Phycocyanin possess anti-inflammatory, anti-oxidants, and hypolipidemic properties due to which it is in high demand in the cosmetics industry. Future Market Insights (FMI) in a study has forecast the global phycocyanin market to reach US$ 136.5 Mn in 2021. Phycocyanin consists of antioxidants such as Beta-carotene and Vitamin A, C and E in large quantities, which are helpful in providing skin nourishment. Increasing awareness regarding various health benefits of phycocyanin besides its anti-cancer properties will fuel its use in cosmetics products.
This is because consumers nowadays are likelier to choose treatment that doesn’t require consumption of medicines. The demand for more natural ways of preventing chronic ailments will bode well for the market. Cosmetics made from phycocyanin witnesses a high demand in the due to their wide use in spa, cosmetics such as American ginseng extracts and herbal treatment.
Lately, manufacturers have started producing cosmetic products from phycocyanin that are capable for improving cutin degeneration and also has properties of skin nourishment and preventing from ultraviolet irradiations. Further, there is also growing market in the areas of skin whitening, anti-aging and pigmentation reducing products.
Despite rising demand from cosmetics industry, the food and beverages sector will continue dominating the market through the forecast period. The rising demand for food containing natural colors and in general aversion towards artificial ingredients and additives will strengthen phycocyanin presence in the food sector. FMI has projected the food and beverages industry to account for nearly 85% of the overall market in 2021.
Key Takeaways from the Phycocyanin Market Study
- The global phycocyanin market is set to 7.1% Y-o-Y growth in 2021, driven by increasing application across diverse industries
- The U.S. remain an attractive market, accounting for over 82% of phycocyanin sold in North America in 2021
- Demand from U.K. will rise considerably. The U.K. market for phycocyanin is expected to register 7% Y-o-Y growth in 2021
- Germany and France will emerge as other attractive markets in Western Europe
- China and India will emerge as lucrative pockets in Asia Pacific excluding Japan
- Japan market will record 5.7% Y-o-Y growth in 2021 in terms of value
“In order to gain competitive advantage, market players have been focusing on research and development initiatives. This is especially common among new entrants intending to seal their position with the launch of innovative products in the market,” said a lead FMI analyst.
Who is winning?
Several top manufacturers of phycocyanin are concentrating on providing phycocyanin at an optimum price, owing to their increasing demand among consumers. Different companies have implemented integrated production approach to delivering cost-effective products in the market to escalate their industry footprints and to upsurge their production capacity. Prominent players of phycocyanin are endowing in research and development to produce organic, non-GMO products from phycocyanin.
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A few of the leading players operating in the Phycocyanin market are Chr. Hansen Holding A/S, Cyanotech Corp, DDW Inc., DIC Corporation, Dongtai City Spirulina Bio-Engineering Co., Ltd., Fuqing King Dnarmsa Spirulina Co., Ltd., GNT Holding B.V., Sensient Technologies Corp., Parry Nutraceuticals Limited, Döhler GmbH, Naturex S.A., Naturalin Bio-Resources Co., Ltd, Far East Bio-Tec Co., Ltd., Fraken Biochem Co., Ltd. and other players.
Get Valuable Insights into Phycocyanin Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Phycocyanin Market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the Phycocyanin market based on Nature (Organic, Conventional), Form (Powder, Liquid), Grade (Phycocyanin E18, Phycocyanin E25, and Phycocyanin E3.0), and Application (Food & Beverage, Cosmetic & Personal Care, Nutraceuticals, Animal Feed, and Aquaculture) across seven major regions.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.