Phycocyanin Market by Form (Liquid, Powder), by Grade (Food Grade, Cosmetic Grade, Reagent Grade, Analytical Grade) by Application (Food and Beverages, Pharmaceutical and Nutraceutical, Diagnostics and Biomedical), Geography– Global Forecast To 2027
The research report titled “Phycocyanin Market by Form (Liquid, Powder), by Grade (Food Grade, Cosmetic Grade, Reagent Grade, Analytical Grade) by Application (Food and Beverages, Pharmaceutical and Nutraceutical, Diagnostics and Biomedical), Geography– Global Forecast To 2027” provides an in-depth analysis of the phycocyanin market in five major geographies and emphasizes the current market trends, market size, market share, recent developments, and forecast till 2027. The global phycocyanin market is expected to grow at a CAGR of 28.5% from 2020 to 2027 to reach $245.5 million by 2027.
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.
The study offers a comprehensive analysis of the global phycocyanin market with respect to form (powder and liquid), grade (food, cosmetic, reagent, and analytical grade), application (food and beverages, pharmaceutical and nutraceutical, cosmetic, and diagnostics and biomedical), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on form, the powder form 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.
Based on grade, the food grade segment is estimated to command the largest share and fast growth of the overall phycocyanin market in 2020. The large share of this segment is mainly attributed to the rising demand for phycocyanin as the alternative for synthetic color, clean labels forcing brands to switch to natural colors, and stringent regulations against synthetic colors. In addition, the growing food and nutraceutical industry is driving the food grade phycocyanin market.
Based on application, the pharmaceutical and nutraceutical segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is primarily attributed to the growing aging population, rising consumer inclination towards the adoption of natural colors in the pharmaceutical and nutraceutical, and increasing popularity of the product for its several potential health benefits.
Geographically, 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 and regional players in this region, and the growing demand for processed food products in emerging and developing countries, including India, China, Indonesia, and Thailand. Furthermore, the growing demand for phycocyanin by food & beverages and nutraceutical industries is the major driver for the growth of the phycocyanin market in Asia-Pacific.
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 (2017-2020). 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.).
Key questions answered in the report-
Which are the high growth market segments in terms of the form, grade, application, and countries/regions?
What is the historical market for phycocyanin across the globe?
What are the market forecasts and estimates for the period of 2020-2027?
What are the major drivers, restraints, and opportunities in the global phycocyanin market?
Who are the major players in the global market, and what share of the market do they hold?
Who are the major players in various countries, and what share of the market do they hold?
How is the competitive landscape?
What recent developments have taken place in the global phycocyanin market?
What are the different strategies adopted by the major players in this market?
What are the key geographic trends, and which are the high growth countries?
Who are the local emerging players in the global phycocyanin market, and how do they compete with the other market players?
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