Europe Phycocyanin Market to be Worth $90 Million by 2030

[Redding, California - Feb 20, 2024] - Meticulous Research®, a renowned global market research company, has recently released an extensive research report titled 'Europe Phycocyanin Market by Form (Powder, Liquid), Grade (Food Grade Phycocyanin, Cosmetic Grade Phycocyanin, Reagent and Analytical Grade Phycocyanin), Application (Food and Beverages, Pharmaceuticals and Nutraceuticals) - Forecast To 2030.'

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In this latest publication, Meticulous Research® projects the Europe phycocyanin market to reach a valuation of $90 million by 2030, exhibiting a remarkable CAGR of 26.4% from 2023 to 2030 in terms of value. Additionally, the volume of the market is anticipated to reach 1,138 tons by 2030, with a CAGR of 32.1% during the forecast period 2023-2030.

Driving this market growth is the increasing adoption of phycocyanin in nutraceutical applications, a growing preference for natural colors over synthetic alternatives, a surge in demand for natural blue colorants, and heightened venture investments in phycocyanin production. Despite these positive trends, challenges such as high prices of natural colorants, extraction and purification costs, and complexities in algae production pose restraints. However, the high potential of phycocyanin in pharmaceutical applications and the rising consumer awareness regarding clean-label products are poised to create new growth avenues for industry players.

The Europe phycocyanin market is comprehensively segmented by form (phycocyanin powder, liquid phycocyanin), grade (food-grade phycocyanin, cosmetic-grade phycocyanin, reagent-& analytical-grade), and application (food & beverages, pharmaceuticals & nutraceuticals, cosmetics, diagnostics & biomedical). The report also includes a thorough evaluation of industry competitors and analyzes country-level markets.

In terms of form, phycocyanin powder is expected to dominate the market in 2023, accounting for a significant share. This dominance is attributed to the advantages of phycocyanin powder, such as easy solubility and digestibility, allowing active nutrient delivery and providing high flexibility with dosing. As a result, phycocyanin powder finds extensive use as a colorant and functional component in the food & beverage and cosmetic industries.

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Furthermore, the Europe phycocyanin market is segmented by grade into food-grade phycocyanin, cosmetic-grade phycocyanin, and reagent- & analytical-grade phycocyanin. The cosmetic-grade phycocyanin segment is expected to register the highest CAGR during the forecast period, propelled by the increasing applications of phycocyanin in the cosmetic industry due to its therapeutic uses and minimal side effects.

The applications of phycocyanin are diversified across food & beverages, pharmaceuticals & nutraceuticals, cosmetics, and diagnostics & biomedical. The food & beverages segment is anticipated to hold the largest share in 2023, driven by the growing trend of replacing artificial colorants with natural alternatives, increasing awareness of the adverse effects of synthetic food colorants, and the non-toxic & non-carcinogenic properties of phycocyanin.

Geographically, the Europe phycocyanin market spans Germany, the U.K., Italy, Spain, the Netherlands, Denmark, Sweden, and the Rest of Europe. Italy is projected to record the highest CAGR during the forecast period, fueled by the growing demand for functional foods, increased nutraceutical demand, rising health consciousness, and consumer preferences for clean-label products.

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Key Players in the Europe Phycocyanin Market:

The key players operating in the Europe 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), 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), Tianjin Norland Biotech Co., Ltd (China), Xi'an Fengzu Biological Technology Co., Ltd (FZBIOTECH) (China), and Zhejiang Binmei Biotechnology Co., Ltd (China).

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