According to a new market research report titled “Phycocyanin Market by Form (Liquid, Powder), by Grade (Food Grade, Cosmetic Grade, Reagent Grade, Analytical Grade) by Application (Food and Beverages, Pharmaceutical and Nutraceutical, Diagnostics and Biomedical), Geography– Global Forecast to 2027”, published by Meticulous Research® in collaboration with the European Algae Biomass Association (EABA), the phycocyanin market is expected to grow at a CAGR of 28.5% from 2020 to 2027 to reach $245.5 million by 2027.
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Phycocyanin is an important molecule extracted from spirulina with nutritional and therapeutic values. It is one of the key pigments of the algae spirulina, used as a dietary supplement due to its high protein content. PC is a protein from the phycobiliprotein family characterized by its intense blue color and its structure consists of a protein and non-protein components known as phycocyanobilin
In recent years, phycocyanin is used as an alternative to synthetic therapeutic and nutritional products. Owing to its non-toxic, eco-friendly & non-carcinogenic nature; additional health-promoting effects like antioxidative and immune-boosting properties; and therapeutic effects such as anti-cancer, anthelminthic, anti-viral & anti-fungal, and anti-inflammatory, phycocyanin is increasingly adopted in the nutraceutical and pharmaceutical industry.
Further, the increasing number of clinical research activities on phycocyanin's health benefits have also proven them as a safe and viable replacement for chemically synthesized drugs. The resulting health benefits have provided the means to successfully market phycocyanin to consumers in multi-nutrient supplements or therapeutic agents.
The phycocyanin market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on form, grade, application, and geography.
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Impact of COVID-19 on the Phycocyanin Market
The border closures, quarantines, and market supply chain and trade disruptions could restrict people’s access to sufficient/diverse and nutritious food sources, especially in countries hit hard by the virus or already affected by high levels of food insecurity. The worldwide supply chain includes distribution, packaging, as well as sourcing of raw materials. Lockdowns have disrupted the transportation of packaged foods, prepared foods, and non-alcoholic and alcoholic beverages.
Based on grade, the overall phycocyanin market is mainly segmented into food grade, cosmetic grade, reagent grade, and analytical grade. The food grade segment is estimated to command the largest share and fast growth of the overall phycocyanin market in 2020. The large share of this segment is mainly attributed to the rising demand for phycocyanin as an alternative for synthetic color, clean labels forcing brands to switch to natural colors, and stringent regulations against synthetic colors.
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Based on application, the food and beverage segment is estimated to command the largest share of the overall phycocyanin market in 2020. The large share of this segment is mainly attributed to growing consumer preference towards ready to drink beverages, growing awareness about health issues associated with the use of synthetic colorants in soft drinks.
Geographically, Europe is estimated to command the largest share of the overall phycocyanin market in 2020. The leading position of Europe in the phycocyanin market is primarily attributed to the growth of the scientific and technological development in the field of micro-algae research for various health foods and dietary supplements, growing awareness among consumers for natural food products, and increasing food safety concerns and stringent government regulations. Additionally, the adoption of natural colors from algae is likely to embrace the growing demand for phycocyanin.
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Scope of the report :
Phycocyanin Market, by Form
• Powder
• Liquid
Phycocyanin Market, by Grade
• Food Grade
• Cosmetic Grade
• Reagent Grade
• Analytical Grade
Phycocyanin Market, by Application
• Food & Beverages
• Pharmaceuticals and Nutraceutical
• Cosmetic
• Diagnostics and Biomedical
Phycocyanin Market,by Geography
• North America
o U.S.
o Canada
• Europe
o France
o Germany
o U.K.
o Italy
o Spain
o The Netherlands
o Rest of Europe
• Asia-Pacific (APAC)
o Japan
o China
o India
o Australia
o Thailand
o Rest of The Asia Pacific
• Latin America
• Middle East and Africa
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