Future Market Insights Global and Consulting Pvt. Ltd.
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%.
NEWARK, Del, April 26, 2023 (GLOBE NEWSWIRE) -- The anticipated value of the worldwide phycocyanin market in 2022 was US$ 754.40 million. The market is anticipated to reach US$ 1,487.7 million, growing at a CAGR of 7% from 2023 to 2033 due to shifting customer preferences toward natural food-grade substances.
The benefits of phycocyanin, a substance produced from spirulina, in terms of nutrition and color are driving tremendous expansion in the food and beverage industry. The pigment is mostly used as a natural coloring addition in the food industry. Its use as an additive for food coloring has received permission from the U.S. Food and Drug Administration (FDA).
The organically produced pigment can be used as a nutraceutical component since it has antioxidant activity both in vitro as well as vivo. Many countries forbid the import and export of items that include artificial food colors, which is assisting the phycocyanin industry's growth.
Phytocyanin is one among the few naturally generated blue hues acknowledged in Europe, Asia and North America. Its use as coatings for pharmaceuticals and nutritional supplements was also permitted a few years ago. Spirulina extract is exempted from certification by the U.S. FDA Code of Federal Regulations since it has been approved as a color additive. It is produced by sifting spirulina platensis dry biomass and separating it with water.
Increasing the patent manufacturing process of these substances to ensure a stable supply of pigments, strengthening distribution channels, and increasing consumer awareness of the various benefits of natural components, particularly in emerging markets, may further contribute to worldwide expansion.
Key Takeaways from the Market Study
Global phycocyanin market is expected to be valued at US$ 785 million by 2023
From 2018 to 2022, the market demand expanded at a CAGR of 2.7%.
From 2023 to 2033, the United States market for phycocyanin is projected to account for about 20% of global market share.
By form type, the powder segment was estimated to acquire 76.9% share in 2022.
On the basis of grade, the E18 food grade segment acquired a 56.9% market share in 2022.
“The phycocyanin products are gaining traction due to its natural origin, health benefits and application across a wide range of sectors.” Remarks an FMI analyst.
Prominent players in the phycocyanin market are 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. and others.
Some key developments of the leading companies in this market are:
A cooperative study into the impacts of the naturally occurring blue pigment phycocyanin obtained from DIC-cultivated Spirulina will be launched in 2022, according to an announcement made by DIC Corporation, Leave a Nest Co., Ltd and Innoqua Inc.
Innoqua's core "environmental transfer technology," which enables the recreation of particular marine ecosystems in enclosed environments (aquariums), will be used by DIC and Innoqua to raise corals and evaluate the efficacy of phycocyanin in preventing coral bleaching with the help of Leave a Nest.
The research will examine whether phycocyanin's antioxidant qualities and its ability to block particular wavelengths of light when dispersed in seawater are effective in preventing coral bleaching, in addition to whether corals that absorb phycocyanin produce red fluorescence and do so in order to reduce the stress caused by solar radiation.
Future Market Insights offers an unbiased analysis of the global phycocyanin market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033. The following are the 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
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
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
