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.
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Natural Blue and Green Color produced from Spirulina is in high demand and has witnessed strong market growth in last two years. 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.
- 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.
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- 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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Market Leaders Capitalizing on Cosmetology to Expand Revenue Share
Application of phycocyanin from Spirulina in cosmetic products is gaining traction in the recent years. Recently, manufacturers have started using micro-algae in the treatment of skin problems such as aging, tanning, and pigment disorders. Further, phycocyanin also has potential uses in the areas of anti-aging, skin whitening, and pigmentation reduction. Market leaders are involved in the development of new products related to Algae species in cosmetic formulations, such as moisturizing and thickening agents. In 2018, Nourish Face Mask by Kunye, also known as the “green smoothie for your face” was launched by the company. The product is gaining popularity among health conscious consumers.
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