Phycocyanin Market growing at a value CAGR of 7.6% throughout the period of forecast.
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Applications of phycocyanin are anticipated to create new business segments in the market. Phycocyanin is in use for a broad range of food & beverages products such as confectionery, drinks, dairy products & others. The companies are focusing on launching products that are launched in few regions. There lies a great opportunity since only a few companies are into this business due to introductory stage of this product market. Phycocyanin is used in producing various natural colors.
Manufacturers are exploring the potential of phycocyanin in cosmetics & personal care products. Application of phycocyanin in cosmetic & personal care products are gaining traction in the recent years. Recently, manufacturers have started using micro-algae in the treatment of skin problems, which includes aging and tanning. Further, there are also potential uses in the areas of anti-aging, skin whitening, and pigmentation reducing products. Algae species are widely used in few of the cosmetic formulations, such as conditioning and thickening agents.
Global Phycocyanin Market: Key Takeaways
The key differentiation strategy is to offer products that are organic, in order to leverage opportunity arising from the rising demand for additive-free, chemical-free, and natural food products
In terms of form, the demand for powder is the highest, followed by liquid, attributed to its usage in food and beverages products as a coloring pigment
One of the major challenges for the phycocyanin market is the environmental changes. Irregularity in the climate and seasonal variations affect food supply and causing widening of demand-supply gap and in the food safety program of various countries.
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Global Phycocyanin Market: Forecast by Nature
This segment includes organic and conventional. The average selling price for organic is relatively high in global phycocyanin than other segments. Conventional segment is expected to remain dominant in the global phycocyanin market throughout the forecast period with a revenue share of 62.8% in 2018. Conventional segment is expected to rank relatively high on the attractiveness index in the global phycocyanin market by 2028 end, however, organic segment is expected to account for a relatively higher growth rate in the phycocyanin market over the forecast period.
Global Phycocyanin Market: Forecast by Application
Application segment consists of food & beverages, nutraceuticals, animal feed, cosmetics & personal care, and others. Food & beverages segment is further segmented into confectionery, drinks, dairy products, and others. Among food & beverages industry segment, phycocyanin finds application as a pigment, which was estimated to account for a revenue share of over 85.2% within the food & beverages industry segment in 2017. In 2017, the nutraceuticals segment was estimated to be valued at US$ 5.9 Mn which is expected to increase at a CAGR of 8.6% over the forecast period.
Global Phycocyanin Market: Forecast by Form
This segment includes powder and liquid. In terms of volume, powder segment is expected to remain dominant in the global phycocyanin market. Powder segment in the global phycocyanin market is expected to create absolute $ opportunity of US$ 114.0 Mn between 2018 and 2028.
Global Phycocyanin Market: Forecast by Region
North America, Latin America, Eastern Europe, Western Europe, APEJ, Japan and MEA are the seven regions that are included in this report. Western Europe is the dominant market in the global phycocyanin market in terms of value. The Western Europe phycocyanin market was estimated to be valued at US$ 34.5 Mn in 2017 and is expected to expand at a value CAGR of 7.9% over the forecast period. The North America market is expected to expand at a robust rate of 8.4% in terms of revenue over the forecast period due to the steadily increasing production capacity for soy food products in this region.
Global Phycocyanin Market: Key Players
Fraken Biochem Co., Ltd, Chr. Hansen A/S, Naturex S.A., Sensient Technologies Corp, Parry Nutraceuticals Limited, Cyanotech Corp, DIC Corporation, Dohler GmBH, GNC Holdings, Inc., DDW Inc, Dongtai City, Now Health Group Inc, are the key vendors included in this report.
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