Market Research Report
Phycocyanin - Global Market Outlook (2019-2027)
|Phycocyanin - Global Market Outlook (2019-2027)|
Published: June 1, 2020
Stratistics Market Research Consulting
Content info: 158 Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Phycocyanin Market is accounted for $121.68 million in 2019 and is expected to reach $233.70 million by 2027 growing at a CAGR of 8.5% during the forecast period. The product offers superior oxidation resistance, enhances body immunity and helps in providing optimal health enlargement & growth are the major factors propelling the market growth. However, factors such as the form allows valuable nutrient delivery, offers high flexibility with dosing and are economically feasible are hampering the market growth.
Phycocyanin provides high levels of necessary amino acids, promotes the synthesis of elastin in the body and has anti-cancer effects which are the key attributes augmenting product command. Due to the presence of several nutrients, antioxidants and muscle enhancing properties the product forms a significant part of nutraceuticals industry. Growing government initiatives towards the use of organic products and growing innovations in the development of varieties of natural colours shall foster the market growth.
Based on the application, the drinks segment is going to have a lucrative growth during the forecast period due to the rising consumer preference towards ready to drink beverages. These natural colourants are non-toxic and non-carcinogenic which makes them suitable for colouring soft drinks. The product offers superior oxidation resistance, enhances body immunity and helps in providing optimal health development & growth which is likely to have a positive impact on the market growth.
By geography, Europe is likely to have a huge demand due to the huge demand for healthy food & beverages in the region. Increasing food safety concerns and stringent government regulations have triggered the adoption of natural ingredients in food products which are the key attributes for product demand. Growing consumer preference towards clean label products owing to rising awareness towards the use of synthetic ingredients may further boost regional growth.
Some of the key players profiled in the Phycocyanin Market include Chr. Hansen Holding A/S, Cyanotech Corp., DDW Inc., DIC Corporation, Dongtai City Spirulina Bio-Engineering Co., Ltd., and Far East Bio-Tec Co., Ltd., Fraken Biochem Co., Ltd., Fuqing King Dnarmsa Spirulina Co., Ltd., GNT Holding B.V., Dohler GmbH, Naturalin Bio-Resources Co., Ltd., Naturex S.A., Parry Nutraceuticals Limited and Sensient Technologies Corp.
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Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.