The most recent study conducted by Report Ocean, titled “Global Phycocyanin Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Phycocyanin. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Phycocyanin Market Size study, by Nature (Organic, Conventional) by Form (Powder, Liquid) by Grade (Phycocyanin E18, Phycocyanin E25, Phycocyanin E3.0) by End Use Industries (foods & beverages, Cosmetics and Personal Care, Nutraceuticals, Animal Feed, Aquaculture) and Regional Forecasts 2022-2028Global Phycocyanin Market is valued approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2028. Phycocyanin is a dark blue powder pigment with rich nutrients extracted from Spirulina. This pigment is used mainly as natural colouring in food industry.
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Due to its antioxidant properties, it also has application in the cosmetic industry. Growing demand for plant-based products and rising adoption of natural ingredients in cosmetics and personal care industry are key drivers for the growth of Phycocyanin market. For instance, according to The Good Food Institute (GFI) and the Plant Based Foods Association (PBFA)- As of 2020, retail sales of plant-based foods in USA have reached to USD 7 billion, witnessing growth rate of over 27% from the year 2019 (Approx. USD 5.5 billion). In 2020, 57 % of all U.S. households bought plant-based foods (around 71 million households), as compared to 53 percent in 2019. Plant-based milk, the largest plant-based category has reached USD 2.5 billion and accounts for 35 percent of the total plant-based foods market.
In recent events, in July 2020 French renewable energy Firm Global EcoPower (GEP) has acquired the spirulina production business of Tam. Through this acquisition GEP would be able to ramp up its presence in spirulina and phycocyanin production and strengthen its position in the growing markets. Also, with growing food and beverages industry and increasing application in the cosmetic industry due to its health benefits, the adoption & demand for Phycocyanin is likely to increase the market growth during the forecast period. However, high cost of natural colors and supply chain disruptions due to pandemic impedes the growth of the market over the forecast period of 2022-2028.
The key regions considered for the global Phycocyanin market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region across the world in terms of market share owing to growing food and beverages industry and increasing demand for plant-based food products in the region. Whereas, Asia-Pacific is anticipated to exhibit highest growth rate over the forecast period 2022-2028. Factors such as growing adoption of plant-based products and rising food and beverages industry in the region would create lucrative growth prospects for the Phycocyanin market across Asia-Pacific region.
Major market player included in this report are:
Chr. Hansen Holding A/S Public Ltd.
Cyanotech Corp
DDW, The Color House – a Givaudan Company
DIC Corporation
Dongtai City Spirulina Bio-Engineering Co., Ltd.
Fuqing King Dnarmsa Spirulina Co., Ltd.
GNT Holding B.V. Pvt Ltd.
Sensient Technologies Corp.
Parry Nutraceuticals Limited
Dohler GmbH Pvt Ltd.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Nature:
Organic
Conventional
By Form:
Powder
Liquid
By Grade:
Phycocyanin E18
Phycocyanin E25
Phycocyanin E3.0
By End Use Industries:
Foods & Beverages
Cosmetics and Personal Care
Nutraceuticals
Animal Feed
Aquaculture
By Region:
North America
U.S.
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Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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