Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "Europe Phycocyanin Market by Form, Grade, Application -Forecast To 2030" report has been added to ResearchAndMarkets.com's offering.
Europe Phycocyanin market is projected to reach $90 million by 2030, at a CAGR of 26.4% from 2023 to 2030
The growth of this market is mainly driven by the increasing adoption of phycocyanin for nutraceutical applications, the increasing preference for natural colors over synthetic colors, the rising demand for natural blue colorants, and increasing venture investments in phycocyanin production.
However, the high prices of natural colorants, high costs of extracting and purifying phycocyanin, and complexities in algae production restrain the growth of this market. Additionally, the high potential of phycocyanin in pharmaceutical applications and increasing consumer awareness regarding clean-label products are expected to create growth opportunities for the players operating in the Europe phycocyanin market.
Based on form, the liquid phycocyanin segment is projected to register the highest CAGR during the forecast period. The growth of this segment is mainly driven by the increasing demand for liquid phycocyanin for applications in dietary supplements and personal care products.
Based on grade, in 2023, the food-grade phycocyanin segment is expected to account for the largest share of the Europe phycocyanin market due to the increasing use of phycocyanin as an alternative to synthetic colors in the food & beverage industry, the growing awareness about the adverse effects of synthetic colors, and the increasing demand for clean-label brands that promote natural colors.
Based on application, the cosmetic segment is slated to register the highest CAGR during the forecast period. The fast growth of this segment is mainly driven by the rising demand for natural cosmetics products and increasing awareness among consumers about the adverse effects of synthetic cosmetic products.
Geographically, the Europe phycocyanin market is segmented into France, Germany, the U.K., Italy, Spain, the Netherlands, Denmark, Sweden, and the Rest of Europe.
In 2023, France is expected to account for the largest share of the Europe phycocyanin market. The large share of this market is mainly attributed to the increasing awareness regarding the side effects of synthetic colors; consumers' shift towards natural, organic, and clean ingredients; and increasing health consciousness.
Key Questions Answered in the Report:
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Which are the high-growth market segments in terms of form, grade, application, and country?
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What is the size of the Europe phycocyanin market, and at what CAGR is this market projected to grow during 2023-2030?
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What are the market forecasts and estimates for 2023-2030?
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What are the major drivers, restraints, and opportunities in the Europe phycocyanin market?
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Who are the major players operating in the Europe phycocyanin market?
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How is the competitive landscape, and who are the market leaders in the Europe phycocyanin market?
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What are the recent developments in the Europe phycocyanin market?
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Which is the high-growth country in the market?