In 2022, the global phycocyanin market acquired a valuation of USD 754.40 million. With consumers gravitating towards natural food-grade substances, the market is expected to reach a sum of USD 1,487.7 million, garnering a CAGR of 7% during the forecast period 2023 to 2033.
It is anticipated that there would be an increased use of phycocyanin in the production of nutritional supplements, nutraceuticals, as well as medicinal goods.
The usage of spirulina as a very nutritious food source, coloring ingredient, as well as consumer awareness of the health risks associated with synthetic colors, are other factors contributing to the market's rise over the projected period.
Children's hyperactivity, cancer, and severe allergies are just a few of the harmful negative effects of consuming synthetic colors in food and beverages. With phycocyanin, consumers can effectively eliminate these risks and consume their food without further risks.
The food and beverage sector is seeing significant growth thanks to the nutritional and coloring benefits of phycocyanin, which is derived from spirulina.
The import and export of goods containing artificial food colors is prohibited in many nations, which is helping the phycocyanin business expand. For instance, the artificial food color Allura red AC is prohibited in Denmark, France, Belgium, and Switzerland.
The revenue of the phycocyanin market is also anticipated to grow over the forecast period due to a rise in product launches related to organic and natural food colors.
For instance, the food colorant manufacturer DDW Inc. has introduced a new blue phycocyanin liquid with up to 40% better light stability.
The expensive cost of natural colors, their purification as well as extraction processes, as well as the potential for algal contamination, are likely to enhance the market expansion over the next ten years.
| Report Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 754.40 million |
| Expected Market Value (2023) | USD 785 million |
| Projected Forecast Value (2033) | USD 1,487.7 million |
| Anticipated Growth Rate (2023 to 2033) | 7% CAGR |
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During the historical period of 2018 to 2022, the global phycocyanin market experienced expansion at a CAGR of 2.7%. By the end of 2018, this market was valued at USD 678.8 million.
The pigment is mostly utilized in the food sector as a natural coloring additive. The United States Food and Drug Administration (FDA) has given its usage as a food coloring additive its approval. This naturally occurring pigment has antioxidant action in vitro and in vivo, qualifying it for usage as a nutraceutical ingredient.
It has a variety of pharmacological effects and is frequently used as a dietary supplement for nutrition. It is also frequently employed as a natural blue dye for industrial purposes in the food and cosmetics sectors. In 2022, as a result of these developments, the growth of revenues went beyond USD 754.40 million in 2022.
Varied Usage of these Products in Different Sectors is accelerating Growth
The global phycocyanin market has been expanding since the last few years as a result of its wide applications in various industries. Phycocyanin is used in a variety of applications due to its stability, bioavailability, safety, interaction with various food matrix components, as well as health-promoting properties.
The demand for phycocyanin as an all-natural blue food colorant has increased significantly over time since its clearance by the FDA as a food pigment for gum and candy. Its uses have been extended to encompass frozen desserts, ice cream frostings, dry beverages mixes and powders, coatings as well as toppings for desserts, yogurt, custard, cottage cheese, puddings, bread, gelatin, and cereals that are ready to eat.
Phycocyanin’s application in coatings for medications and nutritional supplements was also authorized few years back and also as one of the few naturally occurring blue colors recognized in Europe, the United States, and Asia is phytocyanin.
Spirulina extract has been authorized as a color additive and thus, is exempt from certification under the United States FDA Code of Federal Regulations. It is created by filtering dried biomass from the spirulina platensis and extracting it with water.
Other Factors that May Aid the Growth of the Phycocyanin Market
Increasing individual spending power and a growing awareness of the need of maintaining excellent health are the key drivers of market expansion. The other factors that determine market growth include changing lifestyles, westernization, increased R&D efforts made by leading biotech businesses, particularly in emerging nations, and an ever-increasing worldwide population.
Increasing the proprietary production method of these substances to assure a steady supply of pigments, improving the distribution channels, and raising consumer knowledge of the many advantages of natural ingredients, particularly in emerging nations may also augment the global growth.
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High Cost Related to Processing of the Natural Colors to Impede the Market Growth
The high cost of natural colors, their purity, and their extractions will be a significant obstacle to the market's expansion.
The market's potential for expansion is expected to be further constrained by fluctuations in the cost of equipment and machinery and supply chain interruptions brought on by sudden factors, like the pandemic. The high expense of research and development efforts and the danger of algal contamination will both slow the market's expansion.
The Powder Segment will be Highly Preferred for the Ease of Usage
By form type, the powder segment is anticipated to be the leading segment in the global market for phycocyanin during the forecast period. In 2022, this segment acquired 76.9% of the global market share.
The advantages of phycocyanin powder, including simple solubility and digestion, are primarily responsible for this segment's substantial market share. The powdered form provides considerable dosage flexibility and enables active nutrition delivery.
During the forecast period, phycocyanin powder sales are anticipated to grow with a significant CAGR due to its extensive usage as a colorant and functional component in the food, beverage, and cosmetic sectors.
Phycocyanin E18 Segment will acquire a Prominent Share in the Global Market
According to the grade type, a significant market share of the phycocyanin market is accounted for by the Phycocyanin E18 segment.
E18 is solely used for food coloring agents. It is also known as food-grade phycocyanin. This segment was estimated to garner a market share of 56.9% in 2022.
The significant market share of this sector is primarily attributable to:
More people are predicted to become aware of the health risks associated with consuming synthetic colors, which is projected to increase consumer demand for phycocyanin. For instance, increased tartrazine consumption has been associated to cancer and has been connected to skin responses, asthma episodes, and allergic reactions.
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Consumer Preference towards Natural Colors is Accelerating the Demand
According to Future Market Insights, North America led the phycocyanin market in 2022, and it is anticipated that it would continue to do so for the duration of the forecast period.
This market for phycocyanin in North America is mostly driven by the substance's expanding use in a variety of industries, including the pharmaceutical, food and beverage, and cosmetic industries.
Within this regional market, the United States was estimated to have acquired 20% market share in 2022. The demand for phycocyanin in North American countries like the United States is also a result of customers' rising health consciousness along with demand for natural food coloring agents.
The rise in illnesses brought on by artificial colors has prompted consumers to choose natural colors, which has fuelled the market development for phycocyanin in North America.
Presence of key players to boost the sales in the region
During the forecasted period of 2023 to 2033, it is predicted that the phycocyanin market in Asia Pacific would reach new heights. China is anticipated to see a CAGR of 7.3%, while the Indian market will experience a CAGR of 8.9%.
The presence of significant companies like Dongtai City Spirulina Bio-Engineering Co., Ltd. and Fuqing King Dnarmsa Spirulina Co., Ltd. belonging to the global market for phycocyanin is a key driver of the regional market.
The involvement of these several regional and local players as well as the quickly increasing demand for processed food items in rising and developing nations like China, Indonesia, India, and Thailand, Asia-Pacific is predicted to grow at a high rate throughout the projection period.
The growing demand for phycocyanin in the nutraceuticals, food & beverage, and cosmetics industries is also anticipated to present potential possibilities for market participants from 2023 to 2033.
The key players of this market include:
Some of the products being launched by the key players are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7% from 2022 to 2032 |
| Market Value in 2023 | USD 785 million |
| Market Value in 2033 | USD 1,487.7 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Nature, Form, Grade, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Mexico, Brazil, Germany, United Kingdom, France, Spain, Italy, Japan, China, Singapore, Thailand, Indonesia, Israel, GCC Countries, South Africa, Australia, New Zealand |
| Key Companies Profiled | Cyanotech Corp; DDW Inc.; DIC Corporation; Dongtai City Spirulina Bio-Engineering Co., Ltd.; Fuqing King Dnarmsa Spirulina Co., Ltd.; GNT Holding B.V.; Sensient Technologies Corp.; Parry Nutraceuticals Limited; Döhler GmbH; Naturex S.A.; Naturalin Bio-Resources Co., Ltd; Far East Bio-Tec Co., Ltd.; Fraken Biochem Co., Ltd. |
| Customization & Scope | Available on Request |
The market is forecast to register a CAGR of 7% through 2033.
The market is valued to reach USD 1,487.7 million by 2033.
The global market advanced at a 2.7% HCAGR from 2018 to 2022.
The market is to secure a valuation of USD 785 million in 2023.
Powder is forecast to account for 76.9% of the global market share by form type.
The E18 segment is poised to achieve a market share of 56.9%.
China's market is set to expand at a 7.3% CAGR.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Nature 5.1. Organic 5.2. Conventional 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form 6.1. Powder 6.2. Liquid 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Grade 7.1. E18 7.2. E25 7.3. E3.0 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 8.1. Food & Beverage 8.2. Cosmetics & Personal Care 8.3. Nutraceuticals 8.4. Animal Feed 8.5. Aquaculture 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Cyanotech Corp 17.2. DDW Inc. 17.3. DIC Corporation 17.4. Dongtai City Spirulina Bio-Engineering Co., Ltd. 17.5. Fuqing King Dnarmsa Spirulina Co., Ltd. 17.6. GNT Holding B.V. 17.7. Sensient Technologies Corp. 17.8. Parry Nutraceuticals Limited 17.9. Döhler GmbH 17.10. Naturex S.A. 17.11. Naturalin Bio-Resources Co., Ltd 17.12. Far East Bio-Tec Co., Ltd. 17.13. Fraken Biochem Co., Ltd. 18. Assumptions & Acronyms Used 19. Research Methodology
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Phycocyanin Market
