Phycocyanin Market: About the Report
Continuously rising demand for natural ingredients from the food & beverage industry, coupled with its high nutritional profile, is expected to support the growth of the global phycocyanin market over the coming years. PMR’s report analyzes the increasing demand for phycocyanin across different end-use industries, including food & beverages, cosmetics & personal care, nutraceuticals, and animal feed. A factor driving demand across these industries is high demand for products formulated with natural ingredients, which is why players are involved in continuous R&D activities. The report also elaborates on how the COVID-19 pandemic is having a negative impact on this industry, though some of the losses are being offset by rising demand for health-beneficial products across geographies.
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- Cyanotech Corporation
- DDW Inc.
- DIC Corporation
- C.B.N. Bio-engineering Co., Ltd
- Fuqing King Dnarmsa Spirulina Co., Ltd.
- Fraken Biochem Co., Ltd.
- Japan Algae Co., Ltd.
- Parry Nutraceuticals
- Chr. Hansen Holding A/S
- Naturex S.A.
- Far East Bio-Tec Co., Ltd.
- Merck KGaA
- Tianjin Norland Biotech Co., Ltd.
- Bluetec Naturals Co., Ltd
- Wellisen Nutraceuticals Pvt. Ltd.
- Sensient Technologies Corporation
- GNT Group B.V.
- Zhejiang Binmei Biotechnology Co., Ltd
Phycocyanin Market Overview
Phycocyanin is a kind of blue pigment or protein extracted from spirulina, a kind of micro-algae. Phycocyanin is known for its versatility in different applications in food & beverage, cosmetics & personal care, nutraceutical, and animal feed industries. This increased applications of phycocyanin is expected to develop new business segments in the global market. The global phycocyanin market is expected to witness exponential growth and reflect 2X increase in revenue growth by 2030.
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Phycocyanin Market Trends
‘Natural’ Trend in Cosmetics & Personal Care Industry to Benefit Phycocyanin Market: Natural ingredients can be defined as raw materials derived from plants or animals. These are often used in the production of personal care and cosmetic products. Surge in demand for natural ingredients in cosmetics can be justified by increasing consumer awareness about the use of harmful synthetic chemicals in these products. Customers are concerned about chemicals associated with health risks, which has led to a shift toward the use of cosmetics derived from natural ingredients. Phycocyanin is not only associated with various health benefits, but is also known to offer multiple benefits in the treatment of skin problems such as pigment disorders, aging, tanning, skin whitening, and many more. Phycocyanin is also used as a moisturizing and thickening agent, which is why, the phycocyanin market size is expected to expand at a healthy pace through 2030.
- For instance, Zhejiang Binmei Biotechnology Co. Ltd offers a range of cosmetic additive phycocyanin products, designed especially for cosmetic applications.
Products with Increased Application Gaining Traction: Emergence of ‘multifunctional’ and ‘natural’ trends has confirmed the rising importance of multifunctional ingredients in different industries. Key players operating in the global phycocyanin market are focusing on the adoption of multifunctional ingredients for their product formulations to expand their product portfolios with sustainable and multifunctional effective product solutions. Key players operating in the food & beverage, cosmetics & personal care, nutraceutical, and pharmaceutical industries are turning to phycocyanin as a multifunctional ingredient delivering a wide range of benefits, in response to increasing customer demand for products formulated with natural ingredients. The multifunctional dietary properties of phycocyanin are further expected to drive the phycocyanin market, owing to ascending consumer demand for easy and convenient healthy food products.
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Regional Outlook of Global Phycocyanin Market
Geographically, the region of East Asia is expected to exhibit the highest growth rate in the global phycocyanin market, owing to the high production cluster based in this region. North America is anticipated to show major influence on the global phycocyanin market in terms of volume as well as value, owing to the well-established food & beverage industry and increasing penetration of soy food products in the region. Stringent government regulations coupled with increasing food safety concerns in the European region are anticipated to trigger increased adoption of natural ingredients in food products, leading to surging demand for phycocyanin in the region.
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COVID-19 Impact on Phycocyanin Market
The outbreak of COVID-19 continues to have a negative impact on the global economy, thereby challenging the human race. Social distancing measures, quarantines, travelling constraints, and strict government regulations are factors affecting business and consumer spending. Consumers are displaying a significant shift in preferences with a rise in demand for healthcare supplements and other health-beneficial products. These changes are expected to last well after the situation improves, leading to increased demand for immunity-positioned supplements. As such, the impact of COVID-19 on the global phycocyanin market is expected to be moderate, owing to increased usage of health-beneficial products.
Key players operating in the global phycocyanin market are focusing on product expansion and development strategy to open additional sources of revenue and expand their customer base. Majority of these key players are investing huge amounts in research & development activities to explore unidentified applications of phycocyanin in the global food & beverage industry. Constant efforts and continuous research & development activities are anticipated to further support high market growth, with an expected volume of approximately 4,500 tons in the year 2030.