Phycocyanin Market Share, Size, Trends, Industry Analysis Report, By Nature (Organic and Conventional); By Form; By Application; By Region; Segment Forecast, 2024 – 2032
- Published Date:Jan-2024
- Pages: 119
- Format: PDF
- Report ID: PM3691
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global phycocyanin market was valued at USD 181.75 million in 2023 and is expected to grow at a CAGR of 9.60% during the forecast period.
Rapidly increased demand for natural and plant-based ingredients, surging health consciousness and wellness trends across the globe, and continuous growth in product applications in food & beverages industry coupled with the growing advancements in extraction and production processes that have made it more commercially viable, are the primary factors fostering the market growth. Additionally, scientists and major pharmaceutical or nutraceuticals companies are studying its uses and potential in various sectors including pharmaceuticals, biotechnology, and diagnostics and are investing heavily towards product development, which in turn, positively influencing the global market.
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For instance, in December 2021, Givaudan, a leading manufacturer of flavor and fragrances, announced the completion of its acquisition of DDW, a natural color company based in the United States. With this acquisition, the company strengthen its market position in natural colors and will expand its customer base across the globe.
Moreover, there is an increasing emphasis on sustainable sourcing and production practices in the recent years to minimize the environmental impact of phycocyanin Market production and companies are heavily investing in eco-friendly cultivation methods such as closed-loop systems, utilizing renewable energy sources, and reducing water consumption, to ensure sustainable and responsible production of phycocyanin, thereby pushing the demand and growth of the market forward.
Emergence of COVID-19 led to importance of maintain good health and boosting immunity and accelerated the demand for natural and clean-label products. However, the pandemic also led to significant disruptions in the global market in terms of supply chain, reduced consumer disposable income, and delays in research & development activities, that negatively influenced the product demand.
Industry Dynamics
Growth Drivers
Rising Popularity of the Product Amongst the Consumers are Driving the Market Growth
The growing proliferation for incorporating phycocyanin into different types of pharmaceutical and cosmetic formulations and surging popularity regarding the products antioxidant, anti-inflammatory, and anti-aging properties, which makes it valuable in skincare and personal care products are major factors driving the market growth at rapid pace. Moreover, phycocyanin is being heavily researched in the last few years for its potential applications in drug delivery systems, cancer treatments, and neuroprotective therapies, which is likely to foster the market expansion and boost growth.
Furthermore, the rapid increase in investments in research and development activities and number of companies exploring the potential health benefits of phycocyanin, improving extraction methods, and optimizing production processes that led to product innovations, cost efficiencies, and quality enhancements, are further anticipated to drive the market growth forward and create new revenue opportunities for companies through adopting advancements in their systems or operations.
Report Segmentation
The market is primarily segmented based on nature, form, application, and region.
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By Nature |
By Form |
By Application |
By Region |
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By Nature Type Analysis
Organic Segment is Expected to Witness Highest Growth During Forecast Period
The organic segment is projected to grow at highest growth rate of during the anticipated period, mainly attributable to increasing number of consumers worldwide becoming more health-conscious and inclined towards the natural and organic products coupled with the rising demand for natural and organic ingredients in various applications including food, beverages, and dietary supplements. Additionally, regulatory bodies across the world are also supporting and promoting organic products and are implementing stringent regulations and certifications like USDA organic and EU organic, to ensure the authenticity and quality of organic ingredients, is positively contributing towards the segment market.
The conventional segment led the industry market with substantial revenue share in 2022, which is mainly driven by widespread use of conventional phycocyanin as a natural colorant and functional ingredient in various nutraceutical products including supplements, health drinks, and functional foods along with its higher prevalence among skincare products, haircare formulations, and natural cosmetics due to anti-inflammatory and antioxidants properties.
By Form Analysis
Powder Segment Accounted for the Largest Market Share in 2022
The powder segment accounted for the largest market share in 2022, and is likely to retain its market position throughout the forecast period, mainly due to its numerous benefits and advantageous characteristics including easy digestibility and solubility, higher flexibility, and active nutrient delivery along with the surging product use as a natural blue pigment in wide range of products such as dairy products, confectionery, beverages, and processed foods. Advances in extraction and processing technologies and innovations like spray drying and freeze drying, have improved the production efficiency and quality of phycocyanin powder and positively contributing to the segment market growth.
The liquid segment is anticipated to register highest growth rate during the next coming years, on account of growing need and demand for liquid phycocyanin for wide range of applications in the dietary supplements and personal or skincare products and proliferation among consumers regarding the products with transparent labeling and minimal use of artificial additives is gaining traction.
By Application Analysis
Food & Beverages Segment Held the Significant Market Share in 2022
Food & beverages segment held the significant market share in terms of revenue in 2022, that is largely accelerated to higher demand and proliferation for natural alternatives to artificial food colors due to growing concerns about their potential health effects and the rising popularity of plant-based diets and the increasing demand for vegan and vegetarian food products across the globe, that widely utilizes phycocyanin as a natural and plant-based food color.
The cosmetics & personal care segment is likely to be the fastest growing segment with substantial growth rate over the study period. The growth of the segment market can be highly attributable to growing preference among consumers for natural and sustainable cosmetic products and consumer awareness about its potential health benefits, that makes its suitable to used in several skincare or cosmetics formulations.
Regional Insights
Europe Region Dominated the Global Market in 2022
The Europe region dominated the global market with considerable market share in 2022, and is expected to maintain its market dominance throughout the anticipated period. The regional market growth is highly attributed to increasing vegan and vegetarian population and presence of supportive regulatory environment encouraging the use of phycocyanin across industries like food & beverages and personal care. In addition, major companies and research institutions across the region are actively investing in R&D activities to explore new applications and production methods for phycocyanin, which have paved the way for significant market expansion of the regional market in the coming years.
The Asia Pacific region is anticipated to be the fastest growing region with a healthy CAGR over the coming years, owing to increasing consumer awareness about their health and well-being, increasing demand for natural ingredients in pharmaceutical and nutraceutical formulations, and growing focus of research institutions in the APAC region towards recognizing its potential therapeutic applications and role as an immune booster, anti-cancer agent, and liver protectant.
Key Market Players & Competitive Insights
Some of the major players operating in the global market include:
- Bluetec Naturals
- DDW Inc.
- DIC Corporation
- Earthrise Nutritionals
- Japan Algae
- Jiangshan Comp Spirulina.
- Parry Nutraceuticals
- Phyco-Biotech Laboratories
- Pond Technologies
- Qingdao ZolanBio
- Sigma-Aldrich Corporation
- Wellisen Nutraceuticals
- Xi’an Fengzu Biological Technology
- Yunnan Green A Biological Project
- Zhejiang Binmei Biotechnology
Recent Developments
- In September 2022, CHOSEN, one of the India’s leading and fastest growing cosmetic retail stores, announced the launch of WahTOR, a pure vegan product comes in three different actives including Pycnogenol, Phycocyanin, & Astaxanthin. The mentioned active Phycocyanin is made from spirulina and suitable for the vegans and vegetarians along with its UV protecting abilities and consumers can take it regularly in their meals.
- In November 2022, GNT, announced that they have received the US Food and Drug Administration approval for the use of spirulina extract in the beverages, which enable manufacturers to easily achieve vibrant blue shades along with the clean label. It also contains a kind of naturally occurring pigment named phycocyanin that is completely water-soluble and offer exceptional blue shades.
Phycocyanin Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 193.47 million |
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Revenue forecast in 2032 |
USD 414.24 million |
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CAGR |
9.60% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
By Nature, By Form, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Bluetec Naturals Co. Ltd., DIC Corporation, Japan Algae Co. Ltd., Yunnan Green A Biological Project Co. Ltd., Phyco-Biotech Laboratories, DDW Inc., Parry Nutraceuticals, Qingdao ZolanBio Co. Ltd., Sigma-Aldrich Corporation, Earthrise Nutritionals LLC, Pond Technologies Inc., Zhejiang Binmei Biotechnology Co. Ltd., Wellisen Nutraceuticals, Xi’an Fengzu Biological Technology Co. Ltd., and Jiangshan Comp Spirulina Co. Ltd. |
FAQ's
The phycocyanin market report covering key segments are nature, form, application, and region.
Phycocyanin Market Size Worth $414.24Million by 2032
The global phycocyanin market is expected to grow at a CAGR of 9.5% during the forecast period.
Europe regions is leading the global market.
key driving factors in phycocyanin market Increase in demand for natural ingredient.
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