Phycocyanin Market is projected to register 7% CAGR and top a valuation of US$ 333 Mn by 2032: PMR report
NEW YORK, March 10, 2022 /PRNewswire/ -- Emergence of 'multifunctional' and 'natural' trends has led to increasing prominence of multifunctional ingredients in various industries in the global market. Prominent players operating in the global market are concentrating on the adoption of multifunctional ingredients for their product formulations to expand their product portfolios with multifunctional and sustainable effective product solutions.
Key players operating in the food and beverage, nutraceutical, and pharmaceutical, and cosmetics & personal care industries are turning to phycocyanin as a multi-functional ingredient delivering an extensive range of benefits, in response to rising consumer demand for products manufactured with natural ingredients. The multifunctional dietary characteristics of phycocyanin are anticipated to boost market growth, owing to rising customer demand for convenient and healthy food products.
Emerging trend of 'athlete wellness' is anticipated to boost demand for sports nutrition products. These products are designed to support muscle growth, aid recovery after exercise, and improve athletic performance. The sports nutrition market is also benefiting from factors such as increased emphasis on staying fit, frequent exercise, and widespread influence of the gym culture.
Phycocyanin is known for its ability to boost overall energy, owing to its connection with erythropoietin. Easy digestibility and increased medical and healthcare functions are other factors that can lead to the increased use of phycocyanin in different sports nutrition products.
- Zhejiang Binmei Biotechnology Co., Ltd offers spirulina extract sports nutrition phycocyanin powder.
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Key Takeaways from Market Study
- The East Asia market for phycocyanin is expected to expand at a CAGR of 8% through 2032.
- Market shares of South Asia and Oceania are 8.9% and 2.6%, respectively, in 2022.
- The Europe phycocyanin market is currently pegged at 787 tons.
- Growing consumer preference for natural food products is driving the sales of phycocyanin across the world. Based on nature, demand for organic phycocyanin is expected to increase at a CAGR of 7.7%.
- Although by form the powder segment holds the highest market share, demand for liquid phycocyanin is set to increase at a CAGR of 6.6%.
"The nutraceutical industry is perceiving exponential growth from the past few years as consumers have shown extensive interest in the consumption of functional food and dietary supplements to meet their nutritional needs. Phycocyanin would help cater to this growing need since it contains essential amino acids and also has the ability to enhance the digestive system," says a Persistence Market Research analyst.
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Competitive Landscape
Prominent companies manufacturing phycocyanin are focusing on expanding their product portfolios by adding innovative flavors. These key manufacturers also participate in various exhibitions and events across the world to increase awareness about their products.
- In 2019, Tianjin Norland Biotech Co., Ltd. participated in Vitafoods, Europe. This helped the company explore market trends and promote its products on a global level. It also helped the company expand its global presence and customer base.
- In 2019, Far East Bio-Tec Co., Ltd. participated in Vitafoods, Europe, and a global nutraceutical event. Participation of the company in this event proved to be the perfect platform for generating new business and build profitable relationships. It also helped the company promote its products to ensure benefit from the growing global nutraceuticals market.
GNT Group B.V. announced the launch of its new food coloring ingredient. The company launched its new high-intensity blue coloring ingredient in both, standard and micronized powder forms. The launch was done in response to increasing demand for natural ingredients from food & beverage manufacturers.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global phycocyanin market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights based on nature (organic, conventional), form (powder, liquid), and end use (food & beverages, nutraceuticals, cosmetics & personal care, animal feed, others), across seven major regions of the world.
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