The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Phycocyanin. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Phycocyanin Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Phycocyanin market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Phycocyanin
Phycocyanin has been approved by FDA for usage in food and beverages since 2013 and in the last few years, many companies have started producing phycocyanin due to its growing demand. Companies have also started launching new and innovative colors which can propel the market to newer heights.
This newly published and insightful report sheds light on Market Insights of Phycocyanin, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Phycocyanin Market.
Phycocyanin Market: Segmentation
FactMR’s study has done the segmentation of phycocyanin market on the basis of nature, form, application and region.
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Capacity Expansions Emerging as Sweet Spot for Key Players in Phycocyanin Market
Tier 1 phycocyanin market players such as Chr. Hansen Holding A/S, DDW Inc., DIC Corporation, etc, have been expanding their footprint in the potential markets such as India and China.
In 2018, DIC announced major expansion of its production capacity for Linablue, a natural blue food coloring which is a phycocyanin variant from Spirulina. This move of the company is expected to solidify its position as global leader in phycocyanin market.
Consumer concerns for food safety and security is rising. According to DIC, the global market for natural blue food coloring will grow at 50% annually from 2018 till 2020 which is projected to boost the growth of phycocyanin market.
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.
- 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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