Phycocyanin Market Size Worth $414.24 Million by 2032 | CAGR: 9.60%

The global phycocyanin market size is expected to reach USD 414.24 million by 2032, according to a new study by Polaris Market Research. The report “Phycocyanin Market Share, Size, Trends, Industry Analysis Report, By Nature (Organic and Conventional); By Form; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Surging consumer focus on health and fitness and rising consumption of spirulina and other related products particularly by health-conscious consumers across the globe along with the growing use of phycocyanin and spirulina in range of applications including pet food, animal feed, and cosmetics, are among the prominent factors influencing the growth of the market. Increasing focus of major suppliers on the commercialization of phycocyanin as natural food coloring and higher prevalence for bans on synthetic color uses in different countries, will also spur the demand for phycocyanin in the near future.

In March 2023, DIC Corporation, announced that the company has started the business development in area of polyphenols along with a California-based startup named “Debut”. Under this project, the polyphenols will be produced with the help of innovative biotechnology for being used in nutrition and cosmetic industries.

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The constantly ongoing research and development activities across the globe mainly focused on phycocyanin extraction methods, purification techniques, and product formulation with an aim to enhances the production efficiency, stability, and functionality of phycocyanin to meet the specific requirements of different industries and cater to the rising demand for natural products globally. The surging penetration among researchers about the development of novel formulations and delivery systems for phycocyanin such as nanoparticles and nano-emulsions, to enhance bioavailability is gaining huge traction and popularity.

Moreover, to improve the stability and bioavailability of phycocyanin, researchers worldwide have been working on the development of encapsulation technologies that helps in protecting phycocyanin from degradation, oxidation, and other environmental factors. Beside this, various encapsulation techniques such as microencapsulation and nanoencapsulation, have also been explored for controlled release and targeted delivery of phycocyanin in different applications, which in turn, creating ample market growth opportunities over the coming years.

Phycocyanin Market Report Highlights

• Organic segment is projected to grow at significant CAGR of XX% during the forecast period, mainly due to increasing awareness regarding the potential health benefits of organic and natural products
• Powder segment accounted for the largest market share with significant growth rate, on account of its widespread adoption a s natural blue pigment in products like confectionery and processed foods
• Food & beverage segment held the majority market share in 2022, which is mainly driven by growing proliferation regarding the product use as natural alternative to artificial colors
• Europe region dominated the global market with substantial share in 2022, owing to presence of favorable government regulatory or support and significant rise in investments in R&D activities
• The global key market players include Earthrise Nutritionals, Pond Technologies, Zhejiang Binmei Biotechnology Bluetec Naturals, Phyco-Biotech Laboratories, and Wellisen Nutraceuticals

Polaris Market Research has segmented the phycocyanin market report based on nature, form, application, and region:

Phycocyanin, Nature Outlook (Revenue - USD Million, 2023 - 2032)

• Organic
• Conventional

Phycocyanin, Form Outlook (Revenue - USD Million, 2023 - 2032)

• Powder
• Liquid

Phycocyanin, Application Outlook (Revenue - USD Million, 2023 - 2032)

• Food & Beverages
• Nutraceuticals
• Animal Feed
• Cosmetics & Personal Care
• Others

Phycocyanin, Regional Outlook (Revenue - USD Million, 2023 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Phycocyanin Market Report Scope