Dublin, Dec. 04, 2020 (GLOBE NEWSWIRE) -- The "Phycocyanin Market by Form (Liquid, Powder), by Grade (Food Grade, Cosmetic Grade, Reagent Grade, Analytical Grade) by Application (Food and Beverages, Pharmaceutical and Nutraceutical, Diagnostics and Biomedical), Geography - Global Forecast To 2027" report has been added to ResearchAndMarkets.com's offering.
This report provides an in-depth analysis of the phycocyanin market in five major geographies and emphasizes the current market trends, market size, market share, recent developments, and forecast till 2027. The global phycocyanin market is expected to grow at a CAGR of 28.5% from 2020 to 2027 to reach $245.5 million by 2027.
The growth of this market is mainly attributed to key factors such as increased adoption of phycocyanin in the manufacturing of therapeutic & nutritional products, growing reluctance towards the usage of synthetic colors, rising demand for natural blue colorants, and investments from leading color houses in the phycocyanin space. However, the high cost of natural colors and purification and extraction, the complex production procedure of spirulina, and the risk of algae contamination are factors that are expected to hinder the growth of the global phycocyanin market to some extent.
The study offers a comprehensive analysis of the global phycocyanin market with respect to form (powder and liquid), grade (food, cosmetic, reagent, and analytical grade), application (food and beverages, pharmaceutical and nutraceutical, cosmetic, and diagnostics and biomedical), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on form, the powder form segment is estimated to command the dominant share of the overall phycocyanin market in 2020. Powder breaks down quickly and bids high comfort of digestion in comparison to other forms. Also, powder allows active nutrient delivery and offers high flexibility with dosing, further driving the growth of this segment.
Based on grade, the food grade segment is estimated to command the largest share and fast growth of the overall phycocyanin market in 2020. The large share of this segment is mainly attributed to the rising demand for phycocyanin as the alternative for synthetic color, clean labels forcing brands to switch to natural colors, and stringent regulations against synthetic colors. In addition, the growing food and nutraceutical industry is driving the food grade phycocyanin market.
Based on application, the pharmaceutical and nutraceutical segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is primarily attributed to the growing aging population, rising consumer inclination towards the adoption of natural colors in the pharmaceutical and nutraceutical, and increasing popularity of the product for its several potential health benefits.
Geographically, Asia-Pacific is expected to grow with the fastest CAGR during the forecast period. The fast growth of this region is primarily attributed to factors, such as the changing lifestyle of people, the presence of several local and regional players in this region, and the growing demand for processed food products in emerging and developing countries, including India, China, Indonesia, and Thailand. Furthermore, the growing demand for phycocyanin by food & beverages and nutraceutical industries is the major driver for the growth of the phycocyanin market in Asia-Pacific.
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the phycocyanin market over the last four years (2017-2020). The key players operating in the global phycocyanin market are Earthrise Nutritionals, LLC (U.S.), Yunnan Green A Biological Project Co., Ltd (China), Zhejiang Binmei Biotechnology Co., Ltd (China), Fuqing King Dnarmsa Spirulina Co. Ltd. (China), Tianjin Norland Biotech Co., Ltd (China), Bluetec Naturals Co., Ltd (China), BlueBioTech Int. GmbH (Germany), Dongtai City Spirulina Bio-engineering Co., Ltd. (China), Parry Nutraceuticals (India), Japan Algae Co., Ltd. (Japan), Qingdao ZolanBio Co., Ltd. (China), AlgoSource (France), D.D. Williamson & Co., Inc. (U.S.), Wellisen Nutraceuticals (India), Chr Hansen Holding A/S (Denmark), Sensient Technologies Corporation (U.S.), Naturex (France), GNT Group (Netherlands), Phyco-Biotech Laboratories (France), and Sigma-Aldrich Corporation (U.S.).
Key questions answered in the report:
Which are the high growth market segments in terms of the form, grade, application, and countries/regions?
What is the historical market for phycocyanin across the globe?
What are the market forecasts and estimates for the period of 2020-2027?
What are the major drivers, restraints, and opportunities in the global phycocyanin market?
Who are the major players in the global market, and what share of the market do they hold?
Who are the major players in various countries, and what share of the market do they hold?
How is the competitive landscape?
What recent developments have taken place in the global phycocyanin market?
What are the different strategies adopted by the major players in this market?
What are the key geographic trends, and which are the high growth countries?
Who are the local emerging players in the global phycocyanin market, and how do they compete with the other market players?
Key Topics Covered:
1.1. Currency and Limitations
2. Research Methodology
2.1. Research Process
2.1.1. Secondary Research
2.1.2. Primary Research
2.1.3. Market Size Estimation
3. Executive Summary
4. Market Insights
4.2.1. Increased Adoption of Phycocyanin for Nutraceuticals & Nutritional Purposes
4.2.2. Reluctance towards the Usage of Synthetic Colours
184.108.40.206. Stringent Regulations on Synthetic Colour Additives
220.127.116.11. Health Hazards Due to Synthetic Colours
4.2.3. Rising Demand for Natural Blue Colorants
4.2.4. Investments from Leading Colour Houses in the Phycocyanin Space
4.3.1. High Cost of Natural Colours
4.3.2. High Cost of Purification and Extraction
4.3.3. Complex Process for Algae Production
4.4.1. Phycocyanin: A Potential Pharmaceutical Drug
4.4.2. Increasing Awareness Regarding Clean-Label Products
4.5. Sources of Phycocyanin
4.6. Impact of Covid-19 on the Phycocyanin Market
4.7. Phycocyanin Production Analysis
5. Phycocyanin Market, By form
6. Phycocyanin Market, By Grade
6.2. Food Grade
6.3. Cosmetic Grade
6.4. Reagent and Analytical Grade
7. Phycocyanin Market, By Application
7.2. Food and Beverage
7.3. Pharmaceutical & Nutraceutical
7.5. Diagnostics and Biomedical
8. Phycocyanin Market, By Geography
8.2.7. Rest of Europe (RoE)
8.3. North America
8.4.6. Rest of Asia-Pacific (RoAPAC)
8.5. Latin America
8.6. Middle East & Africa
9. Competitive Landscape
10. Company Profiles
10.1. Earthrise Nutritionals, LLC
10.2. Yunnan Green A Biological Project Co., Ltd
10.3. Zhejiang Binmei Biotechnology Co., Ltd.
10.4. Fuqing King Dnarmsa Spirulina Co. Ltd.
10.5. Tianjin Norland Biotech Co., Ltd
10.6. Bluetec Naturals Co., Ltd
10.7. BlueBiotech Int. GmbH
10.8. Dongtai City Spirulina Bio-Engineering Co., Ltd.
10.9. Parry Nutraceuticals
10.10. Japan Algae Co., Ltd.
10.11. Qingdao Zaolanbio Co. Ltd.
10.13. D.D. Williamson & Co., Inc.
10.14. Wellisen Nutraceuticals
10.15. Chr. Hansen Holding A/S
10.16. Sensient Technologies Corporation
10.17. Naturex S.A. (Part of Givaudan)
10.18. GNT Group B.V.
10.19. Phyco-Biotech Laboratories
10.20. Sigma-Aldrich Corporation
11.2. Available Customization
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