Phycocyanin Market to Gain Steady Revenue Stream from Expanding Nutraceuticals Industry, Meeting Clean-labelling Regulatory Norms a Challenge for Manufacturers: TMR

ALBANY, N.Y., Jan. 4, 2021 /PRNewswire/ -- Phycocyanin is used extensively as colorant in wide range of functional foods and nutraceuticals, and is usually extracted from blue-green algae - spirulina. The commercial significance of phycocyanin has stemmed from the documented health benefits of this nutritious protein-pigment complex. Manufacturers in phycocyanin market are gaining revenues from the wide range of food and beverages that utilize this as additive. The shift toward all-natural food colorants has also carved out new revenue streams for market participants. There is a significant gap between the demand and supply, and players in the phycocyanin market are leaning on exploring cost-competitive method, such as harvesting their own spirulina algae.

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The growing popularity of phycocyanin market as functional food additive. Nutritional and pharmaceutical properties of microalgal spirulina are opening new avenues for utilizing of phycocyanin in making pharmaceuticals and cosmeceuticals. Analysts at TMR project 2X increase in revenue of the phycocyanin market during 2019 – 2029.

Healthcare industry are striving to extract the clinical potential of phycocyanin for non-small cell lung cancer, by incorporating it in marine functional products.

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The phycocyanin market is projected to clock CAGR of ~7% and reach worth of ~US$ 230 Mn by 2029-end. In 2019, the valuation of the market was pegged at ~US$ 120 Mn.

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Key Findings of Phycocyanin Market Study

• Proliferating Use in Food & Beverages Products

Extensive use of phycocyanin as natural solution for blue colors in wide range of food and beverages products, such as confectionaries, beverages, and ice creams has expanded the avenue for manufacturers in the phycocyanin market. Another key demand comes from the use of phycocyanin in formulating sugar-free food and beverage. A burgeoning hospitality space in several parts of the world has also spurred the demand for functional food products, thereby bolstering the growth of the phycocyanin market.

• Inclination Toward Clean-Label Ingredients Expand Canvas

The rapid shift toward clean-label ingredients gaining regulatory force in numerous countries has nudged players to look for cost-competitive methods of production. Several manufacturers in the phycocyanin market are leveraging patented systems for ensuring a steady supply of raw materials and are also for cutting overall cost. Their focus on harnessing the health benefits of phycocyanin in nutraceutical is also making this as a highly lucrative option for health and wellness industry.

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• Healthcare Industry Ramping R&D to Harness Clinical Benefits

Over the years, the healthcare industry has ramped up research and spending on using marine functional products for clinical benefits. A growing body of research has established the potential anticancer property of phycocyanin in breast cancer and non-small cell lung cancer. New product developments in this direction will considerably influence the course of the phycocyanin market.

• Changing consumer preferences of Plant-Based Food Colorants Sustaining Momentum

Rise in percentage of global population who practice veganism is a key trend propelling the application areas in the phycocyanin market. The therapeutic benefits of natural food colorants is also attracting the target consumers.

Phycocyanin Market: Key Driving Factors and Promising Avenues

• Growing number of product launches in colored and flavored beverages boosts revenue potential of manufacturers in the phycocyanin market
• Health benefits expand the commercial significance of phycocyanin for pharmaceutical and nutraceutical industries
• Advances in synthetic biology to expand applications, since it will play crucial role in boosting commercial production of phycocyanin.
• Shift of manufacturers toward custom-growing facilities to help them meet regulatory compliance
• Growing launches of patent-protected phycocyanin food additives in developed regions fueling growth avenues
• The competitive landscape is moderately fragmented and attracts investments by new entrants

Phycocyanin Market: Key Market Participants

• Far East Bio-Tec Co., Ltd.
• Naturex S.A., Ltd.
• Parry Nutraceuticals Limited
• Sensient Technologies Corp.
• GNT Holding B.V.
• Naturalin Bio-Resources Co.
• DIC Corporation
• Cyanotech Corp.

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