Phycocyanin Market to Record an Exponential 7.7% CAGR by 2020 - 2030

With consumers on the “health comes first” spree, the food and beverage sector is into the immunity-centric mode. Along these lines, ingredients boasting of immunity claims like probiotics, moringa, turmeric, and elderberries are expected to rule the food and beverages market between 2021 and 2031.

The other factor to be ponder about would be tech-enabled transparency i.e. rising interest of the consumers in the origin of foods they are ordering. Inclination towards plant-based products is another trend catching up.

These factors are expected to boost sales in the global phycocyanin market, at an expected volume CAGR of approximately 7% through 2030.

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Key Takeaways from Phycocyanin Market Study

The food & beverage industry is expected to hold a volume share of approximately 70% in the phycocyanin market, owing to its increased use as a coloring agent in different food applications.

In terms of volume, the conventional segment is anticipated to dominate the global phycocyanin market with a market share of more than 90% throughout the forecast period. However, the organic segment is expected to witness a comparatively higher growth rate of more than 7%, attributed to increasing demand for organic products.

Based on regional analysis, the regions of South Asia and East Asia are expected to observe the highest growth rates, attributed to the presence of a large number of key players in countries such as India, China, Japan, and others. However, in terms of volume, the regions of North America and Europe are dominant in the global phycocyanin market, holding more than 60% of the global volume share in the year 2020.

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Global Phycocyanin Market: Competitive Landscape

Key players functioning in the global phycocyanin market are focused on engaging in different promotional strategies to generate higher business revenue, build profitable relationships with new customers, and gain increased penetration in different markets.

In 2019, Far East Bio-Tec Co., Ltd. participated in Vitafoods, Europe, a global nutraceutical event. Participation in this event proved to be the perfect platform for generating new business and build profitable relationships. It also helped the company promote its products to gain benefit from the growing global nutraceutical market.

In 2019, Tianjin Norland Biotech Co., Ltd. participated in Vitafoods, Europe. Participation in this event helped the company explore market trends and promote its products on a global level. It also helped the company expand its global presence and customer base.

In October 2019, Bluetec Naturals Co., Ltd. exhibited at Supplyside West in Las Vegas, U.S. It is one of the largest gatherings of health & nutrition professionals, bringing together more than 18,500 ingredient buyers and suppliers from throughout the industry. This helped the company promote its products on a global level and expand its customer base.

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Persistence Market Research, in its new report, offers an impartial analysis of the global phycocyanin market, presenting historical data (2015-2019) and estimation statistics for the period of 2020-2030. The study offers compelling insights on the phycocyanin based on nature (organic and conventional), form (liquid and powder), and end use (food & beverages, nutraceuticals, cosmetics and personal care, animal feed, and others), across seven major regions.

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