The extensive research on phycocyanin market report focuses on several trends, opportunities, developments, restraints, challenges and drivers influencing the growth of the global phycocyanin market. These factors vary across different regions impacting the market in a different way in the respective region. An in-depth analysis of these facets across the globe has been included in this report. Moreover, along with the current market scenario and historic data, pertinent insights across each segment for a period of ten years have been slated in this research study.
Global Phycocyanin Extract Market: Forecast
The global phycocyanin market is expected to witness a significant growth rate throughout the period of assessment. The global market is projected to reach a market valuation of more than US$ 230 Mn by the end of the assessment period in 2028, up from an estimated US$ 112.3 Mn in 2018, growing at a CAGR of 7.6% during the forecast period, 2018-2028.
Global Phycocyanin Market: Dynamics Influencing Growth
Increasing applications of phycocyanin, higher nutrition value of phycocyanin, approval of phycocyanin use in the food and beverage industry by regulatory agencies, rising demand due to cost effectiveness, favorable government initiatives for the production of phycocyanin, increasing launch of new varieties of natural colors produced from phycocyanin and increasing awareness of the health benefits associated with phycocyanin making it a super food are pushing the growth of the global market.
However, contamination in phycocyanin unfavorably affecting production, continuous fluctuations in import and export of phycocyanin and uneven environment change challenging the production of phycocyanin are affecting the growth of the global phycocyanin market.
Global Phycocyanin Market: Segmental Insights
The global phycocyanin market is segmented by nature, by form, by application and by region.
By region, Western Europe is expected to be the largest market. The phycocyanin market in Western Europe is estimated to reach US$ 78.3 Mn by the end of 2028. However, North America is also expected to reflect higher growth potential. The North America phycocyanin market is projected to grow at the highest pace to register a value CAGR of 8.4% throughout the period of forecast. This region is the second highest in terms of market value.
By nature, the conventional segment leads the market with a high revenue share. The organic segment is poised to register a higher CAGR of 8.6% in the said period.
By form, the powder segment is the most beneficial and highly accepted form of phycocyanin. The powder segment is expected to grow at the highest pace to reflect a 7.6% CAGR during the period of forecast and is estimated to reach a market value of a little under US$ 219 Mn by 2028 end.
By application, the food & beverages segment is the largest in terms of market value and is estimated to reflect a market valuation of more than US$ 190 Mn by the end of the period of assessment. The nutraceuticals segment in the application category is expected to grow at the fastest pace to register a value CAGR of 8.6% during 2018-2028.
Global Phycocyanin Market: Competitive Assessment
The report includes a detailed chapter on the competitive scenario present in the global phycocyanin market. In this section, details of major players in the market have been chalked. Key developments, trends, innovations, SWOT analysis, key financials, product portfolio and strategies of key players such as Chr. Hansen A/S, Sensient Technologies Corp, Parry Nutraceuticals Limited, Cyanotech Corp, DIC Corporation, GNC Holdings, Inc., DDW Inc., Now Health Group Inc., Parry Nutraceuticals Limited, Fraken Biochem Co., Ltd., Naturex S.A, Döhler GmbH and Far East Bio-Tec Co., Ltd. (ALGAPHARMA BIOTECH CORP) have been included.
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