Phycocyanin Market

Phycocyanin Market Size, Growth, Forecast (2023-2028)

Phycocyanin Market size was valued at US$ 155.4 million in 2022 and is anticipated to grow at US$ 410.8 million by the end of 2028, increasing at a CAGR of 9.7% during 2023 and 2028. 

The growing demand for natural ingredients, an increasing number of health hazards owing to synthetic food colors, government permission for spirulina production, and rising consumer demands for clean label color products are the primary factors driving the Phycocyanin market growth during the forecast period. Phycocyanin is produced from the light-harvesting phycobiliprotein family and is termed as a pigment-protein complex. Phycocyanin reflects light blue color by absorbing orange and red light. It is primarily used in the food and beverage industry as a natural coloring agent. For example, it emits Lina Blue or Exberry shade blue, mainly found in ice creams and sweets. Moreover, the fluorescence detection of Phycocyanin pigments in water helps monitor cyanobacteria biomass. These characteristics of Phycocyanin drive the global Phycocyanin market to hold the largest market share.

REPORT COVERAGE:

Phycocyanin Market Drivers:

The growing adoption of Phycocyanin for the process of food coloring, manufacturing of dietary supplements, therapeutic products, and nutraceuticals is anticipated to boost the Phycocyanin market in the upcoming years. In addition, the increasing consumer awareness regarding the health issues of having synthetic food colors, demand for spirulina as a high nutritional food source, and increasing demand for natural coloring agents are the major factors that attribute the largest global Phycocyanin market size in the near future. Phycocyanin comprises both nutritional and coloring features since it is extracted from spirulina. Therefore, it is mainly used by the food and beverage industries for dyeing various food products. In addition, many emerging economies are banning synthetic food colors and encouraging natural food colors that further drive the global Phycocyanin market growth.

Phycocyanin Market Restraints:

The lack of awareness regarding food colors in undeveloped economies and the significant impact on Phycocyanin production due to climate change are substantial restraints. Therefore, it hampers the global Phycocyanin market growth during the forecast period.

Recent Developments in the Phycocyanin Market:

Bluetec Naturals Co. declared that Phycocyanin is a potential drug for cancer treatment. Phycocyanin possesses characteristics of low toxicity and high efficiency since it is isolated from marine organisms. The company further declared that Phycocyanin comprises anti-inflammatory activity, anti-oxidative function, anti-cancer function, liver & kidney protection, and immune enhancement function pharmacological effects. Bluetec also discussed that Phycocyanin can kill cancer cells and can serve as an anti-cancer agent.

Challenges in the Phycocyanin Market:

The high prices of natural colors for food products are the major challenge for the global Phycocyanin market. Natural dyes are derived from natural sources, including vegetables, minerals, and animals, compared to synthetic food colors. Since these are extracted from natural sources, they tend to have a high price in the retail stores. Therefore, it further declines the growth of the global Phycocyanin market shortly.

Phycocyanin Market Segmentation:

By Form:

• Liquid
• Powder

Based on form, the global Phycocyanin market is categorized into liquid and powder. However, the powder form tends to hold the most significant global Phycocyanin market share and is yet to maintain its dominancy in the upcoming years. It is mainly owing to the benefits of utilizing Phycocyanin powder as it quickly breaks down and provides high comfort of digestion, allows active nutrient delivery, and offers increased flexibility.

By Grade:

• Pharma Grade
• Food Grade
• Reagent and Analytical grade

Based on Grade, the global Phycocyanin market is augmented into pharma grade, food grade, reagent, and analytical Grade. The food-grade segment tends to attribute the largest global Phycocyanin market share. The food segment was valued at US$ 139.6 million in 2021 and is estimated to reach US$ 361.5 million by 2026 at a growing CAGR of 9.6%. The segment's significant share is due to the increasing usage of Phycocyanin used by the food and beverage industry, rising consumer choices to natural colors rather than synthetic colors, and strict rules and regulations against artificial colors. On the other hand, increasing awareness regarding the health hazards due to synthetic dyes' intake is estimated to offer more demand for Phycocyanin. Thus, driving the food-grade segment to continue its trend in the global Phycocyanin market shortly. 

By Application:

• Pharmaceutical
• Food & Beverages
• Nutraceuticals
• Cosmetic
• Others 

Based on Application, the global Phycocyanin market is segmented into pharmaceuticals, Food & Beverages, Nutraceuticals, Cosmetics, and Others. Besides other applications, the pharmaceutical sector held the highest global Phycocyanin market share. This is primarily due to the medical efficacy of the Phycocyanin from spirulina. In addition, it contains high nutritional values, anti-oxidants, and beta-carotene. Additionally, the usage of Phycocyanin for cancer treatment is likely to offer massive demand for Phycocyanin in pharmaceutical firms. 

Global Phycocyanin Market Regional Analysis: 

The Global Phycocyanin Market Report includes the segmentation of Regions:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

North America predominantly held the most significant global Phycocyanin market share and is estimated to sustain its trend in the upcoming years due to its increasing applications in several industries, including food & beverage, cosmetics, and pharmaceutical sectors. Furthermore, North America continues its trend due to the growing demand for natural food colors and increasing awareness regarding the health benefits of having raw food colors. Moreover, the Asia Pacific and Europe hold the second and third largest global Phycocyanin market share. Coming to the Middle East & Africa Phycocyanin market is estimated to have a steady CAGR respectively during the forecast period.

Impact of COVID-19 on Global Phycocyanin Market:

The COVID-19 pandemic has severely affected the food and beverages market, but owing to the usage of Phycocyanin in pharmaceutical and nutraceuticals industries, the global Phycocyanin market has witnessed steady growth. Furthermore, most of the world's population was concentrated on health and adopted a healthy lifestyle during the pandemic. Thus raising the demand for more nutritious foods and medicinal products. Therefore, Phycocyanin gained a significant share owing to the characteristics mentioned above.

Phycocyanin Market Key Players:

The companies covered in the report include:

• Bluetec Naturals Co. 
• DDW Inc. 
• DIC Corporation 
• Earthrise Nutritionals LLC 
• Japan Algae Co. Ltd. 
• Parry Nutraceuticals
• Photo-Biotech Laboratories
• Qingdao ZolanBio Co. Ltd.
• Sigma-Aldrich Corporation