London, Oct. 07, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled Phycocyanin Market by Form (Liquid, Powder), by Grade (Food Grade, Cosmetic Grade, Reagent Grade, Analytical Grade) by Application (Food and Beverages, Pharmaceutical and Nutraceutical, Diagnostics and Biomedical), Geography Global Forecast to 2027, published by Meticulous Research in collaboration with the European Algae Biomass Association (EABA), the phycocyanin market is expected to grow at a CAGR of 28.5% from 2020 to 2027 to reach $245.5 million by 2027.

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Phycocyanin is an important molecule extracted from spirulina with nutritional and therapeutic values. It is one of the key pigments of the algae spirulina, used as a dietary supplement due to its high protein content. PC is a protein from the phycobiliprotein family characterized by its intense blue color and its structure consists of a protein and non-protein components known as phycocyanobilin. It is a water-soluble, natural, and non-toxic molecule with anti-cancer, antioxidant, anti-viral, and anti-inflammatory activities. It is also a powerful agent for the immune system and protects from several diseases.

In recent years, phycocyanin is used as an alternative to synthetic therapeutic and nutritional products. Owing to its non-toxic, eco-friendly & non-carcinogenic nature; additional health-promoting effects like antioxidative and immune-boosting properties; and therapeutic effects such as anti-cancer, anthelminthic, anti-viral & anti-fungal, and anti-inflammatory, phycocyanin is increasingly adopted in the nutraceutical and pharmaceutical industry.

Further, the increasing number of clinical research activities on phycocyanin's health benefits have also proven them as a safe and viable replacement for chemically synthesized drugs. The resulting health benefits have provided the means to successfully market phycocyanin to consumers in multi-nutrient supplements or therapeutic agents. Moreover, the increasing consumers concerns for public health, safety, and environmental health are expected to drive the growth of the phycocyanin market for therapeutic and nutritional applications in the future.

The phycocyanin market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on form, grade, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.

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Impact of COVID-19 on the Phycocyanin Market

The border closures, quarantines, and market supply chain and trade disruptions could restrict peoples access to sufficient/diverse and nutritious food sources, especially in countries hit hard by the virus or already affected by high levels of food insecurity. The worldwide supply chain includes distribution, packaging, as well as sourcing of raw materials. Lockdowns have disrupted the transportation of packaged foods, prepared foods, and non-alcoholic and alcoholic beverages. In addition, the shutdowns of restaurants and quick-service facilities due to lockdowns have hindered the growth of the food & beverage industry to a large extent. Nutritious and diverse food sources are in short supply in the wake of the global health crisis. Also, greater food insecurity is prevalent in regions hit hard by COVID-19, such as Spain, Italy, and the U.S. Thus, the negative impact on the global economy, supply chains, and trade are indirectly hampering the growth of the phycocyanin market to some extent.

Based on the form, the powder segment is estimated to command the dominant share of the overall phycocyanin market in 2020. Powder phycocyanin prevents the occurrence of oxidative phenomena and offers a long storage period. In addition, powder breaks down quickly and bids high comfort of digestion in comparison to other forms. Also, powder allows active nutrient delivery and offers high flexibility with dosing.

Based on grade, the overall phycocyanin market is mainly segmented into food grade, cosmetic grade, reagent grade, and analytical grade. The food grade segment is estimated to command the largest share and fast growth of the overall phycocyanin market in 2020. The large share of this segment is mainly attributed to the rising demand for phycocyanin as an alternative for synthetic color, clean labels forcing brands to switch to natural colors, and stringent regulations against synthetic colors.

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Based on application, the food and beverage segment is estimated to command the largest share of the overall phycocyanin market in 2020. The large share of this segment is mainly attributed to growing consumer preference towards ready to drink beverages, growing awareness about health issues associated with the use of synthetic colorants in soft drinks, and the trend of replacing artificial colorants with natural ones. In addition, the growing demand for protein-enhanced drinks boosts the demand for phycocyanin in the food and beverage application.

Geographically, Europe is estimated to command the largest share of the overall phycocyanin market in 2020. The leading position of Europe in the phycocyanin market is primarily attributed to the growth of the scientific and technological development in the field of micro-algae research for various health foods and dietary supplements, growing awareness among consumers for natural food products, and increasing food safety concerns and stringent government regulations. Additionally, the adoption of natural colors from algae is likely to embrace the growing demand for phycocyanin.

The key players operating in the global phycocyanin market are Earthrise Nutritionals, LLC (U.S.), Yunnan Green A Biological Project Co., Ltd (China), Zhejiang Binmei Biotechnology Co., Ltd (China), Fuqing King Dnarmsa Spirulina Co. Ltd. (China), Tianjin Norland Biotech Co., Ltd (China), Bluetec Naturals Co., Ltd (China), BlueBioTech Int. GmbH (Germany), Dongtai City Spirulina Bio-engineering Co., Ltd. (China), Parry Nutraceuticals (India), Japan Algae Co., Ltd. (Japan), Qingdao ZolanBio Co., Ltd. (China), AlgoSource (France), D.D. Williamson & Co., Inc. (U.S.), Wellisen Nutraceuticals (India), Chr Hansen Holding A/S (Denmark), Sensient Technologies Corporation (U.S.), Naturex (France), GNT Group (The Netherlands), Phyco-Biotech Laboratories (France), and Sigma-Aldrich Corporation (U.S.) among others.

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Scope of the report :

Phycocyanin Market, by Form

Phycocyanin Market, by Grade

Phycocyanin Market, by Application

Phycocyanin Market,by Geography

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The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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Phycocyanin Market to be $245.5 million by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research & EABA -...