The phycocyanin market is expected to grow at a compound annual growth rate of 12.28% over the forecast period to reach a market size of US$273.486 million in 2027, up from US$121.555 million in 2020. The factors that would best substantiate the aforesaid are firstly the increasing global population, followed by rural-urban migration. These two factors are expected to augment the growth of the phycocyanin market due to the increasing rate of application of phycocyanin in a variety of end-use markets that include animal feed, food, and beverage, nutraceuticals, personal care, and pharmaceuticals. Given the above, the effectuation of swift adoption of new lifestyle trends that are expected to drive the demand for healthy consumption is expected to occur during the next few years. This would partly stem from the increasing availability of disposable income, which would ensure the facilitation of transition from the traditional way of living to lifestyles that are common among urban dwellers. The effects of rapid urbanization also invariably lead to the obtaining of better and higher education by a relatively larger population, which automatically would result in the capacity of high-income generation as well as a conscientious investment in the integration of nutritious food into everyday diets. Viz. consuming food and beverage products that are fortified, leading to a surge in new product development in the food and beverage industry, among others. Further, the growing inclination towards plant-based products and the expanding base of the vegan consumer are resulting in several product and ingredient developments along these lines, enabling the businesses to stay market-relevant and increase their respective market shares by tapping into new opportunities. A recent example is the development of a patent-protected method of enhancing the amount of phycocyanin, the blue pigment, produced in spirulina by Scottish biotech company ScotBio in August 2019 as a response to the global consumer sentiment that is moving away from artificial ingredients and embracing natural alternatives. Besides, it should be noted that 1.7 billion people, i.e., around 23% of the world population, lived in cities in 2016 and another 45% resided in rural areas, which is expected to fall by 40% by 2030 in the United Nations (UN). Moreover, the increasing female population who are engaged in earning a livelihood has reportedly led to increased purchases of products about nutraceuticals, over-the-counter pharmaceuticals, and a variety of ready-to-eat food products through both offline and online channels around the world. This development has contributed to the increase in overall product sales over eCommerce channels that were already in the order of 25 trillion USD in 2018 which was reportedly equivalent to 30% of the global GDP (gross domestic product) in 2018 as per UNCTAD. The value of B2B eCommerce was registered in the order of $21 trillion which reportedly translates to 83% of all eCommerce and that of B2C eCommerce was $4.4 trillion. China, the United States, and the United Kingdom were the top three countries that registered the highest B2C sales. Moreover, cross-border B2C e-commerce sales have been estimated in the order of $404 billion in 2018. On the other hand, it is pertinent to note that newly industrialized countries are witnessing an increased presence of online retailers that are facilitating the growth of the retail food segment apart from factors like the growing middle-income group and the rising population of working women. In the case of China, as opposed to their predecessors, today’s consumers are seeking out the swiftest and most convenient methods to meet their demands, facilitated by the means to purchase via mobile payment apps like WeChat Pay and AliPay. Conversely, organizations across the world are capitalizing on the data about individual consumer preferences which are derived from their data-centric operation model. As a result, they are better equipped to understand the various segments of consumers and appropriately target the concerned segment through better product placement, ultimately influencing marketing strategies to foster higher revenue returns and ensure repeat business. As a result of the high level of competition, data-driven innovations in retail are increasingly inclined to integrate their brick and mortar stores and online portals with social media marketing platforms. [Source: USDA].
Also, there would be an upswing in mindful investments in nutraceuticals that have emerged as the most trusted means to facilitate both nutrition and adherence to disease prevention. This would keep diseases at bay, and concomitantly facilitate beauty from within. It is estimated by Knowledge Sourcing Intelligence that the nutraceutical market is forecasted to grow at a compound annual growth rate of 5.28% to attain a market size of US$301.578 billion by 2024 from the market size of 2018, which has been estimated at US$221.475 billion. Another aspect that is expected to augment the growth of this market is increased strategic development in the microencapsulation market, which has been valued in the order of US$XXX billion in 2020 by Knowledge Sourcing Intelligence and is expected to grow at a CAGR of XX% over the same forecast period to reach a total market size of US$XXX billion in 2027.
Covid-19 had a negative impact on the global phycocyanin market. Amid the pandemic, the health consciousness among citizens drastically improved, keeping preventing healthcare in mind. Subsequently, the demand for antioxidant-rich food increased as well. Henceforth, the demand for Phycocyanin surged as well. However, the growing infected cases, lockdown, and travel restrictions resulted in the supply and demand chain gap, slowing down the market size.
|Market size value in 2020||US$121.555 million|
|Market size value in 2027||US$273.486 million|
|Growth Rate||CAGR of 12.28% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Nature, Form, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Bluetec Naturals Co., Ltd, DIC CORPORATION, Global EcoPower, JAPAN ALGAE Co., Ltd., Parry Nutraceuticals (Murugappa Group), Phyco-Biotech, Pond Technologies Inc., ScotBio, Tianjin Norland Biotech Co., Ltd., Zhejiang Binmei Biotechnology Co., Ltd|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global phycocyanin market?
A1. Phycocyanin Market was valued at US$121.555 million in 2020.
Q2. What will be the phycocyanin market size by 2027?
A2. The phycocyanin market is expected to reach a total market size of US$273.486 million by 2027.
Q3. What are the growth prospects for the phycocyanin market?
A3. The global phycocyanin market is expected to grow at a CAGR of 12.28% during the forecast period.
Q4. What factors are anticipated to drive the phycocyanin market growth?
A4. The increasing global population and rural-urban migration are expected to augment the growth of the phycocyanin market due to the increasing rate of application of phycocyanin in a variety of end-use markets that includes animal feed, food, and beverage, nutraceuticals, personal care, and pharmaceuticals.
Q5. How is the global phycocyanin market segmented?
A5. The phycocyanin market has been segmented by nature, form, application, and geography.
Bluetec Naturals Co., Ltd
JAPAN ALGAE Co., Ltd.
Parry Nutraceuticals (Murugappa Group)
Pond Technologies Inc.
Tianjin Norland Biotech Co., Ltd.
Zhejiang Binmei Biotechnology Co., Ltd
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