Factors such as the growing demand for phycocyanin due to its increasing health benefits is making it a superfood and is pushing the growth of the global market.
DUBAI, UAE / ACCESSWIRE / March 2, 2021 / FMI states in its recent study on the phycocyanin-market that the market will record a CAGR of 6.8% through 2031. Demand for phycocyanin is anticipated to continue surging particularly due to the increased sales in cosmetics and personal care industries
"Manufacturers are aiming towards providing phycocyanin at an optimum cost, owing to the high demand from consumers. Companies have implemented numerous integrated production approaches for delivering cost-effective products.." says the FMI analyst.
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Phycocyanin Market - Important Highlights
- The food and beverage segment holds the largest share of the overall market for phycocyanin, which is due to the rising propensity of consumers towards ready-to-drink drinks.
- Consumers prefer powder form over liquid because powder allows for high dosing flexibility and provides active nutrient delivery.
- With high-cost efficiency and excellent solubility, phycocyanin E18 is the most commonly used specification in the world.
- During the forecast era, the FMI expected the U.S. to remain one of the most profitable markets.
Phycocyanin Market - Drivers
- Enhanced awareness of health benefits followed by intake of phycocyanin will generate growth prospects.
- Increasing preference towards products made from natural ingredients is boosting demand for the market of phycocyanin
- Favorable government policies and investments will generate the growth of the market.
- Phycocyanin Market - RestraintsStrict regulations by government authorities have generated increased demand to comply with current and emerging market players.
- Increasing awareness among customers of clean-label ingredients has generated challenges for producers to meet some production requirements which is creating deterrents.
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COVID-19 Impact on Phycocyanin Market
The phycocyanin market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. Border closures, quarantines, and the supply chain of the market and trade disruptions could limit people's access to adequate/diverse and nutritious food sources, especially in countries hard hit by the virus or already affected by food insecurity at high levels. Moreover, due to lockdowns, the shutdowns of restaurants and fast-service facilities have largely slowed the development of the food & beverage industry. In the aftermath of the global health crisis, safe and diverse food sources are in short supply. In regions hit hard by COVID-19, such as Spain, Italy, and the U.S., greater food insecurity is also prevalent. The negative effect on the global economy, supply chains, and trade are thus indirectly hampering to some degree the development of the phycocyanin market.
The phycocyanin market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. Nowadays, because of the high demand from customers, manufacturers are trying to provide phycocyanin at an optimum rate. To produce cost-effective goods, businesses have adopted various integrated manufacturing approaches.
For instance, The application and R&D team of Chr. Hansen created an exclusive, liquid blue in 2020 that protects the color as soon as it reaches the enormously hot candy mass. Some of the leading companies operating in the market are Chr. Hansen Holding A/S, Cyanotech Corp, DDW Inc., DIC Corporation, Dongtai City Spirulina Bio-Engineering Co., Ltd.
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Table Of Content
1. Market Introduction
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
2. Market Dynamics
2.5. Key Regulations
2.6. Market Background
2.7. Macro-Economic Factors
2.8. Forecast Factors - Relevance & Impact
2.9. Value Chain Analysis
2.10. Supply Chain Analysis
2.10.1. Raw Material Suppliers
2.10.2. Product Manufacturers
3. Global Phycocyanin Market Analysis Scenario
3.1. Historical Market Volume (Metric Tons) Analysis, 2016-2020
3.2. Current and Future Market Volume (Metric Tons) Projections, 2021-2031
3.3. Y-o-Y Growth Trend Analysis
3.4. Global Phycocyanin Market - Pricing Analysis
3.5. Regional Pricing Analysis (US$/Metric Tons) By Nature
3.6. Global Average Pricing Analysis Benchmark
3.7. Pricing Influencing Factors
4. Global Phycocyanin Market Analysis 2016-2020 and Forecast 2021-2031, By Region
4.2. Historical Market Size (US$ Mn) and Volume Analysis By Region, 2016 - 2020
4.3. Current Market Size (US$ Mn) and Volume Analysis and Forecast By Region, 2020 - 2031
4.3.1. North America
4.3.2. Western Europe
4.3.3. Eastern Europe
4.3.4. Latin America
4.4. Market Attractiveness Analysis By Region
5. Global Phycocyanin Market Analysis 2016-2020 and Forecast 2021-2031, By Nature
5.1. Introduction / Key Findings
5.2. Historical Market Size (US$ Mn) and Volume Analysis By Nature , 2016 - 2020
5.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Nature, 2020 - 2031
5.4. Market Attractiveness Analysis By Nature
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About the Study
The study offers readers a comprehensive assessment of the phycocyanin market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (organic, conventional), form(powder, liquid), grade( Phycocyanin E18, Phycocyanin E25, Phycocyanin E3.0), application(food and beverages, dietary supplements, pharmaceutical, personal care & cosmetics, and others) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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