Phycocyanin Market Is Predicted To Reach A Market Size Of US$ 353 Million By 2033

The Phycocyanin Market As of 2023, the worldwide demand for phycocyanin has reached US$ 180.5 million. It is expected that the market would reach $353 million by the end of 2033. From 2023 to 2033, the worldwide phycocyanin market is predicted to develop at a significant compound annual growth rate (CAGR) of 6.9%.

Phycocyanin is a pigment-protein complex that belongs to the phycobiliprotein family and acts as a companion pigment to chlorophyll. It is commonly used in the food and beverage industries to provide a natural blue hue. Due to some nations' bans on synthetic colors in food and beverages, there has been a considerable increase in demand for natural food colors and additives.

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Competitive Landscape:

In December 2021, Givaudan, a multinational Swiss manufacturer specializing in flavor and fragrance, successfully completed the acquisition of DDW, The Color House, a prominent natural color company based in the United States. This strategic merger positioned Givaudan as one of the top players in the natural colors market, expanding their business scope worldwide.

Another significant development occurred in July 2020 when Global EcoPower (GEP), a French renewable energy company, acquired the spirulina production and marketing assets of Tam, a renowned spirulina producer based in Brittany. This acquisition allowed GEP to augment its phycocyanin and spirulina production capacity, further strengthening its position in the global competitive landscape.

Key Players:

Cyanotech Corp.
Naturalin Bio-Resources Co. Ltd.
DIC Corporation
DDW Inc.
Sensient Technologies Corp.
GNT Holding B.V.
Hansen Holding A/S
Fuqing King Dnarmsa Spirulina Co. Ltd.
Parry Nutraceuticals Limited
Dongtai City Spirulina Bio-Engineering Co. Ltd.
Far East Bio-Tec Co. Ltd.
Industry Insights:

In 2019, Synergia Biotech, a start-up founded by Agasteswar Vadlamani and Angela Kouris, former researchers at the University of Calgary, embarked on the commercialization of phycocyanin for the production of food-grade blue pigment dye. Their environmentally friendly process involves utilizing cyanobacteria to extract and concentrate the blue color into a powder.

Another food technology start-up named Gavan, based in Israel, has developed a proprietary non-GMO technology to extract phycocyanin from spirulina without generating any waste. Through their innovative approach, they create a natural coloring formulation suitable for application in various food and beverage products. The recognized health benefits associated with phycocyanin further contribute to its potential use in functional foods and fortified beverages..

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Regional Analysis:

"The European market has witnessed a significant rise in demand for functional foods and superfoods due to the growing health and fitness awareness among consumers. One notable superfood, Spirulina, has gained popularity for its abundance of nutrients, including phycocyanin. The consumption of Spirulina and other functional foods has been on the rise in recent years. Additionally, regulatory authorities in Europe have imposed a ban on synthetic food colors, creating an opportunity for natural alternatives like phycocyanin to thrive as a food colorant.

In the United States, there has been a substantial increase in the consumption of nutraceutical supplements. This surge can be attributed to the high prevalence of chronic diseases and a heightened focus on health and fitness among the population. The country's rising concern over lifestyle disorders such as obesity and diabetes has intensified the emphasis on maintaining good health. Consequently, the demand for phycocyanin products is expected to grow as it caters to the needs of health-conscious individuals in the United States."

Key Segments of Phycocyanin Industry Research

By Nature :
Organic
Conventional
By Form :
Powder
Liquid
By Application :
Food and Beverages
Nutraceuticals
Animal Feed
Cosmetics & Personal Care
Others

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This release was published on openPR.