Europe Phycocyanin Market (2023-2030)

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 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.

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.