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Phycoerythrin Market Outlook (2022 to 2032)

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. The Phycoerythrin market was valued at US$ 4.0 Million at the end of 2021 and is anticipated to exhibit Y-o-Y growth of 4.2% in 2022.

Attributes Details
Market Size Value in 2022 US$ 4.2 Million
Market Forecast Value in 2032 US$ 7.6 Million
Global Growth Rate (2022 to 2032) 6.2% CAGR
Forecast Period 2022 to 2032
USA contribution in the Phycoerythrin market 32.2%

A kind of phycobiliprotein called phycoerythrin is generated from red algae, primarily palmaria palmate and gracilaria longa. The primary usage of phycobiliprotein, also known as phycoerythrin, is as a coloring agent in confectionery, dairy, bakery, and culinary goods, as well as in chewing gums and jellies. Due to its vivid red hue, phycoerythrin is used in a variety of cosmetic items, including lipsticks and eyeliners.

Because of its fluorescence, phycoerythrin is often used to decorate cakes, make lollipops, and flavor soft drinks and alcoholic beverages. Phycoerythrin is offered in both dry and liquid forms on the international market.

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Historical Outlook vs. Future Projections for Global Phycoerythrin Market

Many industrial sectors, including the food and beverage and cosmetics industries, are thriving as a result of stable economic conditions and the rising rate of urbanization in emerging nations. This is projected to support the expansion of the Phycoerythrin market. Additionally, as disposable income rises and customers are willing to pay more for high-quality goods, the demand for premium goods is fast expanding across the globe. This is yet another important variable affecting market expansion during the anticipated term.

Country-wise Insights

How North America Phycoerythrin market is shaping?

The largest market for phycoerythrin is in North America, and this trend is anticipated to last into the projection period due to increased consumer spending power and rising premium product demand.

The phycoerythrin market also has a variety of end-use applications, including food and beverage, bakery and confectionery, dairy products, and alcoholic beverages. Because North America is home to these well-established industries, the market is expected to grow significantly during the forecast period.

The US contributes 32.2% of total revenue for the phycoerythrin Market.

How Europe Phycoerythrin market is shaping?

Because of the spike in cosmetics sales in France, Italy, and Germany over the upcoming decade, Europe is predicted to grow at a profitable pace during the projected period.

Germany contributes 27.9% to the Phycoerythrin market and UK CAGR for the forecast period is 3.6%.

How Asia Pacific is growing in the Phycoerythrin market?

The market for phycoerythrin is expanding at the quickest rate in the Asia Pacific due to the region's growing per capita income and active lifestyles.

Japan's contribution to the Phycoerythrin market is 5.6% of the total market share, India and China are market drivers in the Asia Pacific and their latest CAGR in the Phycoerythrin market are 4.0% and 3.3% respectively.

How the RoW is responding to Phycoerythrin market?

From the Oceania region, Australia is contributing 3.0% of the total revenue of the phycoerythrin market.

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Category-wise Insights

What is phycoerythrin?

Phycoerythrin is a red pigment found in some algae and cyanobacteria. It is used by these organisms to absorb light in the blue-green region of the visible spectrum for photosynthesis. Phycoerythrin is also responsible for the red color of many types of seaweed.

What are the uses of phycoerythrin?

This pigment has been used extensively in biomedical research as a fluorescent marker. For example, phycoerythrin-conjugated antibodies are used to detect specific proteins in cells and tissues. Phycoerythrin can also be used to label cells for flow cytometry, a technique used to analyze cell populations.

In addition to its use in research, phycoerythrin has several commercial applications. It is used as a food coloring and as a natural dye for fabrics.

What are the different processes are used for the extraction of phycoerythrin?

Buffer Extraction, Cell Wall Extraction, and Hydrolysis Extraction are the processes used for the extraction of phycoerythrin.

Which Sales channel is in demand for phycoerythrin?

After the outbreak of the COVID-19 pandemic, online retailers gain more preference from customers due to convenience and direct channels without agents. The majority of total sales are done through online retailers.

Industrial Distributers Are Propelling the Growth in Industrial Phycoerythrin Market

The increase in Research and Development of therapeutic vaccines is one of the key factors anticipated to fuel the growth of the Phycoerythrin Market during the forecast period.

The market for phycoerythrin is anticipated to increase significantly over the course of the forecast period due to the rising popularity of veganism and consumer demand for natural food colors and flavors. Through a cell wall hydrolysis process, phycoerythrin is obtained from marine, natural sources of red algae. Another factor driving the expansion of the phycoerythrin market is the increasing demand for natural, premium, organic, and plant-based products.

Additionally, the expansion of therapeutic vaccine Research and Development is another factor anticipated to drive the Phycoerythrin market during the forecast period. Another element supporting market growth is the expansion of disease detection techniques as well as the research into combination medicines.

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Competitive Landscape

A few of the major companies operating in the global phycoerythrin market are Thermo Fisher Scientific Inc., Dainippon Ink and Chemicals, Norland Biotech, Europa Biotechnology, Jackson Immuno Research, SETA BioMedicals, Assay Biotech Company Inc., Research and Development Systems Inc., Binmei Biotechnology, Columbia Bioscience, Sigma-Aldrich and Vector Laboratories. 

The market has a lot of competitors because there are so many people in it. Many regional-level firms are also active across major growing regions, particularly in North America, even if global players like Thermo Fisher Scientific account for a sizeable portion of the market.

Phycoerythrin Market Report Scope

Attribute Details
Forecast Period 2022 to 2032
Historical Data Available for 2017 to 2022
Market Analysis US$ Million for Value and Units for Volume
Key Regions Covered
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa (MEA)
  • RoW
Key Countries Covered
  • The USA
  • Germany
  • The UK
  • France
  • Brazil
  • Argentina
  • Japan
  • Australia
  • China
  • India
  • South Korea
Key Segments Covered
  • Process of Extraction
  • Source
  • Form
  • Distribution Channel
  • Region
Key Companies Profiled
  • Thermo Fisher Scientific Inc.
  • Dainippon Ink and Chemicals
  • Norland Biotech
  • Europa Biotechnology
  • Jackson Immuno Research
  • SETA BioMedicals
  • Assay Biotech Company Inc.
  • R&D Systems Inc.
  • Binmei Biotechnology
  • Columbia Bioscience
  • Sigma-Aldrich
  • Vector Laboratories
Report Coverage DROT Analysis, Market Forecast, Company Share Analysis, Market Dynamics and Challenges, Competitive Landscape, and Strategic Growth Initiatives
Customization & Pricing Available upon Request

Segmentation of Phycoerythrin Market

Form:

  • Freeze Dried
  • Liquid

Product Type:

  • R-PE
  • B-PE
  • C-PE

End Use Application:

  • Pharmaceutical Industry
  • Food Industry
  • Cosmetics Industry
  • Diagnostic Industry
  • Biotechnology
  • Agricultural Industry

Frequently Asked Questions

What is the market size of Phycoerythrin?

The global Phycoerythrin market will reach a valuation of US$ 4.2 Million by the end of 2022.

Which are the major countries driving demand for Phycoerythrin Market?

The US, Canada, Mexico, Brazil, Germany, the UK, France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Australia, and New Zealand are the major countries driving demand for Phycoerythrin Market.

Who are the top 5 players operating in the market?

• Thermo Fisher Scientific Inc. • Dainippon Ink and Chemicals • Norland Biotech • Europa Biotechnology • Jackson Immuno Research

What is the contribution of Japan in Phycoerythrin market?

The Japan Phycoerythrin market contribution is 5.6% of the total market share.

At What Rate Will Phycoerythrin market Grow in India?

The India Phycoerythrin market will grow at 3.3% CAGR between 2022 and 2032.

What is the demand outlook forecast for the Phycoerythrin market?

The global Phycoerythrin market is forecasted to surpass USD 7.6 Million by the end of 2032.

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