Meticulous Research® – leading global market research company published a research report titled “Phycocyanin Market by Form (Liquid, Powder), by Grade (Food Grade, Cosmetic Grade, Reagent Grade, Analytical Grade) by Application (Food and Beverages, Pharmaceutical and Nutraceutical, Diagnostics and Biomedical), Geography– Global Forecast To 2027”.
This report is executed in collaboration with the European Algae Biomass Association (EABA). Combining Meticulous Research®’ market intelligence services with EABA’s broad expertise in the development of research, technology and industrial capacities in the field of algae, the two organizations have leveraged their research capabilities to come up with the most reliable and accurate market assessments in this field.
According to this latest publication from Meticulous Research®, the global phycocyanin market is expected to grow at a CAGR of 28.5% from 2020 to 2027 to reach $245.5 million by 2027. The growth of this market is mainly attributed to key factors such as increased adoption of phycocyanin in the manufacturing of therapeutic & nutritional products, growing reluctance towards the usage of synthetic colors, rising demand for natural blue colorants, and investments from leading color houses in the phycocyanin space.
However, the high cost of natural colors and purification and extraction, the complex production procedure of spirulina, and the risk of algae contamination are expected to hinder the global phycocyanin market's growth to some extent.
The global phycocyanin market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of form, grade, application, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on form, the global phycocyanin market is segmented into powder and liquid. In 2020, the powder segment is projected to account for the largest share of the market. Powder breaks down quickly and bids high comfort of digestion in comparison to other forms. Also, powder allows active nutrient delivery and offers high flexibility with dosing, further driving the growth of this segment.
Based on grade, the global phycocyanin market is segmented into food grade, cosmetic grade, reagent grade, and analytical grade. The food grade segment is estimated to command the largest share of the phycocyanin market in 2020. The large share of this segment is mainly attributed to the rising demand for phycocyanin as an alternative for synthetic color, clean label brands promoting natural colors, and stringent regulations against synthetic colors.
Based on application, the global phycocyanin market is mainly segmented into food and beverage, pharmaceutical & nutraceutical, cosmetic, and diagnostics & biomedical. The pharmaceutical and nutraceutical segment is expected to grow at the highest CAGR during the forecast period. The growing aging population, rising consumer inclination towards the adoption of natural colors in the pharmaceutical & nutraceutical area, and increasing popularity of the product for its several potential health benefits, such as it offers therapeutic effects for treating diabetes, cancer, and other cardiovascular problems.
Geographically, Europe is estimated to command the major share of the overall phycocyanin market in 2020. Europe's leading position is primarily attributed to the growth of the scientific and technological development in the field of micro-algae research for various health foods and dietary supplements, growing awareness among consumers for natural food products, and increasing food safety concerns & stringent government regulations.
The key players operating in the global phycocyanin market are Earthrise Nutritionals, LLC (U.S.), Yunnan Green A Biological Project Co., Ltd (China), Zhejiang BinmeiBiotechnology Co., Ltd (China), Fuqing King Dnarmsa Spirulina Co. Ltd. (China), Tianjin Norland Biotech Co., Ltd (China), Bluetec Naturals Co., Ltd (China), BlueBioTech Int. GmbH (Germany), Dongtai City Spirulina Bio-engineering Co., Ltd. (China), Parry Nutraceuticals (India), Japan Algae Co., Ltd. (Japan), Qingdao ZolanBio Co., Ltd. (China), AlgoSource (France), D.D. Williamson & Co., Inc. (U.S.), Wellisen Nutraceuticals (India), Chr Hansen Holding A/S (Denmark), Sensient Technologies Corporation (U.S.), Naturex (France), GNT Group (The Netherlands), Phyco-Biotech Laboratories (France), and Sigma-Aldrich Corporation (U.S.).
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