The Phycocyanin Market is expected to reach $245.5 million by 2027, at a CAGR of 28.5% during the forecast period of 2020 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.
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 factors that are expected to hinder the growth of the global phycocyanin market to some extent.
Click here to: Get a Free Request Sample Copy of this report
Impact of Covid-19 on the Phycocyanin Market
The border closures, quarantines, and market supply chain and trade disruptions could restrict people’s access to sufficient/diverse and nutritious sources of food, especially in countries hit hard by the virus or already affected by high levels of food insecurity. The worldwide supply chain includes distribution, packaging, as well as sourcing of raw materials. Lockdowns have disrupted the transportation of packaged foods, prepared foods, and non-alcoholic and alcoholic beverages. In addition, the shutdowns of restaurants and quick-service facilities due to lockdowns have hindered the growth of the food & beverage industry to a large extent. Nutritious and diverse food sources are in short supply in the wake of the global health crisis. Also, greater food insecurity is prevalent in regions hit hard by COVID-19, such as Spain, Italy, and the U.S. Thus, the negative impact on the global economy, supply chains, and trade are indirectly hampering the growth of the phycocyanin market to some extent.
Food & beverage companies across the world continue to feel the impact of COVID-19. Social distancing, self-isolation, and city-wide lockdowns have forced many establishments to close in countries across Asia, the U.S., Europe, and the rest of the world. In the U.K., the U.S., and Australia, supermarket chains have started to enforce new rules to curb panic buying, while suppliers and factory workers have put additional health and safety measures in place to keep consumers safe. Moreover, the manufacturers of consumer food & beverage products are facing significantly reduced consumption as well as disrupted supply chains. The food & beverage industry has witnessed a slight downfall due to the lockdowns imposed across various countries. This scenario has also impacted the confectionery industry negatively since people are opting to buy only essential products.
In addition, government bodies have passed various rules and regulations for the purchase of essential goods. The majority of the consumers are buying essential products, which has caused a rapid decline in the consumption of confectionery items. According to trade organizations in the nutritional products industry, there has been a significant impact on many points in the global supply chain for functional foods and dietary supplements. This has, in turn, lowered the sales and consumption of phycocyanin by its end users, impacting the phycocyanin market.
Increasing number of health hazards to fuel the growth of the phycocyanin market
Synthetic colors have high practical value as they are used in various industries. These colors are manufactured chemically and are the most commonly used dyes in the food and beverage, pharmaceutical, and cosmetic industries. However, it is observed that synthetic colorants can cause various health problems, such as allergic disorders, skin irritations, and digestion problems among consumers. For instance:
Health problems, along with growing awareness among consumers regarding environmental health, is leading to the growing demand for natural colors to be used in food, beverages, pharmaceutical and cosmetic products.
Furthermore, the demand for chemical-free food products is growing drastically across the globe, due to which various government authorities are taking initiatives to discard or discontinuing marketing licenses of products containing synthetic colors. For instance:
This trend is expected a shift towards the use of natural colors over synthetic colors and will further boost the growth of the phycocyanin as natural colorants in the future.
Key Findings in the Phycocyanin Market Study:
In 2020, the powder segment to dominate the global phycocyanin market
Based on form, the powder segment is estimated to command the dominant share of the overall phycocyanin market in 2020. 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.
The food grade segment to dominate the global phycocyanin market in 2020
Based on grade, the food grade segment is estimated to command the largest share of the overall phycocyanin market in 2020. The large share of this segment is mainly attributed to the rising demand of phycocyanin as the alternative for synthetic color, growing consumer preference towards clean label products, and stringent regulations against synthetic colors.
Food and beverage to dominate the global phycocyanin market in 2020
Based on application, the food and beverage segment is estimated to command the largest share of the overall phycocyanin market in 2020. The large share of this segment is mainly attributed to growing consumer preference towards ready-to-drink beverages, growing awareness about health issues associated with the use of synthetic colorants in soft drinks, and the trend of replacing artificial colorants with natural ones. In addition, the growing demand for protein-enhanced drinks is boosting the demand for phycocyanin.
Asia-Pacific: The fastest growing region
Asia-Pacific is expected to grow with the fastest CAGR during the forecast period. The fast growth of this region is primarily attributed to factors such as the changing lifestyle of people, the presence of several local & regional players in this region, and the growing demand for processed food products in emerging & developing countries, including India, China, Indonesia, and Thailand. Furthermore, the growing demand for phycocyanin by the F&B and nutraceutical industries is driving the growth of the phycocyanin market in Asia-Pacific.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the phycocyanin market over the last four years. The key players operating in the global phycocyanin market are Earthrise Nutritionals, LLC (U.S.), Yunnan Green A Biological Project Co., Ltd (China), Zhejiang Binmei Biotechnology 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 (Netherlands), Phyco-Biotech Laboratories (France), and Sigma-Aldrich Corporation (U.S.).
Scope of the report
Phycocyanin Market, by Form
PhycocyaninMarket, by Grade
Phycocyanin Market, by Application
Phycocyanin Market,by Geography
Key questions answered in the report:
This report provides pre & post COVID-19 market estimates.
1. Introduction
1.1. Currency and Limitations
1.1.1. Currency
1.1.2. Limitations
2. Research Methodology
2.1. Research Process
2.1.1. Secondary Research
2.1.2. Primary Research
2.1.3. Market Size Estimation
3. Executive Summary
4. Market Insights
4.1. Introduction
4.2. Drivers
4.2.1. Increased Adoption of Phycocyanin for Therapeutic & Nutritional Purpose
4.2.2. Reluctance Towards Usage of Synthetic Colors
4.2.2.1. Stringent Regulation on Synthetic Color Additives
4.2.2.2. Health Hazards Occurred Due to Synthetic Colors
4.2.3. Rising Demand for Natural Blue Colorants
4.2.4. Investments from Leading Color Houses in Phycocyanin Space
4.3. Restraints
4.3.1. High Cost of Natural Colors
4.3.2. High Cost of Purification and Extraction
4.3.3. Complex Production Process for Algae
4.3.4. Risk of Contamination
4.4. Opportunities
4.4.1. Phycocyanin: A Potential Pharmaceutical Drug
4.4.2. Increasing Awareness for Clean-Label Products
4.5. Sources of Phycocyanin
4.6. Impact of COVID 19 on Phycocyanin Market
4.7. Production Volume of Global Phycocyanin Market
5. Global Phycocyanin Market, by Form
5.1. Introduction
5.2. Powder
5.3. Liquid
6. Global Phycocyanin Market, by Grade
6.1. Introduction
6.2. Food Grade
6.3. Cosmetic Grade
6.4. Analytical Grade
6.5. Reagent Grade
7. Phycocyanin Market, by Application
7.1. Introduction
7.2. Food and Beverages
7.3. Pharmaceutical & Nutraceuticals
7.4. Cosmetics
7.5. Diagnostics and Biomedical
8. Phycocyanin Market, by Geography
8.1. Introduction
8.2. North America
8.2.1. U.S.
8.2.2. Canada
8.3. Europe
8.3.1. France
8.3.1. Germany
8.3.2. U.K.
8.3.3. Italy
8.3.4. Spain
8.3.5. The Netherlands
8.3.6. RoE
8.4. Asia-Pacific
8.4.1. Japan
8.4.2. China
8.4.3. India
8.4.4. Australia
8.4.5. Thailand
8.4.6. RoAPAC
8.5. Latin America
8.6. Middle East and Africa
9. Competitive Landscape
9.1. Introduction
10. Company Profiles
10.1. Earthrise Nutritionals, LLC
10.1.1. Business Overview
10.1.2. Financial Overview
10.1.3. Product Portfolio
10.1.4. Strategic Developments
10.2. Yunnan Green A Biological Project Co., Ltd
10.2.1. Business Overview
10.2.2. Financial Overview
10.2.3. Product Portfolio
10.2.4. Strategic Developments
10.3. Zhejiang Binmei Biotechnology Co., Ltd.
10.3.1. Business Overview
10.3.2. Financial Overview
10.3.3. Product Portfolio
10.3.4. Strategic Developments
10.4. Fuqing King Dnarmsa Spirulina Co., Ltd.
10.4.1. Business Overview
10.4.2. Financial Overview
10.4.3. Product Portfolio
10.4.4. Strategic Developments
10.5. Tianjin Norland Biotech Co., Ltd
10.5.1. Business Overview
10.5.2. Financial Overview
10.5.3. Product Portfolio
10.5.4. Strategic Developments
10.6. Bluetec Naturals Co., Ltd
10.6.1. Business Overview
10.6.2. Financial Overview
10.6.3. Product Portfolio
10.6.4. Strategic Developments
10.7. Bluebiotech INT. Gmbh
10.7.1. Business Overview
10.7.2. Financial Overview
10.7.3. Product Portfolio
10.7.4. Strategic Developments
10.8. Dongtai City Spirulina Bio-Engineering Co., Ltd.
10.8.1. Business Overview
10.8.2. Financial Overview
10.8.3. Product Portfolio
10.8.4. Strategic Developments
10.9. Parry Nutraceuticals
10.9.1. Business Overview
10.9.2. Financial Overview
10.9.3. Product Portfolio
10.9.4. Strategic Developments
10.10. Japan Algae Co., Ltd.
10.10.1. Business Overview
10.10.2. Financial Overview
10.10.3. Product Portfolio
10.10.4. Strategic Developments
10.11. Qingdao Zaolanbio Co. Ltd.
10.11.1. Business Overview
10.11.2. Financial Overview
10.11.3. Product Portfolio
10.11.4. Strategic Developments
10.12. Algosource
10.12.1. Business Overview
10.12.2. Financial Overview
10.12.3. Product Portfolio
10.12.4. Strategic Developments
10.13. D.D. Williamson & Co., Inc.
10.13.1. Business Overview
10.13.2. Financial Overview
10.13.3. Product Portfolio
10.13.4. Strategic Developments
10.14. Wellisen Nutraceuticals
10.14.1. Business Overview
10.14.2. Financials
10.14.3. Product Portfolio
10.14.4. Strategic Developments
10.15. Chr. Hansen Holding A/S
10.15.1. Business Overview
10.15.2. Financial Overview
10.15.3. Product Portfolio
10.15.4. Strategic Developments
10.16. Sensient Technologies Corporation
10.16.1. Business Overview
10.16.2. Financial Overview
10.16.3. Product Portfolio
10.16.4. Strategic Developments
10.17. Naturex S.A. (Part of Givaudan)
10.17.1. Business Overview
10.17.2. Financial Overview
10.17.3. Product Portfolio
10.17.4. Strategic Developments
10.17.4.1. Expansions
10.18. GNT Group B.V.
10.18.1. Business Overview
10.18.2. Financial Overview
10.18.3. Product Portfolio
10.18.4. Strategic Developments
10.18.4.1. New Product Launches
10.19. Phyco-Biotech Laboratories
10.19.1. Business Overview
10.19.2. Financial Overview
10.19.3. Product Portfolio
10.19.4. Strategic Developments
10.20. Sigma-Aldrich Corporation
10.20.1. Business Overview
10.20.2. Financial Overview
10.20.3. Product Portfolio
10.20.4. Strategic Developments
11. Appendix
11.1. Questionnaire
11.2. Available Customization
List of Tables :-
Table 1 Global Phycocyanin Market: Impact Analysis of Market Drivers (2020–2027)
Table 2 A Various Mechanisms of Antitumor Activity of Phycocyanin Isolated from Spirulina Platensis
Table 3 Global Phycocyanin market: Impact Analysis of Market Restraints (2020–2027)
Table 4 Global Phycocyanin Production Volume, by Region, 2018-2027 (Tons)
Table 5 Global Phycocyanin Market Size, by form, 2018-2027 ($Million)
Table 6 Global Powder Form Phycocyanin Market Size, by Country/Region, 2018-2027 ($Million)
Table 7 Global Liquid Form Phycocyanin Market Size, by Country/Region, 2018-2027 ($Million)
Table 8 Global Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 9 Global Phycocyanin Market Size, by Grade, 2018-2027 (Tons)
Table 10 Global Food Garde Phycocyanin Market Size, by Country/Region, 2018-2027 ($Million)
Table 11 Global Food Garde Phycocyanin Market Size, by Region, 2018-2027 (Tons)
Table 12 Global Cosmetic Garde Phycocyanin Market Size, by Country/Region, 2018-2027 ($Million)
Table 13 Global Cosmetic Garde Phycocyanin Market Size, by Region, 2018-2027 (Tons)
Table 14 Global Analytical Garde Phycocyanin Market Size, by Country/Region, 2018-2027 ($Million)
Table 15 Global Analytical Garde Phycocyanin Market Size, by Region, 2018-2027 (Tons)
Table 16 Global Reagent Garde Phycocyanin Market Size, by Country/Region, 2018-2027 ($Million)
Table 17 Global Reagent Garde Phycocyanin Market Size, by Region, 2018-2027 (Tons)
Table 18 Global Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 19 Global Phycocyanin Market Size for Food and Beverages, by Country/Region, 2018-2027 ($Million)
Table 20 Global Phycocyanin Market Size for Pharmaceutical & Nutraceuticals, by Country/Region, 2018-2027 ($Million)
Table 21 Global Phycocyanin Market Size for Cosmetics, by Country/Region, 2018-2027 ($Million)
Table 22 Global Phycocyanin Market Size for Diagnostics and Biomedical, by Country/Region, 2018-2027 ($Million)
Table 23 Global Phycocyanin Market Size, by Country/Region, 2018-2027 ($Million)
Table 24 Global Phycocyanin Market Size, by Region, 2018-2027 (Tons)
Table 25 North America: Phycocyanin Market Size, by Country, 2018-2027 ($Million)
Table 26 North America: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 27 North America: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 28 North America: Phycocyanin Market Size, by Grade, 2018-2027 (Tons)
Table 29 North America: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 30 U.S.: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 31 U.S.: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 32 U.S.: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 33 Canada: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 34 Canada: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 35 Canada: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 36 Europe: Phycocyanin Market Size, by Country, 2018-2027 ($Million)
Table 37 Europe: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 38 Europe: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 39 Europe: Phycocyanin Market Size, by Grade, 2018-2027 (Tons)
Table 40 Europe: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 41 France: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 42 France: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 43 France: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 44 Germany: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 45 Germany: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 46 Germany: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 47 U.K.: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 48 U.K.: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 49 U.K.: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 50 Italy: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 51 Italy: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 52 Italy: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 53 Spain: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 54 Spain: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 55 Spain: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 56 Netherlands: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 57 Netherlands: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 58 Netherlands: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 59 Rest of Europe: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 60 Rest of Europe: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 61 Rest of Europe: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 62 Asia-Pacific: Phycocyanin Market Size, by Country, 2018-2027 ($Million)
Table 63 Asia-Pacific: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 64 Asia-Pacific: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 65 Asia-Pacific: Phycocyanin Market Size, by Grade, 2018-2027 (Tons)
Table 66 Asia-Pacific: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 67 Japan: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 68 Japan: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 69 Japan: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 70 Leading Producers of Phycocyanin in China
Table 71 China: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 72 China: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 73 China: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 74 India: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 75 India: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 76 India: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 77 Australia: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 78 Australia: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 79 Australia: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 80 Thailand: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 81 Thailand: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 82 Thailand: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 83 Rest of Asia-Pacific: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 84 Rest of Asia-Pacific: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 85 Rest of Asia-Pacific: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 86 Latin America: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 87 Latin America: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 88 Latin America: Phycocyanin Market Size, by Grade, 2018-2027 (Tons)
Table 89 Latin America: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
Table 90 Middle East and Africa: Phycocyanin Market Size, by Form, 2018-2027 ($Million)
Table 91 Middle East and Africa: Phycocyanin Market Size, by Grade, 2018-2027 ($Million)
Table 92 Middle East and Africa: Phycocyanin Market Size, by Grade, 2018-2027 (Tons)
Table 93 Middle East and Africa: Phycocyanin Market Size, by Application, 2018-2027 ($Million)
List of Figure :-
Figure 1 Market Ecosystem
Figure 2 Key Stakeholders
Figure 3 Research Process
Figure 4 Key Executives interviewed
Figure 5 Primary Research Techniques
Figure 6 Market Size Estimation
Figure 7 Meticulous Research Estimates: Powder Form Vs. Liquid Form
Figure 8 Meticulous Research Estimates: Food Grade Vs. Cosmetic Grade
Figure 9 Meticulous Research Estimates: Food and Beverages Vs. Pharmaceutical and Nutraceutical
Figure 10 Global Phycocyanin Market Share (2019) and CAGR (2020-2027), by Geography
Figure 11 Market Dynamics
Figure 12 Global Phycocyanin Production Volume, by Region, 2020-2027 (Tons)
Figure 13 Global Phycocyanin Market Size, by Form, 2020-2027 ($Million)
Figure 14 Global Phycocyanin Market Size, by Grade, 2020-2027 ($Million)
Figure 15 Global Phycocyanin Market Size, by Grade, 2018-2027 (Tons)
Figure 16 Global Phycocyanin Market Size, by Application, 2020-2027 ($Million)
Figure 17 Global Phycocyanin Market Size, by Geography, 2020-2027 ($Million)
Figure 18 Global Phycocyanin Market Size, by Geography, 2020-2027 (Tons)
Figure 19 Key Growth Strategies Adopted by Leading Players, 2017-2020
Figure 20 DIC Corporation: Financial Overview, 2019
Figure 21 E.I.D. Parry (India) Limited: Financial Overview, 2018
Figure 22 Chr. Hansen Holding A/S: Financial Overview, 2019
Figure 23 Sensient Technologies Corporation: Financial Overview, 2019
Figure 24 Givaudan SA: Financial Overview, 2019
Figure 25 Merck KGaA: Financial Overview, 2019
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: Jan-2023
Published Date: Jan-2023
Published Date: Jun-2022
Published Date: Jan-2022
