Global Phycocyanin Market Snapshot (2023 to 2033)

In 2022, the global phycocyanin market acquired a valuation of US$ 754.40 million. With consumers gravitating towards natural food-grade substances, the market is expected to reach a sum of US$ 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) US$ 754.40 million
Expected Market Value (2023) US$ 785 million
Projected Forecast Value (2033) US$ 1,487.7 million
Anticipated Growth Rate (2023 to 2033) 7% CAGR

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Global Phycocyanin Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2033)

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 US$ 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 US$ 754.40 million in 2022.

What are the Major Factors Boosting the Phycocyanin Market?

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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Nandini Roy Choudhury

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What are the Factors Hindering the Phycocyanin Market?

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.

Category-wise Insights

By Form Type, which segment will gain prominence during the forecast period?

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.

By Grade Type, which Segment will gain a Significant Market Share During the Forecast Period?

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:

  • The increasing popularity of phycocyanin as a substitute for synthetic color within the food and beverages,
  • Expanding consumer preference for food products made with natural and organic ingredients,
  • Increasing interest towards clean-label brands that support natural colors, and
  • Stringent laws against the use of synthetic colors.

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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Region-wise Analysis

What is the Outlook of the North American Phycocyanin Market?

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.

How is the Asia Pacific Market Driving Demand for phycocyanin?

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.

Start-up Scenario

  • Synergia Biotech intensifies efforts to create phycocyanin, an organic source of blue for the food and beverage sector. The company's patent-pending bioprocess gradually releases the pigment phycocyanin, which has an unexpectedly wide range of uses. The team accomplished a successful replication of the biological processes at the core of their business at a pilot-scale raceway pond constructed on campus in 2020.
  • Gavan Ltd, an Israeli food tech business, has developed a way for obtaining a "true blue" food color from nature. Gavan extracts phycocyanin from spirulina using its cutting-edge technology to create a reliable, natural blue colorant. One of the three main colors, blue opens the door to creating other highly sought-after hues, ranging from non-chlorophyll greens to purple tones. Gavan claims that the new composition works well in beverages that are both hot and cold as well as in sports drinks.

Market Competition

The key players of this market include:

  • 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.

Some of the products being launched by the key players are:

  • In 2023, DIC Corporation (DIC), announced the beginning of combined business growth in the domain of polyphenols with California-based biotechnology startup Debut. Innovative biotechnology will be used to generate polyphenols, which will be used in the food and cosmetics sectors
  • In June 2022, DDW, Inc. along with Fermentalg began pre-commercialization of the revolutionary acid-stable Galdieria Blue Extract, which is scheduled to be marketed in the future years. As an alternative to artificial blue colors for pH-sensitive food and beverage applications, this innovative product may now begin its initial commercialization phase thanks to the completion of the industrialisation process.

Report Scope

Report Attribute Details
Growth Rate CAGR of 7% from 2022 to 2032
Market Value in 2023 US$ 785 million
Market Value in 2033 US$ 1,487.7 million
Base Year for Estimation 2022
Historical Data 2018 to 2022
Forecast Period 2023 to 2033
Quantitative Units US$ 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

Key Segments Profiled in the Global Phycocyanin Market Report

By Nature:

  • Organic
  • Conventional

By Form:

  • Powder
  • Liquid

By Grade:

  • Phycocyanin E18
  • Phycocyanin E25
  • Phycocyanin E3.0

By Application:

  • Food & Beverage
  • Cosmetics & Personal Care
  • Nutraceuticals
  • Animal Feed
  • Aquaculture

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

Frequently Asked Questions

What is the Growth Potential of The Phycocyanin Market?

The market is forecast to register a CAGR of 7% through 2033.

What is the Projected Size of The Market by 2033?

The market is valued to reach US$ 1,487.7 million by 2033.

What Historical Changes Did the Market Undergo?

The global market advanced at a 2.7% HCAGR from 2018 to 2022.

How Big is the Market?

The market is to secure a valuation of US$ 785 million in 2023.

Which Section Can Acquire Significance by Form Type?

Powder is forecast to account for 76.9% of the global market share by form type.

Which Grade Type Segment to Capture a Significant Market Share?

The E18 segment is poised to achieve a market share of 56.9%.

What Size Is the Chinese Market?

China's market is set to expand at a 7.3% CAGR.

Table of Content
1. Executive Summary | Phycocyanin Market
    1.1. Global Market Outlook
    1.2. Demand-side Trends
    1.3. Supply-side Trends
    1.4. Technology Roadmap Analysis
    1.5. Analysis and Recommendations
2. Market Overview
    2.1. Market Coverage / Taxonomy
    2.2. Market Definition / Scope / Limitations
3. Market Background
    3.1. Market Dynamics
        3.1.1. Drivers
        3.1.2. Restraints
        3.1.3. Opportunity
        3.1.4. Trends
    3.2. Scenario Forecast
        3.2.1. Demand in Optimistic Scenario
        3.2.2. Demand in Likely Scenario
        3.2.3. Demand in Conservative Scenario
    3.3. Opportunity Map Analysis
    3.4. Product Life Cycle Analysis
    3.5. Supply Chain Analysis
        3.5.1. Supply Side Participants and their Roles
            3.5.1.1. Producers
            3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
            3.5.1.3. Wholesalers and Distributors
        3.5.2. Value Added and Value Created at Node in the Supply Chain
        3.5.3. List of Raw Material Suppliers
        3.5.4. List of Existing and Potential Buyer’s
    3.6. Investment Feasibility Matrix
    3.7. Value Chain Analysis
        3.7.1. Profit Margin Analysis
        3.7.2. Wholesalers and Distributors
        3.7.3. Retailers
    3.8. PESTLE and Porter’s Analysis
    3.9. Regulatory Landscape
        3.9.1. By Key Regions
        3.9.2. By Key Countries
    3.10. Regional Parent Market Outlook
    3.11. Production and Consumption Statistics
    3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
    4.1. Historical Market Size Value (US$ Million) & Volume (MT) Analysis, 2018 to 2022
    4.2. Current and Future Market Size Value (US$ Million) & Volume (MT) Projections, 2023 to 2033
        4.2.1. Y-o-Y Growth Trend Analysis
        4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Nature
    5.1. Introduction / Key Findings
    5.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Nature, 2018 to 2022
    5.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Nature, 2023 to 2033
        5.3.1. Organic
        5.3.2. Conventional
    5.4. Y-o-Y Growth Trend Analysis By Nature, 2018 to 2022
    5.5. Absolute $ Opportunity Analysis By Nature, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form
    6.1. Introduction / Key Findings
    6.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Form, 2018 to 2022
    6.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Form, 2023 to 2033
        6.3.1. Powder
        6.3.2. Liquid
    6.4. Y-o-Y Growth Trend Analysis By Form, 2018 to 2022
    6.5. Absolute $ Opportunity Analysis By Form, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Grade
    7.1. Introduction / Key Findings
    7.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Grade, 2018 to 2022
    7.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Grade, 2023 to 2033
        7.3.1. E18
        7.3.2. E25
        7.3.3. E3.0
    7.4. Y-o-Y Growth Trend Analysis By Grade, 2018 to 2022
    7.5. Absolute $ Opportunity Analysis By Grade, 2023 to 2033
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
    8.1. Introduction / Key Findings
    8.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Application, 2018 to 2022
    8.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Application, 2023 to 2033
        8.3.1. Food & Beverage
        8.3.2. Cosmetics & Personal Care
        8.3.3. Nutraceuticals
        8.3.4. Animal Feed
        8.3.5. Aquaculture
    8.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
    8.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
    9.1. Introduction
    9.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Region, 2018 to 2022
    9.3. Current Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Region, 2023 to 2033
        9.3.1. North America
        9.3.2. Latin America
        9.3.3. Europe
        9.3.4. Asia Pacific
        9.3.5. MEA
    9.4. Market Attractiveness Analysis By Region
10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
    10.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
    10.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
        10.2.1. By Country
            10.2.1.1. The USA
            10.2.1.2. Canada
        10.2.2. By Nature
        10.2.3. By Form
        10.2.4. By Grade
        10.2.5. By Application
    10.3. Market Attractiveness Analysis
        10.3.1. By Country
        10.3.2. By Nature
        10.3.3. By Form
        10.3.4. By Grade
        10.3.5. By Application
    10.4. Key Takeaways
11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
    11.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
    11.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
        11.2.1. By Country
            11.2.1.1. Brazil
            11.2.1.2. Mexico
            11.2.1.3. Rest of Latin America
        11.2.2. By Nature
        11.2.3. By Form
        11.2.4. By Grade
        11.2.5. By Application
    11.3. Market Attractiveness Analysis
        11.3.1. By Country
        11.3.2. By Nature
        11.3.3. By Form
        11.3.4. By Grade
        11.3.5. By Application
    11.4. Key Takeaways
12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
    12.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
    12.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
        12.2.1. By Country
            12.2.1.1. Germany
            12.2.1.2. United Kingdom
            12.2.1.3. France
            12.2.1.4. Spain
            12.2.1.5. Italy
            12.2.1.6. Rest of Europe
        12.2.2. By Nature
        12.2.3. By Form
        12.2.4. By Grade
        12.2.5. By Application
    12.3. Market Attractiveness Analysis
        12.3.1. By Country
        12.3.2. By Nature
        12.3.3. By Form
        12.3.4. By Grade
        12.3.5. By Application
    12.4. Key Takeaways
13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
    13.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
    13.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
        13.2.1. By Country
            13.2.1.1. China
            13.2.1.2. Japan
            13.2.1.3. South Korea
            13.2.1.4. Singapore
            13.2.1.5. Thailand
            13.2.1.6. Indonesia
            13.2.1.7. Australia
            13.2.1.8. New Zealand
            13.2.1.9. Rest of Asia Pacific
        13.2.2. By Nature
        13.2.3. By Form
        13.2.4. By Grade
        13.2.5. By Application
    13.3. Market Attractiveness Analysis
        13.3.1. By Country
        13.3.2. By Nature
        13.3.3. By Form
        13.3.4. By Grade
        13.3.5. By Application
    13.4. Key Takeaways
14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
    14.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
    14.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
        14.2.1. By Country
            14.2.1.1. GCC Countries
            14.2.1.2. South Africa
            14.2.1.3. Israel
            14.2.1.4. Rest of MEA
        14.2.2. By Nature
        14.2.3. By Form
        14.2.4. By Grade
        14.2.5. By Application
    14.3. Market Attractiveness Analysis
        14.3.1. By Country
        14.3.2. By Nature
        14.3.3. By Form
        14.3.4. By Grade
        14.3.5. By Application
    14.4. Key Takeaways
15. Key Countries Market Analysis
    15.1. USA
        15.1.1. Pricing Analysis
        15.1.2. Market Share Analysis, 2022
            15.1.2.1. By Nature
            15.1.2.2. By Form
            15.1.2.3. By Grade
            15.1.2.4. By Application
    15.2. Canada
        15.2.1. Pricing Analysis
        15.2.2. Market Share Analysis, 2022
            15.2.2.1. By Nature
            15.2.2.2. By Form
            15.2.2.3. By Grade
            15.2.2.4. By Application
    15.3. Brazil
        15.3.1. Pricing Analysis
        15.3.2. Market Share Analysis, 2022
            15.3.2.1. By Nature
            15.3.2.2. By Form
            15.3.2.3. By Grade
            15.3.2.4. By Application
    15.4. Mexico
        15.4.1. Pricing Analysis
        15.4.2. Market Share Analysis, 2022
            15.4.2.1. By Nature
            15.4.2.2. By Form
            15.4.2.3. By Grade
            15.4.2.4. By Application
    15.5. Germany
        15.5.1. Pricing Analysis
        15.5.2. Market Share Analysis, 2022
            15.5.2.1. By Nature
            15.5.2.2. By Form
            15.5.2.3. By Grade
            15.5.2.4. By Application
    15.6. United Kingdom
        15.6.1. Pricing Analysis
        15.6.2. Market Share Analysis, 2022
            15.6.2.1. By Nature
            15.6.2.2. By Form
            15.6.2.3. By Grade
            15.6.2.4. By Application
    15.7. France
        15.7.1. Pricing Analysis
        15.7.2. Market Share Analysis, 2022
            15.7.2.1. By Nature
            15.7.2.2. By Form
            15.7.2.3. By Grade
            15.7.2.4. By Application
    15.8. Spain
        15.8.1. Pricing Analysis
        15.8.2. Market Share Analysis, 2022
            15.8.2.1. By Nature
            15.8.2.2. By Form
            15.8.2.3. By Grade
            15.8.2.4. By Application
    15.9. Italy
        15.9.1. Pricing Analysis
        15.9.2. Market Share Analysis, 2022
            15.9.2.1. By Nature
            15.9.2.2. By Form
            15.9.2.3. By Grade
            15.9.2.4. By Application
    15.10. China
        15.10.1. Pricing Analysis
        15.10.2. Market Share Analysis, 2022
            15.10.2.1. By Nature
            15.10.2.2. By Form
            15.10.2.3. By Grade
            15.10.2.4. By Application
    15.11. Japan
        15.11.1. Pricing Analysis
        15.11.2. Market Share Analysis, 2022
            15.11.2.1. By Nature
            15.11.2.2. By Form
            15.11.2.3. By Grade
            15.11.2.4. By Application
    15.12. South Korea
        15.12.1. Pricing Analysis
        15.12.2. Market Share Analysis, 2022
            15.12.2.1. By Nature
            15.12.2.2. By Form
            15.12.2.3. By Grade
            15.12.2.4. By Application
    15.13. Singapore
        15.13.1. Pricing Analysis
        15.13.2. Market Share Analysis, 2022
            15.13.2.1. By Nature
            15.13.2.2. By Form
            15.13.2.3. By Grade
            15.13.2.4. By Application
    15.14. Thailand
        15.14.1. Pricing Analysis
        15.14.2. Market Share Analysis, 2022
            15.14.2.1. By Nature
            15.14.2.2. By Form
            15.14.2.3. By Grade
            15.14.2.4. By Application
    15.15. Indonesia
        15.15.1. Pricing Analysis
        15.15.2. Market Share Analysis, 2022
            15.15.2.1. By Nature
            15.15.2.2. By Form
            15.15.2.3. By Grade
            15.15.2.4. By Application
    15.16. Australia
        15.16.1. Pricing Analysis
        15.16.2. Market Share Analysis, 2022
            15.16.2.1. By Nature
            15.16.2.2. By Form
            15.16.2.3. By Grade
            15.16.2.4. By Application
    15.17. New Zealand
        15.17.1. Pricing Analysis
        15.17.2. Market Share Analysis, 2022
            15.17.2.1. By Nature
            15.17.2.2. By Form
            15.17.2.3. By Grade
            15.17.2.4. By Application
    15.18. GCC Countries
        15.18.1. Pricing Analysis
        15.18.2. Market Share Analysis, 2022
            15.18.2.1. By Nature
            15.18.2.2. By Form
            15.18.2.3. By Grade
            15.18.2.4. By Application
    15.19. South Africa
        15.19.1. Pricing Analysis
        15.19.2. Market Share Analysis, 2022
            15.19.2.1. By Nature
            15.19.2.2. By Form
            15.19.2.3. By Grade
            15.19.2.4. By Application
    15.20. Israel
        15.20.1. Pricing Analysis
        15.20.2. Market Share Analysis, 2022
            15.20.2.1. By Nature
            15.20.2.2. By Form
            15.20.2.3. By Grade
            15.20.2.4. By Application
16. Market Structure Analysis
    16.1. Competition Dashboard
    16.2. Competition Benchmarking
    16.3. Market Share Analysis of Top Players
        16.3.1. By Regional
        16.3.2. By Nature
        16.3.3. By Form
        16.3.4. By Grade
        16.3.5. By Application
17. Competition Analysis
    17.1. Competition Deep Dive
        17.1.1. Cyanotech Corp
            17.1.1.1. Overview
            17.1.1.2. Product Portfolio
            17.1.1.3. Profitability by Market Segments
            17.1.1.4. Sales Footprint
            17.1.1.5. Strategy Overview
                17.1.1.5.1. Marketing Strategy
                17.1.1.5.2. Product Strategy
                17.1.1.5.3. Channel Strategy
        17.1.2. DDW Inc.
            17.1.2.1. Overview
            17.1.2.2. Product Portfolio
            17.1.2.3. Profitability by Market Segments
            17.1.2.4. Sales Footprint
            17.1.2.5. Strategy Overview
                17.1.2.5.1. Marketing Strategy
                17.1.2.5.2. Product Strategy
                17.1.2.5.3. Channel Strategy
        17.1.3. DIC Corporation
            17.1.3.1. Overview
            17.1.3.2. Product Portfolio
            17.1.3.3. Profitability by Market Segments
            17.1.3.4. Sales Footprint
            17.1.3.5. Strategy Overview
                17.1.3.5.1. Marketing Strategy
                17.1.3.5.2. Product Strategy
                17.1.3.5.3. Channel Strategy
        17.1.4. Dongtai City Spirulina Bio-Engineering Co., Ltd.
            17.1.4.1. Overview
            17.1.4.2. Product Portfolio
            17.1.4.3. Profitability by Market Segments
            17.1.4.4. Sales Footprint
            17.1.4.5. Strategy Overview
                17.1.4.5.1. Marketing Strategy
                17.1.4.5.2. Product Strategy
                17.1.4.5.3. Channel Strategy
        17.1.5. Fuqing King Dnarmsa Spirulina Co., Ltd.
            17.1.5.1. Overview
            17.1.5.2. Product Portfolio
            17.1.5.3. Profitability by Market Segments
            17.1.5.4. Sales Footprint
            17.1.5.5. Strategy Overview
                17.1.5.5.1. Marketing Strategy
                17.1.5.5.2. Product Strategy
                17.1.5.5.3. Channel Strategy
        17.1.6. GNT Holding B.V.
            17.1.6.1. Overview
            17.1.6.2. Product Portfolio
            17.1.6.3. Profitability by Market Segments
            17.1.6.4. Sales Footprint
            17.1.6.5. Strategy Overview
                17.1.6.5.1. Marketing Strategy
                17.1.6.5.2. Product Strategy
                17.1.6.5.3. Channel Strategy
        17.1.7. Sensient Technologies Corp.
            17.1.7.1. Overview
            17.1.7.2. Product Portfolio
            17.1.7.3. Profitability by Market Segments
            17.1.7.4. Sales Footprint
            17.1.7.5. Strategy Overview
                17.1.7.5.1. Marketing Strategy
                17.1.7.5.2. Product Strategy
                17.1.7.5.3. Channel Strategy
        17.1.8. Parry Nutraceuticals Limited
            17.1.8.1. Overview
            17.1.8.2. Product Portfolio
            17.1.8.3. Profitability by Market Segments
            17.1.8.4. Sales Footprint
            17.1.8.5. Strategy Overview
                17.1.8.5.1. Marketing Strategy
                17.1.8.5.2. Product Strategy
                17.1.8.5.3. Channel Strategy
        17.1.9. Döhler GmbH
            17.1.9.1. Overview
            17.1.9.2. Product Portfolio
            17.1.9.3. Profitability by Market Segments
            17.1.9.4. Sales Footprint
            17.1.9.5. Strategy Overview
                17.1.9.5.1. Marketing Strategy
                17.1.9.5.2. Product Strategy
                17.1.9.5.3. Channel Strategy
        17.1.10. Naturex S.A.
            17.1.10.1. Overview
            17.1.10.2. Product Portfolio
            17.1.10.3. Profitability by Market Segments
            17.1.10.4. Sales Footprint
            17.1.10.5. Strategy Overview
                17.1.10.5.1. Marketing Strategy
                17.1.10.5.2. Product Strategy
                17.1.10.5.3. Channel Strategy
        17.1.11. Naturalin Bio-Resources Co., Ltd
            17.1.11.1. Overview
            17.1.11.2. Product Portfolio
            17.1.11.3. Profitability by Market Segments
            17.1.11.4. Sales Footprint
            17.1.11.5. Strategy Overview
                17.1.11.5.1. Marketing Strategy
                17.1.11.5.2. Product Strategy
                17.1.11.5.3. Channel Strategy
        17.1.12. Far East Bio-Tec Co., Ltd.
            17.1.12.1. Overview
            17.1.12.2. Product Portfolio
            17.1.12.3. Profitability by Market Segments
            17.1.12.4. Sales Footprint
            17.1.12.5. Strategy Overview
                17.1.12.5.1. Marketing Strategy
                17.1.12.5.2. Product Strategy
                17.1.12.5.3. Channel Strategy
        17.1.13. Fraken Biochem Co., Ltd.
            17.1.13.1. Overview
            17.1.13.2. Product Portfolio
            17.1.13.3. Profitability by Market Segments
            17.1.13.4. Sales Footprint
            17.1.13.5. Strategy Overview
                17.1.13.5.1. Marketing Strategy
                17.1.13.5.2. Product Strategy
                17.1.13.5.3. Channel Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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