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.
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% from 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.
Increasing Adoption of Phycocyanin for Nutraceutical Applications Fuels the Growth of the Europe Phycocyanin Market
Phycocyanin has remarkable nutritional value and is used in dietary supplements due to its high protein content. Phycocyanin can also impart an intense blue color to various products. It is water-soluble, natural, and non-toxic and has anticancer, antioxidant, antiviral, and anti-inflammatory properties. Further, it boosts immune system function and helps the body fight off diseases. These benefits are driving the demand for phycocyanin in the nutraceuticals sector. Nutraceuticals are functional foods with health-promoting or disease-preventing properties.
Europe's population has become more health conscious and has increased the adoption of nutritional supplements to achieve dietary goals. For instance, according to the Food Supplements Europe survey conducted in 2021 across 14 EU countries, 52% of 13,200 respondents consumed supplements to maintain their overall health. Additionally, the demand for natural and organic products has grown, and so has the demand for plant-based products and functional foods due to the rapidly increasing geriatric population in Europe. According to Eurostat, in 2022, approximately 21.1% of the population in the EU was aged 65 or above. Thus, the growing demand for nutraceuticals is expected to drive the adoption of phycocyanin for the production of nutraceuticals.
In recent years, phycocyanin has been increasingly preferred as a natural alternative to synthetic nutraceutical ingredients due to its potential health benefits. This has enabled key players to successfully market phycocyanin as a multi-nutrient supplement or nutraceutical agent. Thus, the increasing adoption of phycocyanin for nutraceutical applications is expected to drive the growth of the Europe phycocyanin market.
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Key Findings in the Phycocyanin Market Study:
In 2023, the Phycocyanin Powder Segment is Expected to Dominate the Europe Phycocyanin Market
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 largest 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.
However, 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.
In 2023, the Food Grade Phycocyanin Segment is Expected to Dominate the Europe Phycocyanin Market
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.
However, 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.
In 2023, the Food & Beverages Segment is Expected to Dominate the Europe Phycocyanin Market
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. The large market share of this segment is mainly attributed 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.
However, the cosmetics segment is slated to register the highest CAGR during the forecast period. The fast 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.
In 2023, Germany is Expected to Dominate the Europe Phycocyanin Market
Geographically, 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.
However, 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 report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in this market in the last three to four years. 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).
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
- Diagnostics & Biomedical
Europe Phycocyanin Market Assessment–Geography
- Rest of Europe
Key Questions Answered in the Report: