The anticipated value of the worldwide phycocyanin market in 2022 was US$ 754.40 million. The market is anticipated to reach US$ 1,487.7 million, growing at a CAGR of 7% from 2023 to 2033 due to shifting customer preferences toward natural food-grade substances.
Sourced from spirulina, phycocyanin is emerging as a nutritional powerhouse and a vibrant natural colorant, fueling remarkable growth in the food and beverage industry. Recognized by the U.S. Food and Drug Administration (FDA) for its natural coloring prowess, this organically produced pigment is not just a feast for the eyes but also a nutraceutical gem with proven antioxidant activity.
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Key Points and Takeaways:
- Colorful Compliance: FDA approval for phycocyanin’s use as a food coloring additive signifies its compliance with regulatory standards, facilitating its integration into diverse food products.
- Nutraceutical Powerhouse: Beyond its colorant role, phycocyanin serves as a nutraceutical component, offering antioxidant benefits both in vitro and in vivo.
- Global Adoption: With several countries restricting the use of artificial food colors, the natural and spirulina-derived phycocyanin is gaining traction globally.
- Blue Rarity: Phycocyanin stands out as one of the few naturally occurring blue hues accepted across Europe, Asia, and North America.
- Regulatory Nod: Spirulina extract, the source of phycocyanin, enjoys FDA approval as a color additive, further enhancing its market standing.
- Innovative Production: Patenting advanced manufacturing processes ensures a stable supply of phycocyanin, reinforcing its position in the pigment market.
Market Dynamics:
- The phycocyanin industry is on a growth trajectory, fueled by increased patenting of manufacturing processes, robust distribution channels, and rising consumer awareness, especially in emerging markets.
Key Takeaways from the Market Study
- Global phycocyanin market is expected to be valued at US$ 785 million by 2023
- From 2018 to 2022, the market demand expanded at a CAGR of 2.7%
- From 2023 to 2033, the United States market for phycocyanin is projected to account for about 20% of global market share.
- By form type, the powder segment was estimated to acquire 76.9% share in 2022.
- On the basis of grade, the E18 food grade segment acquired a 56.9% market share in 2022.
“The phycocyanin products are gaining traction due to its natural origin, health benefits and application across a wide range of sectors,” remarks an FMI analyst.
Competitive Landscape
Prominent players in the phycocyanin market are:
- 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.
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Some key developments of the leading companies in this market are:
- A cooperative study into the impacts of the naturally occurring blue pigment phycocyanin obtained from DIC-cultivated Spirulina will be launched in 2022, according to an announcement made by DIC Corporation, Leave a Nest Co., Ltd and Innoqua Inc.
- Innoqua’s core “environmental transfer technology,” which enables the recreation of particular marine ecosystems in enclosed environments (aquariums), will be used by DIC and Innoqua to raise corals and evaluate the efficacy of phycocyanin in preventing coral bleaching with the help of Leave a Nest.
- The research will examine whether phycocyanin’s antioxidant qualities and its ability to block particular wavelengths of light when dispersed in seawater are effective in preventing coral bleaching, in addition to whether corals that absorb phycocyanin produce red fluorescence and do so in order to reduce the stress caused by solar radiation.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global phycocyanin market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the phycocyanin market, the market is segmented on the basis of phycocyanin by nature (organic and conventional), by form (powder and liquid), by grade (E18, E25, E.0), by application (food & beverage, cosmetics & personal care, nutraceuticals, animal feed, aquaculture) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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