Meticulous Research®—a leading global market research company, published a 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.’
According to this latest publication from Meticulous Research®, in terms of value, the Europe phycocyanin market is projected to reach $90 million by 2030, at a CAGR of 26.4% from 2023 to 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. The growth of this market is mainly driven by the increasing adoption of phycocyanin for nutraceutical applications, the increasing preference for natural colors over synthetic colors, the rising demand for natural blue colorants, and increasing venture investments in phycocyanin production. However, the high prices of natural colorants, high costs of extracting and purifying phycocyanin, and complexities in algae production restrain the growth of this market. Additionally, the high potential of phycocyanin in pharmaceutical applications and increasing consumer awareness regarding clean-label products are expected to create growth opportunities for the players operating in the Europe phycocyanin market.
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.
Based on form, the Europe phycocyanin market is segmented into phycocyanin powder and liquid phycocyanin. In 2023, the phycocyanin powder segment is expected to account for the larger share of the Europe phycocyanin market. The large market share of this segment is mainly attributed to the benefits offered by phycocyanin powder, such as easy solubility and digestibility. Additionally, the powdered form allows active nutrient delivery and offers high flexibility with dosing. Thus, phycocyanin powder is highly used as a colorant and functional component in the food & beverage and cosmetic industries, contributing to its large market share.
Based on grade, the Europe phycocyanin market is segmented into food-grade phycocyanin, cosmetic-grade phycocyanin, and reagent- & analytical-grade phycocyanin. The cosmetic-grade phycocyanin segment is slated to register the highest CAGR during the forecast period. The fast 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 Europe 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 Europe phycocyanin market due to the rising trend of replacing artificial colorants with natural colorants in the food industry, growing awareness about the adverse effects of synthetic food colorants on health, and the non-toxic & non-carcinogenic properties of phycocyanin.
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. Italy is projected to record the highest CAGR during the forecast period. The growth of this market is mainly driven by the growing demand for functional foods, increasing demand for nutraceuticals, and rising health consciousness. Furthermore, the increasing consumer preferences for clean-label products are expected to provide growth opportunities for stakeholders operating in this market.
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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