Phycocyanin Market to Accumulate US$ 353 Million by 2033

As of 2023, global demand for phycocyanin accounts for US$ 180.5 million in value and is predicted to reach a market size of US$ 353 million by the end of 2033. The global phycocyanin market is forecasted to exhibit expansion at a noteworthy 6.9% CAGR from 2023 to 2033, as per this latest Fact.MR market research analysis.

Phycocyanin is a pigment-protein complex that is an accessory pigment to chlorophyll and is from the light-harvesting phycobiliprotein family. Phycocyanin is used to create natural blue color for foods and beverages. Ban on the use of synthetic colors in food and beverages in several countries has led to a substantial hike in demand for natural food colors and natural food color additives.

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Key Takeaways of Global Phycocyanin Market:

• Conventional nature of phycocyanin accounts for more than two third of market share and is expected to show significant growth in phycocyanin market during period of forecast, due to increased demand from food and beverages manufacturers.
• Powder form of phycocyanin is a major contributor to the global phycocyanin consumption and is projected to grow 1.9X over period of forecast, owing to its increased demand in beverages and cosmetics industry.
• Phycocyanin market in Europe holds more than one third of the market share. Moreover, increasing nutritional supplement demand from consumers will augment growth of phycocyanin during forecast period.
• Organic nature of phycocyanin holds more one third of market share, thus pushing the growth of organic phycocyanin by end of 2029.
• After the approval of the use of phycocyanin in food and beverage products is given by FDA, the demand of phycocyanin from Spirulina has started surging, and companies have begun producing various types of products made from Spirulina phycocyanin such as smoothies, juices, nutritional supplements etc.

Competitive Landscape:

Prime phycocyanin manufacturers are adopting strategies such as mergers, acquisitions, and collaborations to expand their business scope around the world.

• In December 2021, Givaudan, a multinational Swiss manufacturer of flavor and fragrances, announced that it had completed the acquisition of DDW, The Color House, which is a natural color company based in the United States. This acquisition made Givaudan one of the two top players in the natural colors marketplace.
• In July 2020, Global EcoPower (GEP), a French renewable energy company, announced that it had acquired spirulina production and marketing assets from Tam, a Brittany-based spirulina producer. With this acquisition, GEP had plans to expand its phycocyanin and spirulina production capacity, which would have strengthened its stance in the global competitive landscape.
The launch of new products containing phycocyanin by several companies owing to the rising consumption of superfoods and fortified beverages is also expected to create expansive business scope for phycocyanin suppliers going forward.
• In December 2021, Ful announced the launch of its new range of non-alcoholic mixers in the United Kingdom. The mixers comprised a specifically-formulated spirulina and came in three distinct flavors.

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Key Segments of Phycocyanin Industry Research:

• By Nature :
o Organic
o Conventional
• By Form :
o Powder
o Liquid

• By Application :
o Food and Beverages
o Nutraceuticals
o Animal Feed
o Cosmetics & Personal Care
o Others

• By Region :
o North America
o Latin America
o Europe
o APAC
o MEA

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How will be insights and market estimations provided in the Fact.MR report on the Demand Phycocyanin make a difference?

• The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
• The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
• The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
• Provides scrutiny of the industry trends that have shaped recent government policies
• Provides an account of major breakthroughs in all segments that might change the course of the market considerably
• Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
• Evaluates the role of various stages of funding on new growth avenues in key regional markets

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This release was published on openPR.