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 Phycocyanin Market is projected to reach $279.6 million by 2030, at a CAGR of 28.1% from 2023 to 2030. In terms of volume, the global phycocyanin market is projected to reach 3,587.2 tons by 2030 at a CAGR of 33.8% from 2023 to 2030. The growth of this market is driven by the increasing adoption of phycocyanin for nutraceutical & nutritional applications, the reluctance toward the use of synthetic colors, the rising demand for natural blue colorants, and increasing venture investments in phycocyanin production. Additionally, the high potential of phycocyanin in pharmaceutical applications and the increasing consumer awareness regarding clean-label products are further expected to provide growth opportunities for the players operating in the global phycocyanin market. 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.
Rising Demand for Natural Blue Colorants Fuels the Growth of the Global Phycocyanin Market
Phycocyanin is a pigment-protein complex synthesized by blue-green microalgae such as Arthrospira (Spirulina). This pigment is mainly used as a natural coloring agent in the food industry. It is approved by the U.S. Food and Drug Administration (FDA) for use as a food coloring agent. This natural pigment shows antioxidant activity both in vivo and in vitro; therefore, it can be considered a nutraceutical compound. It is often used as a dietary nutritional supplement and exhibits various pharmacological properties. It is widely used as a natural blue dye for commercial applications in the food and cosmetics industries.
The stability, safety, bioavailability, interactions with food matrix components, and health-promoting effects of phycocyanin drive its utilization in various applications. The demand for phycocyanin as a natural blue food colorant has grown exponentially in the past five years, especially after the FDA’s 2013 approval of spirulina extract as a food colorant for gum and candy. In 2014, its applications were expanded to include frostings, ice cream and frozen desserts, dessert coatings and toppings, dry beverage mixes and powders, yogurts, custards, puddings, cottage cheese, gelatin, bread, and ready-to-eat cereals. In 2015, its use in coatings for dietary supplements and pharmaceuticals was also approved. Phycocyanin is one of the few natural blue colorants approved in the U.S., Europe, and Asia. In the U.S. FDA Code of Federal Regulations, spirulina extract has been approved as a color additive and is exempt from certification. It is produced through the filtered aqueous extraction of spirulina platensis dried biomass.
- In June 2022, DDW, Inc. (U.S.) and Fermentalg (France) initiated the pre-commercialization of the innovative acid-stable Galdieria Blue Extract, which is expected to be launched in the coming years.
- In June 2020, DIC Corporation (Japan) launched a new product named Linablue LES2 (100 grams of bottled liquid containing natural blue food coloring).
- In June 2019, Naturex S.A. (France) opened its new blue spirulina extraction line to meet the growing demand for clean-label blue and green colors.
Besides F&B applications, phycocyanin is also used as a cosmetics colorant in lipstick, eyeliner, and eye shadow manufacturing. Moreover, phycocyanin and its bilin chromophore have remarkable potential for use in food technology as a safe food colorant, functional food additive, and nutraceutical and dietary supplement, given its excellent health-related properties. Its mass production is also sustainable and relatively inexpensive. Thus, the growing demand for natural blue colorants is expected to drive the growth of the phycocyanin market.
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Key Findings in the Phycocyanin Market Study:
In 2023, the Phycocyanin Powder Segment is Expected to Dominate the Global Phycocyanin Market
Based on form, the 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 global 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. However, in the liquid form, phycocyanin degrades quickly due to oxidation reactions, resulting in the fading of color, which hampers its adoption to some extent.
In 2023, the Food Grade Phycocyanin Segment is Expected to Dominate the Global Phycocyanin Market
Based on grade, the 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 global 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 and Beverage Segment is Expected to Dominate the Global Phycocyanin Market
Based on application, the phycocyanin market is segmented into food & beverages, pharmaceuticals & nutraceuticals, cosmetics, and diagnostics and biomedical. In 2023, the food and beverage segment is expected to account for the largest share of the global phycocyanin market. The large market share of this segment is mainly attributed to the growing awareness about the adverse effects of synthetic food colorants on health, the rising trend of replacing artificial colorants with natural colorants in the food industry, 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 mainly driven by the rising demand for natural cosmetics products and increasing awareness among consumers about the adverse effects of synthetic cosmetic products.
Asia-Pacific: Fastest-growing Regional Market
Based on geography, the phycocyanin market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is slated to register the fastest growth rate during the forecast period due to the presence of several local and regional stakeholders and the rapidly growing demand for processed food products in emerging and developing countries, including India, China, Indonesia, and Thailand. Furthermore, the expanding food & beverage, nutraceuticals, and cosmetics industries and rising demand for phycocyanin in these industries are expected to provide growth opportunities for stakeholders operating in this market.
In 2023, Europe is expected to account for the largest share of the global phycocyanin market. The large share of this market is mainly attributed to the scientific and technological developments in the field of micro-algae research for various health foods and dietary supplements and growing demand for natural food colors due to stringent regulations against the use of synthetic colors in food and beverage products. Additionally, the growing cosmetic & personal care industries and the rising adoption of algae-derived/extracted natural colors in cosmetics are further expected to support the growth of this market in the region.
Key Players
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 global phycocyanin market are 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), Japan Algae Co., Ltd. (Japan), 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), Wellisen Nutraceuticals (U.S.), Xi’an Fengzu Biological Technology Co., Ltd. (FZBIOTECH) (China), Yunnan Green A Biological Project Co., Ltd. (China), and Zhejiang Binmei Biotechnology Co., Ltd (China).
Scope of the Report:
Phycocyanin Market Assessment—by Form
- Phycocyanin Powder
- Liquid Phycocyanin
Phycocyanin Market Assessment—by Grade
- Food-Grade Phycocyanin
- Cosmetic-Grade Phycocyanin
- Reagent- & Analytical-Grade Phycocyanin
Phycocyanin Market Assessment—by Application
- Food & Beverages
- Pharmaceuticals & Nutraceuticals
- Cosmetics
- Diagnostics & Biomedical
Phycocyanin Market Assessment—by Geography
- North America
- Europe
- France
- Germany
- U.K.
- Italy
- Spain
- Netherlands
- Denmark
- Sweden
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Thailand
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Egypt
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East & Africa
Key Questions Answered in the Report: