Growing Consumption in Cosmetics and Animal Feed Segments to Bolster Phycocyanin Demand Forecast 2019 to 2028

Companies are launching myriad beverage variants made from phycocyanin with a corresponding increase in its demand. Phycocyanin infused juices and smoothies have been launched in only a few regions which shows remunerative opportunity for these products as it is still in its nascent, introductory stage. Phycocyanin Blue pigments, a natural color produced from Green-blue Spirulina received approval from FDA in 2013 which heralded a brand new era of possibilities for phycocyanin.

On this backdrop, demand for phycocyanin is expected to grow exponentially and is projected to create an absolute $ opportunity of around US$ 113 Mn during forecast period 2019 – 2028. Natural Blue and Green Color produced from Spirulina is in high demand and has witnessed strong market growth in last two years

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Many companies such as GNT Holdings B.V., DIC Corporation, DDW Inc., Chr. Hansen Holding A/S and Sensient Technologies Corp. are producing Spirulina Blue which is an eye-catching trend giving an uptick to its demand.

Key Takeaways of Global Phycocyanin Market

• Conventional nature of phycocyanin accounts for more than two third of market share and is expected to show significant growth in phycocyanin market during period of forecast, due to increased demand from food and beverages manufacturers.

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• Powder form of phycocyanin is a major contributor to the global phycocyanin consumption and is projected to grow 1.9X over period of forecast, owing to its increased demand in beverages and cosmetics industry.
• Phycocyanin market in Europe holds more than one third of the market share. Moreover, increasing nutritional supplement demand from consumers will augment growth of phycocyanin during forecast period.
• Organic nature of phycocyanin holds more one third of market share, thus pushing the growth of organic phycocyanin by end of 2029.
• After the approval of the use of phycocyanin in food and beverage products is given by FDA, the demand of phycocyanin from Spirulina has started surging, and companies have begun producing various types of products made from Spirulina phycocyanin such as smoothies, juices, nutritional supplements etc.

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