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Organic Phycocyanin Powder Market Size, Share & Industry Analysis, By Application (Bakery Products, Confectionery, Dairy Products, Functional Food & Beverages, Alcoholic Beverages, Dietary Supplements, Other Non-food Applications) and Regional Forecast, 2022-2029

Region : Global | Report ID: FBI103228 | Status : Ongoing

 

KEY MARKET INSIGHTS

In recent years, the growing inclination of consumers towards natural products is increasingly witnessed on account of the rising awareness regarding harmful effects of the synthetic chemical ingredients. This has resulted in an extensive research on the microalgae as a major source of natural pigments, thereby driving the growth of the phycocyanin market across the globe. Phycocyanin is a blue coloured pigment-protein complex produced by light harvesting blue green algae. Phycocyanin pigment powders are anticipated to have growing applications in food and beverage industry owing to the rising demand for natural colours in food products. Phycocyanin powder is also extensively utilized in cosmetics, pharmaceuticals, dietary supplements as well as functional foods. The emerging trend of consuming organic products is driving the demand for organic phycocyanin powder.


Various properties of phycocyanin such as antioxidant, anti-inflammatory, and anti-allergic promote health and well being. The key manufacturing companies are focusing on entering into joint ventures for enhancing their capabilities and to develop synergistic partnerships. For example, in January 2018, Valensa International, manufacturer of dietary ingredients based in Florida announced a joint venture with Synthite Industries Ltd., the oleoresin extraction business in India. This joint venture is focused on developing a new plant, in order to extract organic spirulina for producing phycocyanin that Valensa would be developing for medical foods, functional foods and dietary supplements.


The rising consumer demand for natural food colours with clean labels and favourable regulations is primarily driving the growth of the global organic phycocyanin market. Furthermore, the growing popularity of plant-based functional food and beverages as well as herbal dietary supplements is fuelling the growth of the market owing to the nutritional properties of phycocyanin. The leading players are expanding their production capabilities to meet the growing demand for natural colours in processed foods. For instance, in March 2019, Naturex developed an extraction line in France for phycocyanin by organic spirulina to fulfil the growing demand for natural blue and green shades for confectionery and beverages.


Key Market Driver -

Increasing Demand for Clean-label Products

Key Market Restraint -

High Cost of Production


Organic phycocyanin powder is obtained by extracting and purifying the pigment obtained from organically cultivated blue green algae. The purification process of any biotechnological product generally involves precipitation, centrifugation, ultra filtration, or combinations of these steps. Final steps often involve gel filtration, drying, crystallization, or freeze-drying of the product of interest. The purification process holds major share of the production cost. The high cost of large scale extraction and purification of intracellular pigments is acting as a key restraint for the growth of the global organic phycocyanin powder market.


Key Players Covered:


Naturex (Givaudan), East India Distilleries Parry Limited, Lumen Bioscience, Seah International, Organicway, Inc., Aim Grow Biotech Co., Ltd., Essential Organic Iingredients, Blutech Nnaturals Co. Ltd., Xi'an Pincredit Biotech Co. Ltd., and C.E. Ropper Gmbh are the key players operating in the global organic phycocyanin powder market.


The global organic phycocyanin powder market is segmented by application and geography. Functional food and beverages is anticipated to witness promising growth. The growing popularity of natural healthcare products is driving the innovations to develop healthy as well as indulgent products that attract wide consumer base. The modern day consumer lifestyle drives the demand for on-the-go products that provide health benefits. Organic phycocyanin powder-based functional food and beverages are gaining popularity among fitness conscious consumers to prevent health conditions such as obesity and cardiovascular diseases. Phycocyanin powder finds a tremendous growth opportunity in bakery and confectionery segment owing to the rising demand for natural food colours in the industry.


Regional Analysis:


North America is expected to witness robust growth owing to the rising popularity of organic green products. The rising trend plant-based products having nutritional benefits is driving the demand for organic phycocyanin powder in the region. The growing population consuming functional food and beverages in the region is expected to boost the demand in foreseeable years. The health food chains North America are expanding their product portfolio with phycocyanin based health food products to attract health conscious consumer base. For example, in September 2018, Canada-based large chain of juice and smoothies introduced phycocyanin powder in its product portfolio of innovative and advanced health food products.


Europe is anticipated to exhibit strong growth owing to the emerging trend of clean-label. The consumer demand for natural products is rising as they are perceived to be healthier and harmless. The recent shift in consumer preferences from conventional to organic products in the region is expected to boost the demand for organic phycocyanin powder. The increasing research and development activities by key companies in the region are expected to contribute to the growth of the market in Europe.


Asia Pacific is expected to witness substantial growth owing to the booming food and beverage industry. The growing demand for natural colours in variety of processed food and beverages is driving the growth of the market in the region. The potential growth of the herbal dietary supplements industry in the region is expected to fuel the demand for organic phycocyanin powder.


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Segmentation


















 ATTRIBUTE


  DETAILS

By Application




  • Bakery Products

  • Confectionery

  • Dairy Products

  • Functional Food & Beverages

  • Alcoholic Beverages

  • Dietary Supplements

  • Other Non-food Applications



By Geography




  • North America (U.S., Canada, and Mexico)

  • Europe (Germany, France, Italy, Spain, U.K., Russia, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)

  • South America (Brazil, Argentina, and Rest of South America)

  • Middle East & Africa (South Africa, UAE, and Rest of ME&A)



Key Industry Developments



  • In August 2019, a Scottish biotech company ScotBio developed a patented method of enhancing the amount of phycocyanin produced in spirulina. The innovation will make an indoor grown spirulina a cost-effective option for the food sector.

  • In November 2018, Lumen Bioscience announced that US government issued a patent for its gene editing and insertion technology that makes microalgae to produce phycocyanin on a commercial scale.


  • Ongoing
  • 2021
  • 2018-2020

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