Research Nester published a report titled “Phycocyanin Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers a detailed overview of the phycocyanin market in terms of market segmentation by nature, by form, by grade, by application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
Phycocyanin is a kind of light-based protein pigment generally extracted from organic spirulina which not only offers natural food coloring but also has numerous health benefits. Growing awareness around the toxic effects of synthetic compounds has heightened the product penetration in medical, cosmetics, and nutraceuticals industries which shall further accelerate the industry growth.
The phycocyanin market is anticipated to witness an achievable high CAGR during the forecast period, i.e., 2020-2028. The market is segmented by nature, form, grade, and application. Among product form, the powder segment is projected to hold the leading market share owing to its fast break-down and great ease of digestion in comparison to other forms. Among product applications, the food & beverage segment is expected to register the leading position in the global market as a result of its wide application in the industry, escalating consumer demand as it’s a clean ingredient, increasing curiosity among the vegan population, and raising alertness about a natural lifestyle. The nutraceuticals segment in the application type is projected to grow at the fastest speed owing to several benefits particularly muscle enhancement.
Regionally, the phycocyanin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
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North America is projected to record significantgrowth during the forecast period on account of increasing consumer consciousness about chemical-free cosmetics, which has facilitated manufacturers to focus on using colorants derived from natural sources, and this is likely to augment the product demand.
Europe is expected to dominate the global market share for phycocyanin market in the predicted forecast period owing to factors such as rising consumer preferences towards clean ingredients, stringent government policies concerning the use of synthetic ingredients in food and cosmetics, growing awareness among civilization, and demand for healthy food and beverages.
Asia Pacific is expected to witness remarkable growth in the coming years. This growth is likely to be influenced by factors such as the growing infiltration of pharmaceuticals players in the region, growing awareness, rising disposable income, growth in R&D, and prevalence of various lifestyle disorders.
The growing application of phycocyanin in diverse industries across the globe and paradigm shift towards natural ingredients will fuel the overall market growth.
Majorly the global phycocyanin market is driven by the rising demand in the food & beverage industry after being approved by the FDA, in pharmaceuticals, and cosmetics industries. It provides therapeutic effects for treating diabetes, cancer, and other cardiovascular problems which is the foremost driving factor for the market growth.
Superior health benefits of phycocyanin and non-toxic nature have enhanced its demand from numerous end-use industries which should fuel the industry growth.
However, suitable surrounding conditions to produce phycocyanin are very crucial and if not provided, it can create a shortage in the marketplace. This is a major restraint that might hinder the growth in the long run. Further, contamination in phycocyanin unfavourably disturbing production, constant fluctuations in the trade of phycocyanin, and irregular environment change challenging the production of phycocyanin are other restraining factors impacting the market growth.
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This report also provides the existing competitive scenario of some of the key players of the Phycocyanin market which includes company profiling of Japan Algae Co., Ltd, Parry Nutraceuticals, Ozone Naturals, EcoFuel Laboratories, Nan Pao International Biotech.CO., LTD., Naturex S.A., Zhejiang Binmei Biotechnology Co.,Ltd, ScotBio, Norland Biotech Co., Ltd, DIC Corporation (TYO: 4631). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the Phycocyanin market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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