
·       Fuqing King Dnarmsa Spirulina Co., Ltd.
·       Sensient Technologies Corp.
·       GNT Holding B.V., Döhler GmbH
·       Naturex S.A.
·       DIC Corporation
·       Naturalin Bio-Resources Co., Ltd.
·       Far East Bio-Tec Co., Ltd.
·       Fraken Biochem Co., Ltd.

Frequently Asked Questions (FAQ) :

Q1. What are the driving factors for the Phycocyanin market?

Q2. Which Segments are covered in the Phycocyanin Market report?

Q3. Which segment is projected to hold the largest share in the Phycocyanin Market?

Q4. Which region holds the largest share in the Phycocyanin market?

Q5. Which are the prominent players in the Phycocyanin Market?