News and Knowledge

Phycocyanin Market Growing at a CAGR of 7.6% During the Forecast Period, 2018-2028
Nov 27, 2018

The phycocyanin market has been experiencing steady growth graph since past years. During the 2017-2025 timeline, the global market for phycocyanin is expected to reflect a 1.8x increase in the revenue growth. In 2018 the global phycocyanin market was valued at US$ 112.3 Mn and by the end of the assessment year (2025), it is estimated to touch a value more than US$ 232.9 Mn growing at a value CAGR of 7.6% throughout the period of forecast.

Applications of phycocyanin are anticipated to create new business segments in the market. Phycocyanin is in use for a broad range of food & beverages products such as confectionery, drinks, dairy products & others. The companies are focusing on launching products that are launched in few regions. There lies a great opportunity since only a few companies are into this business due to introductory stage of this product market. Phycocyanin is used in producing various natural colors.

Manufacturers are exploring the potential of phycocyanin in cosmetics & personal care products. Application of phycocyanin in cosmetic & personal care products are gaining traction in the recent years. Recently, manufacturers have started using micro-algae in the treatment of skin problems, which includes aging and tanning. Further, there are also potential uses in the areas of anti-aging, skin whitening, and pigmentation reducing products. Algae species are widely used in few of the cosmetic formulations, such as conditioning and thickening agents.

Referenced from

  • facebook