Redding, California, April 12, 2023 (GLOBE NEWSWIRE) -- According to a new market 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,’ in terms of value, the global phycocyanin market is projected to reach $279.6 million by 2030, at a CAGR of 28.1% during the forecast period 2023–2030. 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 2023–2030.
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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 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.
The phycocyanin market study presents historical market data in terms of value and volume (2021 and 2022), estimated current data (2023), and forecasts for 2030—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.
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Key Findings in the Phycocyanin Market Study
Based on form, in 2023, the phycocyanin powder segment is expected to account for the larger share of the global phycocyanin market. However, the liquid phycocyanin segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for liquid phycocyanin for applications in dietary supplements and personal care products.
Based on grade, the global 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 global 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. However, 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. However, the cosmetic segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by the rising demand for natural cosmetics products and increasing awareness among consumers about the adverse effects of synthetic cosmetic products.
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Based on geography, the phycocyanin market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Europe is expected to account for the largest share of the global phycocyanin market. The large share of this market is mainly attributed to the scientific and technological developments in the field of micro-algae research for various health foods and dietary supplements and growing demand for natural food colors due to stringent regulations against the use of synthetic colors in food and beverage products. Additionally, the growing cosmetic & personal care industries and the rising adoption of algae-derived/extracted natural colors in cosmetics are further expected to support the growth of this market in the region.
Key Players
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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Scope of the Report:
Phycocyanin Market Assessment - by Form
- Phycocyanin Powder
- Liquid Phycocyanin
Phycocyanin Market Assessment - by Grade
- Food-Grade Phycocyanin
- Cosmetic-Grade Phycocyanin
- Reagent- & Analytical-Grade Phycocyanin
Phycocyanin Market Assessment – by Application
- Food & Beverages
- Pharmaceuticals & Nutraceuticals
- Cosmetics
- Diagnostics & Biomedical
Phycocyanin Market Assessment – by Geography
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- U.K.
- Italy
- Spain
- Netherlands
- Denmark
- Sweden
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Thailand
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Egypt
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East & Africa
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