Phycocyanin Market Overview
The Phycocyanin Market was predicted to be worth $156.5 million in 2021 and is anticipated to grow to $410.11 million by 2030, with a CAGR of 10.1% between 2023 and 2030.
The global Phycocyanin market is expected to grow at a sound pace in the times to follow. Consumers of various ages have been drawn to items such as vivid blue-tinted frosting on a cupcake or an ocean-blue coloured candy. Food additives or food colourants are responsible for the product's blue colour. Phycocyanin is a blue pigment generated from blue-green algae found in the sea that is used as a food colourant. Phycocyanin derived from the sea offers several appealing characteristics that are driving the market growth. With a new wave of natural ingredients and natural products, consumer expectations and perceptions are altering the food and beverage business. Phycocyanin is a blue colourant that is obtained from natural resources and provides natural alternatives to blue colourants on the global market. Over the projection period, phycocyanin is expected to see a jump in demand due to rising market demand for natural ingredients.
The US Food and Drug Administration has approved phycocyanin, a member of the phycobilli protein family, for use in food and beverage products. Food manufacturers are urged to employ phycocyanin instead of synthetic blue colours, which is propelling the phycocyanin market forward. Phycocyanin is known for its brilliant to dark blue colour, but it also has anti-cancer, anti-inflammatory, and antioxidant effects, which has created a health halo around its use. The rising frequency of various diseases around the world, particularly in developed countries, is raising health concerns and awareness, which is expected to drive up market demand for phycocyanin.
| Report Metric | Details |
| Market size available for years | 2023–2030 |
| Base year considered | 2023 |
| Forecast period | 2024–2030 |
| Forecast unit | Value (USD Million) |
| Segments covered | Nature, Form, Grade, Application, and Region. |
| Regions covered | North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA) |
| Companies covered | Chr. Hansen Holding A/S, DDW Inc., Cyanotech Corp., Dongtai City Spirulina Bio-Engineering Co., Ltd., Parry Nutraceuticals Limited, Fuqing King Dnarmsa Spirulina Co., Ltd., Sensient Technologies Corp., GNT Holding B.V., Döhler GmbH, Naturex S.A., DIC Corporation, Naturalin Bio-Resources Co., Ltd., Far East Bio-Tec Co., Ltd., Fraken Biochem Co., Ltd. |
Covid-19 Impact on Phycocyanin Market
A pandemic such as COVID-19 has not only affected the smooth operations of food supply chains but also resulted in food insecurity conditions in several nations. Manufacturers working in the sector are facing challenges in regards to operations, supply chain, training, safety, emergency responses, awareness, incident management, recreating business models, digitalization, and other unanticipated impacts. Alcohol, a major component in the beverage industry is facing a devastating effect of a pandemic. Around 13% to 15% of the craft beer sector in the world is in the process of shutting up shop, and the wine industry is in severe distress. Besides, shortage of raw materials caused to shut down of many small to medium food processing companies around the world
Phycocyanin Market Segment Overview
Based on Application, Food & Beverages is one of the largest segments in the global Phycocyanin market. To promote the use of phycocyanin in confectionaries, ice creams, and beverages, manufacturers are targeting stakeholders in the food and beverage industry. Because phycocyanin is more stable than other natural blue colourants, it is increasingly being used in alcoholic beverages by stakeholders in the food and beverage industry. Manufacturers are ramping up production of indoor-grown, high-quality, and pure phycocyanin as the fast-growing food and beverage industry expands. They are achieving this by growing their spirulina algae in custom-growing facilities, which allows them to extract five times more algae than collecting phycocyanin from open pond systems, which is also a cost-effective solution.
Phycocyanin Market, By Nature
· Organic
· Conventional
Phycocyanin Market, By Form
· Powder
· Liquid
Phycocyanin Market, By Grade
· Phycocyanin E18
· Phycocyanin E25
· Phycocyanin E3.0
Phycocyanin Market, By Application
Phycocyanin Market Regional Overview
Regio-Wise, North America dominated the phycocyanin market in 2020 and is anticipated to sustain its dominance during the forecast period. The North American phycocyanin market is powerfully driven by rising applications of phycocyanin in many sectors such as food & beverages, pharmaceutical, and cosmetic sectors. Additionally, the demand for phycocyanin in North America is owing to a surge in demand for natural food colour products and an increase in health consciousness among consumers. Besides, the increase in the occurrence of diseases caused by artificial colours has encouraged people to choose natural colours, which has enhanced the phycocyanin market growth in North America.
Phycocyanin Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Phycocyanin Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Phycocyanin are highlighted below.
· In August 2023, Scottish biotech company ScotBio has developed a patent-protected method of enhancing the amount of phycocyanin, the blue pigment, produced in spirulina. The company said this innovation will make indoor-grown spirulina a cost-effective option for the food sector.
· In February 2018, Florida-based Valensa International and parent company EID Parry have announced a new joint venture to develop new ingredients and non-GMO certifications on existing algae products.
Phycocyanin Market, Key Players
· Chr. Hansen Holding A/S
· DDW Inc.
· Cyanotech Corp.
· Dongtai City Spirulina Bio-Engineering Co., Ltd.
· Parry Nutraceuticals Limited
· Fuqing King Dnarmsa Spirulina Co., Ltd.
· Sensient Technologies Corp.
· GNT Holding B.V., Döhler GmbH
· Naturex S.A.
· DIC Corporation
· Naturalin Bio-Resources Co., Ltd.
· Far East Bio-Tec Co., Ltd.
· Fraken Biochem Co., Ltd.
Q1. What are the driving factors for the Phycocyanin market?
The rising frequency of various diseases around the world, particularly in developed countries, is raising health concerns and awareness, which is expected to drive up market demand for phycocyanin.
Q2. Which Segments are covered in the Phycocyanin Market report?
Nature, Form, Grade, Application, and Region. these segments are covered in the Phycocyanin market report.
Q3. Which segment is projected to hold the largest share in the Phycocyanin Market?
The food & beverages segment is projected to hold the largest share in the Phycocyanin Market.
Q4. Which region holds the largest share in the Phycocyanin market?
North America held the largest share in the global Phycocyanin market.
Q5. Which are the prominent players in the Phycocyanin Market?
Chr. Hansen Holding A/S, DDW Inc., Cyanotech Corp., Dongtai City Spirulina Bio-Engineering Co., Ltd., Parry Nutraceuticals Limited, Fuqing King Dnarmsa Spirulina Co., Ltd., Sensient Technologies Corp., GNT Holding B.V., Döhler GmbH, Naturex S.A., DIC Corporation, Naturalin Bio-Resources Co., Ltd., Far East Bio-Tec Co., Ltd., Fraken Biochem Co., Ltd. are some key players in the Phycocyanin Market.
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
