Product Code: PM3691
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, 2023 - 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.
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)
Phycocyanin, Form Outlook (Revenue - USD Million, 2023 - 2032)
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)
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Phycocyanin Market Insights
- 4.1. Phycocyanin Market - Application Snapshot
- 4.2. Phycocyanin Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Increase in demand for natural ingredient
- 4.2.1.2. Promotion of the production of spirulina by government
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Impact on phycocyanin production due to climate change
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Phycocyanin Market Application Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Phycocyanin Market, by Nature
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 5.3. Organic
- 5.3.1. Global Phycocyanin Market, by Organic, by Region, 2019-2032 (USD Million)
- 5.4. Conventional
- 5.4.1. Global Phycocyanin Market, by Conventional, by Region, 2019-2032 (USD Million)
6. Global Phycocyanin Market, by Form
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 6.3. Powder
- 6.3.1. Global Phycocyanin Market, by Powder, by Region, 2019-2032 (USD Million)
- 6.4. Liquid
- 6.4.1. Global Phycocyanin Market, by Liquid, by Region, 2019-2032 (USD Million)
7. Global Phycocyanin Market, by Application
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 7.3. Food and Beverages
- 7.3.1. Global Phycocyanin Market, by Food and Beverages, By Region, 2019-2032 (USD Million)
- 7.3.2. Nutraceuticals
- 7.3.2.1. Global Phycocyanin Market, by Nutraceuticals, By Region, 2019-2032 (USD Million)
- 7.3.3. Animal Feed
- 7.3.3.1. Global Phycocyanin Market, by Animal Feed, By Region, 2019-2032 (USD Million)
- 7.3.4. Cosmetics & Personal Care
- 7.3.4.1. Global Phycocyanin Market, by Cosmetics & Personal Care, By Region, 2019-2032 (USD Million)
- 7.3.5. Others
- 7.3.5.1. Global Phycocyanin Market, by Others, By Region, 2019-2032 (USD Million)
8. Global Phycocyanin Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Phycocyanin Market Assessment, By Geography, 2019-2032 (USD Million)
- 8.3. Phycocyanin Market - North America
- 8.3.1. North America: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.3.2. North America: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.3.3. North America: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.3.4. Phycocyanin Market - U.S.
- 8.3.4.1. U.S.: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.3.4.2. U.S.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.3.4.3. U.S.: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.3.5. Phycocyanin Market - Canada
- 8.3.5.1. Canada: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.3.5.2. Canada.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.3.5.3. Canada: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.4. Phycocyanin Market - Europe
- 8.4.1. Europe: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.4.2. Europe.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.4.3. Europe: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.4.4. Phycocyanin Market - UK
- 8.4.4.1. UK: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.4.4.2. UK.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.4.4.3. UK: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.4.5. Phycocyanin Market - France
- 8.4.5.1. France: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.4.5.2. France.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.4.5.3. France: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.4.6. Phycocyanin Market - Germany
- 8.4.6.1. Germany: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.4.6.2. Germany.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.4.6.3. Germany: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.4.7. Phycocyanin Market - Italy
- 8.4.7.1. Italy: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.4.7.2. Italy.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.4.7.3. Italy: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.4.8. Phycocyanin Market - Spain
- 8.4.8.1. Spain: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.4.8.2. Spain.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.4.8.3. Spain: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.4.9. Phycocyanin Market - Netherlands
- 8.4.9.1. Netherlands: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.4.9.2. Netherlands.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.4.9.3. Netherlands: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.4.10. Phycocyanin Market - Russia
- 8.4.10.1. Russia: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.4.10.2. Russia.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.4.10.3. Russia: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.5. Phycocyanin Market - Asia Pacific
- 8.5.1. Asia Pacific: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.5.2. Asia Pacific.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.5.3. Asia Pacific: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.5.4. Phycocyanin Market - China
- 8.5.4.1. China: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.5.4.2. China.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.5.4.3. China: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.5.5. Phycocyanin Market - India
- 8.5.5.1. India: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.5.5.2. India.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.5.5.3. India: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.5.6. Phycocyanin Market - Malaysia
- 8.5.6.1. Malaysia: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.5.6.2. Malaysia.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.5.6.3. Malaysia: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.5.7. Phycocyanin Market - Japan
- 8.5.7.1. Japan: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.5.7.2. Japan.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.5.7.3. Japan: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.5.8. Phycocyanin Market - Indonesia
- 8.5.8.1. Indonesia: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.5.8.2. Indonesia.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.5.8.3. Indonesia: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.5.9. Phycocyanin Market - South Korea
- 8.5.9.1. South Korea: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.5.9.2. South Korea.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.5.9.3. South Korea: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.6. Phycocyanin Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.6.2. Middle East & Africa.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.6.3. Middle East & Africa: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.6.4. Phycocyanin Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.6.4.2. Saudi Arabia.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.6.4.3. Saudi Arabia: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.6.5. Phycocyanin Market - UAE
- 8.6.5.1. UAE: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.6.5.2. UAE.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.6.5.3. UAE: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.6.6. Phycocyanin Market - Israel
- 8.6.6.1. Israel: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.6.6.2. Israel.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.6.6.3. Israel: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.6.7. Phycocyanin Market - South Africa
- 8.6.7.1. South Africa: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.6.7.2. South Africa.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.6.7.3. South Africa: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.7. Phycocyanin Market - Latin America
- 8.7.1. Latin America: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.7.2. Latin America.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.7.3. Latin America: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.7.4. Phycocyanin Market - Mexico
- 8.7.4.1. Mexico: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.7.4.2. Mexico.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.7.4.3. Mexico: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.7.5. Phycocyanin Market - Brazil
- 8.7.5.1. Brazil: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.7.5.2. Brazil.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.7.5.3. Brazil: Phycocyanin Market, by Form, 2019-2032 (USD Million)
- 8.7.6. Phycocyanin Market - Argentina
- 8.7.6.1. Argentina: Phycocyanin Market, by Nature, 2019-2032 (USD Million)
- 8.7.6.2. Argentina.: Phycocyanin Market, by Application, 2019-2032 (USD Million)
- 8.7.6.3. Argentina: Phycocyanin Market, by Form, 2019-2032 (USD Million)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Bluetec Naturals
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. DDW Inc
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. DIC Corporation
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Earthrise Nutritionals
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Japan Algae
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. Jiangshan Comp Spirulina
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Parry Nutraceuticals
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Phyco-Biotech Laboratories
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. Pond Technologies
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Qingdao ZolanBio
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. Sigma-Aldrich Corporation
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Wellisen Nutraceuticals
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
- 10.13. Xi'an Fengzu Biological Technology
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
- 10.14. Yunnan Green A Biological Project
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
- 10.15. Zhejiang Binmei Biotechnology
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development