Global demand for phycocyanin accounts for US$ 180.5 million in value and is predicted to reach a market size of US$ 353 million by the end of 2033. The global phycocyanin market is forecasted to exhibit expansion at a noteworthy 6.9% CAGR from 2023 to 2033, as per this latest Fact.MR market research analysis. Phycocyanin is a blue pigment that is found in certain types of blue-green algae, such as spirulina and cyanobacteria. It has a wide range of applications in various industries, including food and beverage, pharmaceuticals, cosmetics, and agriculture. The global phycocyanin market is expected to grow significantly in the coming years, driven by increasing demand for natural food colors and dietary supplements.
One of the major drivers of the phycocyanin market is the growing consumer demand for natural and organic products. As consumers become more health-conscious, they are seeking out natural ingredients that offer nutritional benefits without the use of synthetic additives. Phycocyanin is a natural and sustainable ingredient that is rich in antioxidants, vitamins, and minerals, making it a popular choice in the health and wellness industry
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In the food and beverage industry, phycocyanin is used as a natural food colorant, giving products a bright blue hue. It is commonly used in drinks, dairy products, and confectionery. The demand for natural food colors is growing rapidly, as consumers become more aware of the potential health risks associated with synthetic colors
Key Takeaways of Global Phycocyanin Market
- Conventional nature of phycocyanin accounts for more than two third of market share and is expected to show significant growth in phycocyanin market during period of forecast, due to increased demand from food and beverages manufacturers.
- Powder form of phycocyanin is a major contributor to the global phycocyanin consumption and is projected to grow 1.9X over period of forecast, owing to its increased demand in beverages and cosmetics industry.
- Phycocyanin market in Europe holds more than one third of the market share. Moreover, increasing nutritional supplement demand from consumers will augment growth of phycocyanin during forecast period.
- Organic nature of phycocyanin holds more one third of market share, thus pushing the growth of organic phycocyanin by end of 2029.
- After the approval of the use of phycocyanin in food and beverage products is given by FDA, the demand of phycocyanin from Spirulina has started surging, and companies have begun producing various types of products made from Spirulina phycocyanin such as smoothies, juices, nutritional supplements etc.
- North America: The phycocyanin market in North America is driven by the increasing demand for natural food colors and supplements. The US is the largest market for phycocyanin in the region, due to the high demand for natural and organic products.
- Europe: The European phycocyanin market is also driven by the growing demand for natural food colors and supplements. Germany is the largest market in the region, due to the high demand for organic products and strict regulations on synthetic colors.
- Asia-Pacific: The Asia-Pacific phycocyanin market is expected to grow rapidly in the coming years, driven by the increasing demand for natural food colors and supplements in countries like India and China. Japan is the largest market for phycocyanin in the region, due to the high demand for natural products.
- Latin America: The Latin American phycocyanin market is also expected to grow rapidly, due to the increasing demand for natural food colors and supplements in countries like Brazil and Mexico.
- Middle East and Africa: The Middle East and Africa phycocyanin market is relatively small, but is expected to grow in the coming years, driven by the increasing demand for natural and organic products.
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Prime phycocyanin manufacturers are adopting strategies such as mergers, acquisitions, and collaborations to expand their business scope around the world.
- In December 2021, Givaudan, a multinational Swiss manufacturer of flavor and fragrances, announced that it had completed the acquisition of DDW, The Color House, which is a natural color company based in the United States. This acquisition made Givaudan one of the two top players in the natural colors marketplace.
- In July 2020, Global EcoPower (GEP), a French renewable energy company, announced that it had acquired spirulina production and marketing assets from Tam, a Brittany-based spirulina producer. With this acquisition, GEP had plans to expand its phycocyanin and spirulina production capacity, which would have strengthened its stance in the global competitive landscape.
Key Companies Profiled
- Cyanotech Corp.
- Naturalin Bio-Resources Co. Ltd.
- DIC Corporation
- DDW Inc.
- Sensient Technologies Corp.
- GNT Holding B.V.
- Chr. Hansen Holding A/S
- Fuqing King Dnarmsa Spirulina Co. Ltd.
- Parry Nutraceuticals Limited
- Dongtai City Spirulina Bio-Engineering Co. Ltd.
- Far East Bio-Tec Co. Ltd.
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Key Questions Covered
- What is phycocyanin, and what are its properties and applications?
- What are the key drivers of the phycocyanin market, and how is the market expected to grow in the coming years?
- What are the major challenges faced by the phycocyanin industry, and how can they be addressed?
What are the regulations governing the production and use of phycocyanin, and how do they vary by region?