Phycocyanin Market Size To Reach $276.4 Million By 2030

Phycocyanin Market Growth & Trends

The global phycocyanin market size is anticipated to reach USD 276.4 million by 2030 and is anticipated to expand at a CAGR of 6.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The multifunctional properties of phycocyanin for further utilization in food & beverage formulations have contributed to the market growth. Apart from imparting colors to food products, colors with flavor infusions and health benefits are anticipated to be future growth trends in the industry. Similarly, high preference for sugar-free products due to growing concerns of obesity and diabetes, are rising globally. The declaration of sugar added in food products is a labeling mandate by the FDA, as naturally derived colors from vegetable and fruit sources comprise sugar.

Thus, there will be a high demand for sugar-free natural colors, thereby augmenting the market growth. The natural food ingredients are mainly sourced from crops; wherein limited availability of these raw materials results in high prices of these products. Farmers are thus inclined towards precision farming to increase crop production and lower the dependence on seasonal crops. In addition, the lack of consistency in key regulations related to natural ingredients by the U.S. FDA, SENASA, WHO, CFIA, and EU, can act as a challenge in the industry and influence manufacturing and distribution.

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Phycocyanin Market Report Highlights

• The organic segment is expected to register the fastest CAGR of more than 7.5% from 2024 to 2030 owing to rising consumer preference for organic food & beverages and dietary supplements

• The liquid form segment will register the fastest CAGR of approximately 7% from 2024 to 2030 due to its ease of application as natural colors and growing demand from developed economies, especially in Europe

• Asia Pacific witnessed the fastest CAGR of 7.3% from 2024 to 2030 due to the rapidly growing food & beverage industry in the emerging economies of India and China, coupled with the presence of domestic and regional stakeholders

• The personal care & cosmetics segment will witness the fastest CAGR from 2024 to 2030 due to the natural composition of phycocyanin leading to low allergic reactions to cosmetic products

Phycocyanin Market Segmentation

Grand View Research has segmented the global phycocyanin market on the basis of nature, form, grade, end-use, and region:

Phycocyanin Nature Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Organic

• Conventional

Phycocyanin Form Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Powder

• Liquid

Phycocyanin Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Phycocyanin E18

• Phycocyanin E25

• Phycocyanin E30

Phycocyanin End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Food & Beverages

• Personal Care & Cosmetics

• Pharmaceuticals

• Animal Feed

• Others

Phycocyanin Regional Outlook (Volume, Kilotons, Revenue; USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East and Africa

  • South Africa

  • Saudi Arabia

List of Key Players of Phycocyanin Market

• Givaudan Sense Colour

• Cyanotech Corporation

• AlgoSource

• Bluetec Naturals Co., Ltd.

• DIC Corporation

• Phyco-Biotech

• Japan Algae Co. Ltd.

• Arthrise Nutritionals LLC

• PARRY Nutraceuticals