Impact of Covid-19 on the Phycocyanin Market- Global Opportunity Analysis and Industry Forecast (2020-2027)
The Phycocyanin Market is expected to reach $245.5 million by 2027, at a CAGR of 28.5% during the forecast period of 2020 to 2027.
The growth of this market is mainly attributed to key factors such as increased adoption of phycocyanin in the manufacturing of therapeutic & nutritional products, growing reluctance towards the usage of synthetic colors, rising demand for natural blue colorants, and investments from leading color houses in the phycocyanin space. However, the high cost of natural colors and purification and extraction, the complex production procedure of spirulina, and the risk of algae contamination are factors that are expected to hinder the growth of the global phycocyanin market to some extent.
Impact of Covid-19 on the Phycocyanin Market
The border closures, quarantines, and market supply chain and trade disruptions could restrict people’s access to sufficient/diverse and nutritious sources of food, especially in countries hit hard by the virus or already affected by high levels of food insecurity. The worldwide supply chain includes distribution, packaging, as well as sourcing of raw materials. Lockdowns have disrupted the transportation of packaged foods, prepared foods, and non-alcoholic and alcoholic beverages.
Download Research Report @
https://www.meticulousresearch.com/download-sample-report/cp_id=5126
In addition, the shutdowns of restaurants and quick-service facilities due to lockdowns have hindered the growth of the food & beverage industry to a large extent. Nutritious and diverse food sources are in short supply in the wake of the global health crisis. Also, greater food insecurity is prevalent in regions hit hard by COVID-19, such as Spain, Italy, and the U.S. Thus, the negative impact on the global economy, supply chains, and trade are indirectly hampering the growth of the phycocyanin market to some extent.
Increasing number of health hazards to fuel the growth of the phycocyanin market.
Synthetic colors have high practical value as they are used in various industries. These colors are manufactured chemically and are the most commonly used dyes in the food and beverage, pharmaceutical, and cosmetic industries. However, it is observed that synthetic colorants can cause various health problems, such as allergic disorders, skin irritations, and digestion problems among consumers.
Key Findings in the Phycocyanin Market Study:
In 2020, the powder segment to dominate the global phycocyanin market.
Based on form, the powder segment is estimated to command the dominant share of the overall phycocyanin market in 2020. Powder breaks down quickly and bids high comfort of digestion in comparison to other forms. Also, powder allows active nutrient delivery and offers high flexibility with dosing, further driving the growth of this segment.
The food grade segment to dominate the global phycocyanin market in 2020.
Based on grade, the food grade segment is estimated to command the largest share of the overall phycocyanin market in 2020. The large share of this segment is mainly attributed to the rising demand of phycocyanin as the alternative for synthetic color, growing consumer preference towards clean label products, and stringent regulations against synthetic colors.
Food and beverage to dominate the global phycocyanin market in 2020.
Based on application, the food and beverage segment is estimated to command the largest share of the overall phycocyanin market in 2020. The large share of this segment is mainly attributed to growing consumer preference towards ready-to-drink beverages, growing awareness about health issues associated with the use of synthetic colorants in soft drinks, and the trend of replacing artificial colorants with natural ones. In addition, the growing demand for protein-enhanced drinks is boosting the demand for phycocyanin.
Asia-Pacific: The fastest growing region
Asia-Pacific is expected to grow with the fastest CAGR during the forecast period. The fast growth of this region is primarily attributed to factors such as the changing lifestyle of people, the presence of several local & regional players in this region, and the growing demand for processed food products in emerging & developing countries, including India, China, Indonesia, and Thailand. Furthermore, the growing demand for phycocyanin by the F&B and nutraceutical industries is driving the growth of the phycocyanin market in Asia-Pacific.
About Meticulous
Research®
Meticulous Research® was founded in 2010 and
incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private
limited company under the Companies Act, 1956. Since its incorporation, with
the help of its unique research methodologies, the company has become the
leading provider of premium market intelligence in North America, Europe,
Asia-Pacific, Latin America, and Middle East & Africa regions.
Contact Us:
Meticulous
Research®
Contact Sales- +91-744-778-0008
Connect with us on
LinkedIn- https://www.linkedin.com/company/meticulous-research
Comments
Post a Comment