In a recent published report, Kenneth Research has updated the market report for Phycocyanin Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Phycocyanin Market products.
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The phycocyanin market was valued at USD 108.6 million by 2017, growing with 7.5% CAGR during the forecast period, 2018-2025
Phycocyanin is a pigment that is produced by a micro-organism group called as Cyanobacteria. Cyanobacteria is also identified as blue green algae owing to the pigment it produces. This pigment produced by the bacteria is further processed to produce a natural colorant known as Lina Blue. It is used in a variety of food and cosmetic material. An increase in demand for cleaner products i.e. without additives or artificial components are in demand. This product is a cleaner, natural alternative to artificial colours. As per an article in the National Public Radio website, 2013, caramel colour grade 150d had carcinogenic effect. Therefore, in order to avoid regulatory hassle Coke and Pepsi reformulated their recipe. Therefore, companies, especially MNC’s are shifting towards all natural and healthier alternative. One of the market restraints is typically the high cost in comparison to artificial colours, thus companies do not prefer switching unless there is a regulatory pressure. Another restraint is the supply, since this is a natural material, there is always a slight variation in the end product. Production also is heavily dependent upon climatic conditions.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Product segment is categorized as lyophilized powder and natural colour pigment. Also, the major grades available are food, cosmetic and analytical grades. Based on purity, the food grade is the purest and hence demands a premium with respect to price followed by cosmetic grade and then analytical grade. Food grade shows maximum revenue generation owing to the shift in regulatory status towards cleaner labels across the world. Some of the major categories in food where the product can be used is the confectionary, ice cream, sweets and cereals segments. Cosmetic grade is showing an increase in demand for the same reasons i.e. cleaner products, natural ingredients and mild processing needs.
Application wise the major categories are food & beverages, cosmetics, and healthcare. While Food and beverages is the dominating segment with respect to colours i.e. juices or drinks with varied colours is preferred. This is followed by an increased demand for natural products in the cosmetic industry. Cosmetic companies are now keen on developing entire range that is all natural only. Phycocyanin can find major applications in the entire colour cosmetics category. A rather new yet fast developing category is the healthcare segment. Healthcare industries are constantly formulating and researching on powdered mixed of for sports drinks that are targeted to a specific health category. In such a case, it is important to have clean and natural labels product, therefore Phycocyanin finds major applications in this category.
The major regions that include in this research scope are North America, Europe, Asia Pacific, and Rest of the World. Europe is one of the largest consumers of phycocyanin, this is because Europe generally has stricter food laws and the people are more aware and conscious towards consuming products that have a cleaner label. Besides this, the Asia Pacific market maybe one of fastest growing owing to its awareness towards healthier foods. An overall growth in population and increased income capacities in developing countries could increase the growth of this product.
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Key Vendor Takeaway
The key market players identified for this category are Nan Pao International Biotech, Ozone Naturals, Sigma-Aldrich Co. LLC, Parry Nutraceuticals, DIC Corporation, Zhejiang Binmel Biotechnology, EcoFuel Laboratories, Prozyme, Fuqing King Dnarmsa Spirulina Co., Ltd, Wuli Lvqi, Xian Sonwu Biotech Co., Limited and Tianjin Norland Biotech Co. Ltd. As per an article in the Business Standard website, 2018 stated a joint venture between the Parry group and Synthite industries in India to expand product of Spirulina and phycocyanin.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
Natural Colour Pigment
MARKET, BY EXTRACTION TYPE
Ammonium Sulphate Precipitation
Gel Filtration Chromatography
MARKET, BY APPLICATION
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
About Kenneth Research
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