According to Future Market Insights research, during the projected forecast period, the Phycoerythrin market is expected to grow at a CAGR of 6.2%. The market value is projected to increase from US$ 4.2 Million in 2022 to US$ 7.6 Million in 2032.
Phycoerythrin Market Outlook
Phycoerythrin is a type of phycobiliprotein derived from algal sources, mostly red algae such as Palmaria palmate and Gracilaria longa. Phycobiliprotein or phycoerythrin is mostly used as a colorant in food, cosmetic, bakery, and dairy products, as well as in chewing gums and jellies.
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In cosmetic industry, phycoerythrin finds application in number of products, such as lipsticks and eyeliners for its bright red color. Highly influenced by its fluorescence property, phycoerythrin is also used in cake decoration, lollipops, soft drinks and alcoholic drinks. In the global market, phycoerythrin is available in both dry and liquid form.
High Demand for Premium Products to Promote Market Growth
Rising trend of veganism and increasing demand for natural food colors and flavors will continue to support the growth of the phycoerythrin market. Phycoerythrin is derived from marine, natural sources of red algae, by extraction process and cell wall hydrolysis. The trend of natural, premium, organic, and plant-based products is gaining increasing momentum, which in turn is shaping the phycoerythrin market.
With stable economic conditions and increasing rate of urbanization in developing countries, many industrial sectors including food & beverage and cosmetic are flourishing. Demand for premium products is rapidly increasing in these countries, supported by rising disposable income and consumers willing to pay more for high quality products. This, in turn, is contributing to demand for phycoerythrin for application in premium food & beverage and cosmetics products.
Significant development in marine industry and increasing investments in marine-derived natural products exert a catalyzing effect on the growth of the global phycoerythrin market. Many manufacturers are investing and endeavoring in the commercial farming of algae, which is expected to create an optimistic scenario of the global phycoerythrin market.
Phycoerythrin Market: Regional Analysis
Growth prospects of the phycoerythrin market remain high in North America and Europe. However, lucrative opportunities are expected in developing economies. Countries such Thailand, Japan, China, India, etc. are projected to experience surge in the sales of the cosmetic products over the next decade. Increasing demand for premium products in line with rising consumer purchasing power is set to fuel the growth of the global phycoerythrin market.
Phycoerythrin Market: Key Participants
Some of the key participants in the phycoerythrin market are:
- Thermo Fischer Scientific Inc.
- Binmei Biotechnology
- Phyco-Biotech
- Norland Biotech
- Europa Biotechnology
- Sigma-Aldrich
- Jackson Immuno Research
- SETA BioMedicals
- Columbia Bioscience
- Dainippon Ink and Chemicals
- Assay Biotech Company, Inc.
- R&D Systems, Inc.
- Vector Laboratories
The research report presents a comprehensive assessment of the phycoerythrin market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as process of extraction, sources, form, distribution channel, and end use.
The report covers exhaustive analysis on:
- Phycoerythrin Market Segment
- Phycoerythrin Market Dynamics
- Phycoerythrin Market Size
- Phycoerythrin Supply and Demand
- Current Trends/Issues/Challenges pertaining to Phycoerythrin Market
- Competition Landscape and Emerging Market Participants in Phycoerythrin Market
- Technology related to Production/Processing of Phycoerythrin
- Value Chain Analysis of the Phycoerythrin Market
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Phycoerythrin Market Segmentation
The phycoerythrin market can be segmented on the basis of process of extraction, sources, form, distribution channel, and end use.
On the basis of process of extraction, the phycoerythrin market can be segmented as:
- Buffer Extraction
- Cell Wall Hydrolysis
On the basis of sources, the phycoerythrin market can be segmented as:
- Corallina officinalis
- Porphyra tenera
- Palmaria palmate
- Others
On the basis of form, the phycoerythrin market can be segmented as:
- Dry
- Liquid
On the basis of end use, the phycoerythrin market can be segmented as:
- Food & Beverage
- Bakery & Confectionery
- Dairy Products
- Soft Drinks
- Alcoholic Drinks
- Others
- Pharmaceutical
- Cosmetics
- Industrial
On the basis of distribution channel, the phycoerythrin market can be segmented as:
- Direct Sales
- Indirect Sale
- Online Retail
- Specialty Stores
- Other Retail Format
Report Highlights:
- A detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size regarding volume and value
- Recent industry trends and developments for Phycoerythrin Market
- Competitive landscape for Phycoerythrin Market
- Strategies for key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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