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2021
Phycocyanin Market

Phycocyanin Market by Form (Powder and Liquid), Grade (Food Grade, Pharma Grade, and Reagent & Analytical Grade) and Application (Food & Beverages, Pharmaceuticals, Cosmetics, Nutraceuticals, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12344
Pages: 303
Jul 2021 | 2805 Views
Author(s) : Anil Kamble , Roshan Deshmukh
Tables: 137
Charts: 67
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The phycocyanin market size was valued at $155.3 million in 2020, and is estimated to reach $409.8 million by 2030, registering a CAGR of 9.6% from 2021 to 2030. 

Phycocyanin is a water-soluble, fluorescent, blue pigment protein that belongs to the family of phycobiliproteins, which are the photosynthetic accessory pigments in cyanobacteria and certain red algae. It is obtained by extraction from Arthrospira platensis. 

Phycocyanin-Market-2021-2027

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Increased adoption of the phycocyanin for food color processing, manufacturing of dietary supplement, nutraceuticals, and therapeutic products is expected to boost the demand for phycocyanin during the forecast period. Consumer awareness regarding health hazards due to the synthetic colors and use of the spirulina as high nutritional food source and coloring agent are further attributed for the growth of the market during the forecast period. Consumption of the synthetic colors through food & beverages are showing the major serious side effects such as hyperactivity in children, as well as cancer and allergies.

Phycocyanin extracted from spirulina has both nutritional and coloring properties; therefore, gaining major traction in the food & beverages industry. Many countries are banning the trading of products containing synthetic food colors, which is positively impacting the growth of the phycocyanin market. For instance, Allura red AC is a synthetic food color banned in Denmark, Belgium, France, and Switzerland. Furthermore, increase in product launch related to natural and organic food color is likely to increase the phycocyanin market size during the forecast period. For instance,  DDW Inc. is food colorant manufacturing company, which launched a new blue color phycocyanin liquid with improved light stability by up to 40%. However, high cost of natural colors, purification and its extractions and risk of algae contamination are likely to restrain the growth of the phycocyanin market. 

The outbreak of the COVID-19 pandemic has adversely affected the food & beverages industry; however, the phycocyanin market has been witnessing significant growth due to its applications in dietary supplement, nutraceuticals, and pharmaceutical industries. During the pandemic, people are highly inclined to adopt the health food to boost their immunity powers, which significantly accelerated the demand for health-related food and medicinal products; thus, phycocyanin with high nutritional and therapeutic applications gained major traction during the pandemic.

According to the phycocyanin market analysis, the phycocyanin market is segmented on the basis of form, grade, application, and region. On the basis of form, the market is categorized into powder and liquid.

On the basis of grade, the market is categorized into food grade, pharma grade and reagent & analytical grade. By application, it is segregated into food & beverages, pharmaceuticals, cosmsetics, nutraceuticals and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, the Netherlands and rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, India, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, Turkey, and rest of LAMEA).

On the basis of form, the powder segment accounted for the around half of the global phycocyanin market share in 2020, and is expected to maintain this trend during the forecast period. This is majorly attributed to advantages of using phycocyanin powder as it easily and quickly breaks down and offers high comfort of digestion in comparison to other forms. In addition, powder allows active nutrient delivery and offers high flexibility with dosing.

Phycocyanin Market
By Form

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Powder segment helds the major share of 92.4% in 2020

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According to the phycocyanin market trends, depending on grade, the food grade segment was valued at $138.6 million in 2020, and is expected to reach $360.4 million by 2030, with a CAGR of 9.5%. The major share of this segment is mainly attributed to the rising use of phycocyanin as the alternative for synthetic color used in food & beverages, growing consumer preference toward organic and natural ingredient based food products, and stringent regulations against synthetic colors. Furthermore, increase in awareness regarding the health hazards due to the consumption of the synthetic colors is expected to generate more demand for phycocyanin. For instance, higher consumption of tartrazine is linked to cancer and is known to provoke asthma attacks and skin reactions

Phycocyanin Market
By Grade

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Food Grade segment helds the major share of 89.2% in 2020

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On the basis of application, the pharmaceutical segment was valued at $12.5million in 2020, and is expected to reach $35.8 million by 2030, with a CAGR of 10.5%. This is majorly attributed to medical efficacy of the phycocyanin from spirulina as contain high nutrition, vitamins, beta-carotene, and antioxidants.  Furthermore, considerable use of the phycocyanin for cancer diagnosis is likely to generate more demand and traction of the phycocyanin in the pharmaceutical industry. For instance, according to the report by Ganter et al, only 10% of standard dose of topotecan was combined with C-PC, the prostate cancer cells (LNCaP) were killed at a higher rate than when topotecan was used alone at full dose.  C-PC induce apoptosis through generation of ROS and activation of caspase-9 and caspase-8.7.

Phycocyanin Market
By Application

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Food and Beverages segment helds the major share of 67.9% in 2020

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North America dominated the phycocyanin market in 2020, and is expected to sustain its dominance throughout the phycocyanin market forecast period. The North America phycocyanin market is strongly driven by growing applications of phycocyanin in various sectors such as food & beverages, pharmaceutical, and cosmetic sectors. Furthermore, the demand for phycocyanin in North America is due to increase in demand for natural food color products and rise in health consciousness among consumers. Moreover, upsurge in prevalence of diseases caused by artificial colors has encouraged people to opt for natural colors, which has boosted the phycocyanin market growth in North America.

Phycocyanin Market
By Region

2030
North America 
Europe
Asia Pacific
Lamea

North America Region helds the major share of 38.8% in 2020

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The players operating in the global phycocyanin market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Bluetec Naturals Co., DDW Inc., DIC Corporation, Earthrise Nutritionals LLC, Japan Algae Co. Ltd., Parry Nutraceuticals, Phyco-Biotech Laboratories, Qingdao ZolanBio Co. Ltd., Sigma-Aldrich Corporation, and Yunnan Green A Biological Project Co. Ltd.

Key Benefits For Stakeholders

  • The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2020 to 2030 to identify the prevailing opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis and the market size and segmentation assist to determine the prevailing phycocyanin market opportunities.
  • The major countries in each region are mapped according to their revenue contribution to the market. 
  • The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the phycocyanin industry.

Key Market Segments

By Form

  • Powder
  • Liquid

By Grade

  • Food grade
  • Pharma grade
  • Reagent & analytical grade 

By Application

  • Food & beverages
  • Pharmaceuticals
  • Cosmetics
  • Nutraceuticals
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • The UK
    • Italy
    • Spain
    • The Netherlands
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • Australia
    • South Korea
    • India
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Argentina
    • South Africa
    • Saudi Arabia
    • Turkey
    • Rest of LAMEA
 

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In accordance with several interviews conducted, top-level CXOs agree that the food & beverages industry has slowly started phasing out artificial colors due to rise in safety concerns and increase in demand for natural colors. Phycocyanin is considered to be one of the popular natural food colors among the food & beverage manufacturers. Phycocyanin extracted from spirulina is a protein that imparts a vibrant blue color. In addition, it can be combined with other colors to make customized colors such as green and lavender or violet shades, which makes it ideal for usage in various food & beverages products.

Phycocyanin extracted from Spirulina comprises high antioxidant, hypolipidemic, beta-carotene, and anti-inflammatory properties. It offers health benefits such as reduced cholesterol and blood pressure, owing to exceptional properties. Growth in penetration of spirulina based phycocyanin in the cosmetics and pharmaceutical industries is further expected to fuel the growth of the market during the forecast period.

North America was the leading revenue contributor to the global phycocyanin market in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to its increase in demand for naturally derived food coloring agents in the region. However, Asia-Pacific is expected to grow at the highest CAGR during the study period, as it offers lucrative opportunities for the market players, owing to favorable production environment for the phycocyanin processing industry in the region.

However, the existing challenges such as close substitutes and lack of awareness regarding the phycocyanin benefits are expected to hamper the growth of the phycocyanin market during the forecast period. Furthermore, high cost of natural colors, purification, and its extractions and risk of algae contamination are likely to restrain the growth of the market.

 

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FREQUENTLY ASKED QUESTIONS?

A. The phycocyanin market size was valued at $155.3 million in 2020, and is estimated to reach $409.8 million by 2030, registering a CAGR of 9.6% from 2021 to 2030.

A. The CAGR of Phycocyanin Market is 9.6% from 2021 to 2030

A. You can request sample report of phycocyanin market from www.alliedmarketresearch.com or call our sales representatives on +1-800-792-5285 ( U.S. - Canada toll free ), Int'l : +1-503-894-6022, + 44-845-528-1300 ( Europe ). You can drop us an email at help@alliedmarketresearch.com for sample.

A. The base year calculated in the phycocyanin market report is 2020.

A. Phycocyanin Market is segmented into form, grade, application, and region and according to market analysis these segments are further segregated into sub-segments.

A. Bluetec Naturals Co., DDW Inc., DIC Corporation, Earthrise Nutritionals LLC, Japan Algae Co. Ltd. And Parry Nutraceuticals are some of the top companies in the phycocyanin market

A. Growing applications of phycocyanin in various sectors such as food & beverages, pharmaceutical, and cosmetic sectors and increasing demand for natural coloring agents in the replacement of synthetics food colors are the upcoming trends in phycocyanin Industry which likely to have positive impact on the growth of the phycocyanin market.

A. Food and beverage phycocyanin market holds the maximum market share of the phycocyanin market.

A. The COVID-19 pandemic positively impacted the phycocyanin market in 2021.

 

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