The global Phycocyanin market is estimated to witness a moderate growth rate of around 3.3% during the forecast period of 2023–2028 and was valued at around US$ 180 million in 2022. The Phycocyanin market is primarily driven by increasing demand for natural food colorants, rising awareness about health benefits, and technological advancements in algae cultivation and extraction.
Moreover, Phycocyanin is recognized for its potential health benefits, including antioxidant, anti-inflammatory, and immune system support properties. As consumers become more health-conscious and seek functional ingredients, the demand for phycocyanin as a nutritional supplement and functional ingredient in various products increases.
Organic phycocyanin is dominating the global market owing to the perceived health benefits coupled with environmental concerns
The organic segment is expected to dominate the global Phycocyanin market during the forecast period of 2023-2028. Consumers are increasingly seeking organic products due to perceived health benefits, environmental concerns, and a desire to support sustainable and ethical practices. This preference extends to natural food colorants and ingredients like phycocyanin.
Furthermore, many countries have established regulatory frameworks and certification programs for organic products. These regulations ensure compliance with organic standards and provide consumers with confidence in the authenticity and quality of organic products, including organic phycocyanin.
The clean label movement emphasizes transparency and natural ingredients. Organic phycocyanin aligns with this movement as it is derived from organic algae sources without the use of synthetic pesticides, herbicides, or genetically modified organisms (GMOs).
North America is the prominent market for phycocyanin, accounting for more than 30% of the market share in 2022
North America is the prominent market for phycocyanin, accounting for more than 30% of the market share in 2022. The growth of the Phycocyanin market in this region is attributed to the increasing demand for natural food colorants and dietary supplements.
Europe is another prominent market for phycocyanin, primarily driven by the increasing demand for natural and organic food ingredients. Countries like Germany, France, and the UK are significant contributors to the Phycocyanin market growth. The European Union’s stringent regulations on food additives and the preference for clean-label products have led to a rising demand for natural colorants like phycocyanin.
Asia Pacific is a dominant region in the global phycocyanin market, primarily due to the extensive cultivation and consumption of algae-based products in countries like China, India, and Japan. These countries have a long-standing history of utilizing algae in traditional medicine and food, providing a strong foundation for the phycocyanin market. Additionally, the growing awareness of the health benefits of phycocyanin and the rising demand for natural food colorants drive the Phycocyanin market in this region.
In Latin America and MEA, the market is growing at a steady rate. The growth of Phycocyanin market in the target region is attributed to the increasing demand for natural food colorants and dietary supplements in these regions.
Market Structure and Competition Landscape
The global Phycocyanin market is fragmented in nature with the presence of various players operating in the market. Some of the prominent players that contribute significantly to the Phycocyanin market include Naturex, East India Distilleries Parry Limited, Lumen Bioscience, Seah International, Organicway, Inc., Aim Grow Biotech Co., Ltd., Essential Organic Ingredients, Xi’an Pincredit Biotech Co. Ltd., and C.E. Ropper Gmbh among others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the Phycocyanin market.
Key Market Segmentation
RationalStat has segmented the global Phycocyanin market based on nature, form, application, and region.
- By Nature
- By Form
- By Application
- Food and Beverages
- Others (Animal Feed, etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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Frequently Asked Questions (FAQs)
The global Phycocyanin market is expected to grow at a CAGR of 3.3% during the forecast period 2023-2028.
North America is dominating the global Phycocyanin market in 2022.
The global Phycocyanin market is estimated at around US$ 180 million in 2022.
Increasing demand for natural food colorants fuels the demand for Phycocyanin globally are some of the key drivers fuelling the growth of the global Phycocyanin market.
Major companies operating in the global Phycocyanin market include Naturex, East India Distilleries Parry Limited, Lumen Bioscience, Lumen Bioscience, Seah Internationa, Organicway, Inc., Aim Grow Biotech Co., Ltd., etc.