Phycocyanin Market Share

Geographically, the phycocyanin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.

North America industry is predicted to dominate majority revenue share by 2037, led by growing consumer preferences towards the usage of natural colorants in cosmetics due to their high quality & eco-friendly nature, which has urged manufacturers to develop organic cosmetics. Increasing standards of living and numerous key players housed in the region is also a massive driving force for the region’s growth.

European market demand, driven by Germany, UK, France, Italy, and Spain, is anticipated to hold the largest market share in the forecast period owing to many factors. The vast demand for healthy food & beverages in the region, increasing food safety concerns, strict government regulations triggering the adoption of natural ingredients in food products, growing consumer inclination towards clean label products owing to rising awareness towards the use of synthetic ingredients, are the major factors that might boost regional growth.

Asia Pacific market for phycocyanin, driven by China, India, Japan, and South Korea is projected to witness remarkable growth during the projected timeframe on account of the increasing infiltration of the pharmaceutical industry in the region. Noteworthy growth in research & development activities and favorable government policies has enabled the use of phycocyanin in therapeutic drugs owing to its anti-cancer and immune enhancement properties. The growing prevalence of several lifestyle diseases and growing consumer expenditure on healthcare is expected to induce regional growth.

Furthermore, the government of many nations such as India, Angola, and Ghana is actively supportive the local spirulina market and constructing a strong gateway for the growth of this super-food which can transform the course of the food industry.