Redding, California, May 08, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Europe 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)—Forecast to 2030,’ in terms of value, the Europe phycocyanin market is projected to reach $90 million by 2030, at a CAGR of 26.4% during the forecast period 2023–2030. In terms of volume, the Europe phycocyanin market is projected to reach 1,138 tons by 2030, at a CAGR of 32.1% during the forecast period 2023–2030.
Phycocyanin is a pigment-protein complex synthesized by blue-green microalgae such as Arthrospira (Spirulina). This pigment is mainly used as a natural coloring agent in the food industry. It is approved by the European Food Safety Authority (EFSA) and the U.S. Food and Drug Administration (FDA) for use as a food coloring agent. This natural pigment shows antioxidant activity both in vivo and in vitro; therefore, it can be considered a nutraceutical compound. It is often used as a dietary nutritional supplement and exhibits various pharmacological properties. It is widely used as a natural blue dye for commercial applications in the food and cosmetics industries.
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The Europe 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 country-level markets.
Key Findings in the Europe Phycocyanin Market Study
Based on form, the Europe phycocyanin market is segmented into phycocyanin powder and liquid phycocyanin. The liquid phycocyanin segment is projected to register the highest CAGR during the forecast period. The growth of this segment is mainly driven by the increasing demand for liquid phycocyanin for applications in dietary supplements and personal care products.
Based on grade, the Europe phycocyanin market is segmented into food-grade phycocyanin, cosmetic-grade phycocyanin, and reagent- & analytical-grade phycocyanin. In 2023, the food-grade phycocyanin segment is expected to account for the largest share of the Europe phycocyanin market due to the increasing use of phycocyanin as an alternative to synthetic colors in the food & beverage industry, the growing awareness about the adverse effects of synthetic colors, and the increasing demand for clean-label brands that promote natural colors.
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Based on application, the Europe phycocyanin market is segmented into food & beverages, pharmaceuticals & nutraceuticals, cosmetics, and diagnostics & biomedical. The cosmetics segment is slated to register the highest CAGR during the forecast period. The fast growth of this segment is mainly driven by the rising demand for natural cosmetics products and increasing awareness among consumers about the adverse effects of synthetic cosmetic products.
Based on geography, the Europe phycocyanin market is segmented into Germany, the U.K., Italy, Spain, the Netherlands, Denmark, Sweden, and the Rest of Europe. In 2023, Germany is expected to account for the largest share of the Europe phycocyanin market. The large share of this market is mainly attributed to the growing demand for natural food colors, the growing food & beverage industry, and rising consumer inclination toward natural, organic, and clean ingredients.
Key Players
The key players operating in the Europe phycocyanin market include 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), 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), Xi’an Fengzu Biological Technology Co., Ltd (FZBIOTECH) (China), and Zhejiang Binmei Biotechnology Co., Ltd (China).
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Scope of the Report:
Europe Phycocyanin Market Assessment–by Form
- Phycocyanin Powder
- Liquid Phycocyanin
Europe Phycocyanin Market Assessment–by Grade
- Food-Grade Phycocyanin
- Cosmetic-Grade Phycocyanin
- Reagent- & Analytical-Grade Phycocyanin
Europe Phycocyanin Market Assessment–by Application
- Food & Beverages
- Pharmaceuticals & Nutraceuticals
- Cosmetics
- Diagnostics & Biomedical
Europe Phycocyanin Market Assessment–by Geography
- Overview
- France
- Germany
- U.K.
- Italy
- Spain
- Netherlands
- Denmark
- Sweden
- Rest of Europe
Quick Buy – Europe Phycocyanin Market- Global Opportunity Analysis And Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/74722000
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