Phycocyanin market size was estimated at $132.45 million in 2020, growing at a CAGR of 8.2% during the forecast period 2021-2026. Phycocyanin is a pigment-protein complex from the light-harvesting phycobiliprotein family. It is a light-harvesting, pigment-binding protein isolated from algae. Phycocyanin are photosynthetic pigments unique to cyanobacteria Phycocyanin. (PC) derived from blue-green algae and red algae are classified as C-PC and R-phycocyanin (R-PC). Phycocyanin contains vitamin B12, which helps the immune system work normally. It can be safely consumed by both adults and children. Phycocyanin also contains a lot of phycobiliproteins and essential amino acids that helps the body make elastin, and has anti-cancer properties. It has therapeutic properties for diabetes, cancer, and other cardiovascular issues. Increasing demand of phycocyanin from food and beverage, nutraceuticals industries coupled with growing awareness about nutritional benefit of phycocyanin are the major factors driving the growth of the market. Increasing consumer spending on natural products coupled with changing lifestyle of the people are set to further enhance the overall market development of the Phycocyanin Market for the period 2021-2026.
Phycocyanin Market Segment Analysis – By Nature
Based on nature, the Phycocyanin market is segmented into organic and conventional. Conventional held the largest share in the Phycocyanin market in 2020. Conventional phycocyanin is cost effective compare to organic phycocyanin and also it provides fast results also it provides improve immune function, and comprehensively enhance the disease resistance of the body thereby increasing Phycocyanin market. However, organic is estimated to register higher CAGR of 8.9% during the forecast period 2021-2026 owing to rising demand for vegan, organic and non-genetically modified organism (?GMO) products.
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Phycocyanin Market Segment Analysis – By Application
Based on application, the Phycocyanin market is segmented into Food and Beverage, Nutraceuticals, Pharmaceuticals, Cosmetics and Personal Care, and others. Food and Beverages held the largest share in the Phycocyanin market in 2020. Phycocyanin is widely used by food and beverage manufacturers as natural blue color pigment in products such as confectioneries, ice-cream and beverages also it provides more stability to other natural blue colorants. Moreover, growing awareness about health issues associated with the use of synthetic colorants in beverages thereby increasing Phycocyanin market. However, cosmetics and personal care, is estimated to register higher CAGR of 9.1% during the forecast period 2021-2026 owing to rising demand of phycocyanin in cosmetics industry as it possesses anti-oxidant, hydrating, and anti-allergic properties, as well as the ability to reduce inflammation and remove spots.
Phycocyanin Market Segment Analysis – By Geography
Asia-Pacific dominated the Phycocyanin market with a major share of 32% in 2020. This is attributed to growing number of key manufacturers in food and beverage industry in this region coupled with rising spending capacity of the people. Moreover, increasing awareness about toxic effect of synthetic colors among the people in this region leads to rise in health consciousness among the people. Furthermore, changing lifestyle of the people and rising disposable income of the people which are contributing to the growth of the market in this region.
However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the shift in consumer preference from synthetic ingredients to natural ingredients that contribute the growth in this region. Increasing demand for clean label ingredients in food and beverage industry in this region is also increasing the growth of the market in this region.
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Phycocyanin Market Drivers
Changing Preference of Consumers Towards Natural Colors
Changing preference of the people towards natural color from synthetic color owing to growing awareness among consumer regarding environmental health is increasing the growth of the Phycocyanin Market. Synthetic colourants can cause variety of health issues in consumers, including allergic reactions, skin irritations, and digestive issues. Furthermore, rising health consciousness among consumers thereby increasing the growth of the Phycocyanin market during the forecast period 2021-2026.
Increasing Application of Phycocyanin in Various Industries
Increasing application phycocyanin as natural color in various industries such as food and beverage, cosmetics, and others is increasing the growth of the Phycocyanin market. Furthermore, rising adoption of healthy food among consumers is driving the growth of market. Moreover, phycocyanin offer various health benefits such as it helps in treating diabetes, cancer and other cardiovascular problems thereby increasing the growth of the Phycocyanin Market during the forecast period 2021-2026.
Phycocyanin Market Challenges
High Cost
Major factor that is set to impede the growth of the Phycocyanin market is high cost of phycocyanin. This is another factor that hampers the growth of market which is risk of algae contamination.
Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Phycocyanin Market. In 2020, the Phycocyanin Market share is consolidated by the top ten players present in the market. The Phycocyanin Market, top 10 companies are, Naturex, BlueBioTech Int. GmbH, Japan Algae Co., Ltd., Dongtai City Spirulina Bio-engineering Co., Ltd., GNT Group B.V., Parry Nutraceuticals, Tianjin Norland Biotech Co., Ltd., AlgoSource, Wellisen Nutraceuticals and Sensient Technologies Corporation
Development:
In January 2020, DIC Corporation launched the plant-derived blue colorant “Linablue” which is a vibrant food coloring that is extracted with water from Spirulina.
Key Takeaways
Asia-Pacific dominated the Phycocyanin Market in 2020 owing to presence of local and regional players in this region coupled with changing lifestyle of the people. The Phycocyanin Market scope for different regions will be provided in the final report.
Increasing awareness among consumers about toxic effects of artificial colors in food and beverages is set to aid the market growth of the Phycocyanin Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Phycocyanin Market report.
High price of phycocyanin natural colour and risk of algae contamination is poised to create the hurdles for the Phycocyanin Market.
