Phycocyanin Market by Size, Share, Forecasts, & Trends Analysis

[Redding, California - Feb 02, 2024] - Meticulous Research®, a distinguished leader in the global market research landscape, proudly announces the release of its latest research report, titled 'Phycocyanin Market: Transformative Trends and Projections for 2030.' This comprehensive study delves into the dynamics of the phycocyanin market, presenting valuable insights into key forms, grades, applications, and geographical nuances shaping the industry's future.

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In the forecast period up to 2030, the global phycocyanin market is anticipated to surge to $279.6 million in value, registering an impressive CAGR of 28.1% from 2023 to 2030. Concurrently, the volume is projected to reach 3,587.2 tons, with a compelling CAGR of 33.8% during the same period. This robust growth is attributed to the escalating adoption of phycocyanin in nutraceutical and nutritional applications, a discernible shift away from synthetic colors, a burgeoning demand for natural blue colorants, and escalating venture investments in phycocyanin production. The pharmaceutical sector's recognition of the high potential of phycocyanin, coupled with increasing consumer awareness of clean-label products, further accentuates the growth trajectory for players in the global phycocyanin market.

Despite these promising prospects, challenges persist, as the market grapples with the high costs associated with natural colorants, the expense of extracting and purifying phycocyanin, and intricacies in algae production.

The phycocyanin market segmentation encompasses form (phycocyanin powder, liquid phycocyanin), grade (food-grade phycocyanin, cosmetic-grade phycocyanin, reagent-& analytical-grade), and application (food & beverages, pharmaceuticals & nutraceuticals, cosmetics, diagnostics & biomedical). An in-depth evaluation of industry competitors and a meticulous analysis of regional and country-level markets are integral components of this study.

In terms of form, the phycocyanin powder segment is poised to dominate the market in 2023, owing to its attributes such as easy solubility and digestibility. Notably, phycocyanin powder's active nutrient delivery and flexible dosing make it a preferred choice in the food & beverage and cosmetic industries, substantiating its substantial market share.

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Within the grade segmentation, the cosmetic-grade phycocyanin segment is anticipated to exhibit the highest CAGR during the forecast period. This growth is fueled by the expanding applications of phycocyanin in the cosmetic industry, driven by its therapeutic benefits and minimal side effects.

The application segmentation reveals that the food & beverages segment is expected to command the largest share of the global phycocyanin market in 2023. The segment's dominance is attributed to a growing awareness of the detrimental effects of synthetic food colorants on health, a trend towards replacing artificial colorants with natural alternatives, and the non-toxic, non-carcinogenic properties of phycocyanin.

Geographically, Asia-Pacific is poised for the fastest growth rate during the forecast period. The region's prominence is underscored by the presence of numerous local and regional stakeholders, a burgeoning demand for processed food products in emerging and developing countries, and the robust growth of the food & beverage, nutraceuticals, and cosmetics industries.

Top 10 Companies Operating in Phycocyanin Market: https://meticulousblog.org/top-10-companies-in-phycocyanin-market/

Key Players:

Prominent players in the global phycocyanin market include AlgoSource (France), Bluetec Naturals Co., Ltd (China), DIC Corporation (Japan), E.I.D. - Parry (India) Limited (India), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Givaudan SA (Switzerland), GNT Group B.V. (Netherlands), Hangzhou OuQi Food co., Ltd. (China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Japan Algae Co., Ltd. (Japan), Jiangshan COMP SPIRULINA CO., LTD. (China), Merck KGaA (Germany), Phyco-Biotech Laboratories (France), Pond Technologies Inc. (Canada), Qingdao Haizhijiao Biotechnology Co., Ltd (China), Qingdao ZolanBio Co., Ltd. (China), Sensient Technologies Corporation (U.S.), SPIFORM (France), Wellisen Nutraceuticals (U.S.), Xi'an Fengzu Biological Technology Co., Ltd. (FZBIOTECH) (China), Yunnan Green A Biological Project Co., Ltd. (China), and Zhejiang Binmei Biotechnology Co., Ltd (China).

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