Phycoerythrin Market

Phycoerythrin Market Overview

Global Phycoerythrin Market demand is anticipated to be valued at US$ 2.6 Billion in 2022, forecast to grow at a CAGR of 5.6% to be valued at US$ 4.5 Billion from 2022 to 2032. The growth of the phycoerythrin market is attributed to its global utilization across the chemical & material industry.

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. In the cosmetic industry, phycoerythrin finds application in several products, such as lipsticks and eyeliners for their 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 forms.

North America is considered to be a dominant region for the Phycoerythrin market, owing to the increasing demand for premium products coupled with rising consumer purchasing power in the region.

The major factor that is expected to propel the growth of the Phycoerythrin Market during the forecast period includes the increase in R&D of therapeutic vaccines

Which are Some Prominent Drivers Spearheading Phycoerythrin Market Growth?

The major factors that are expected to boost the growth of the phycoerythrin market during the forecast period include the growing trend of veganism, as well as the desire for natural food colors and flavors. Phycoerythrin is extracted from marine, natural sources of red algae through a cell wall hydrolysis method. Natural, premium, organic, and plant-based goods are becoming more popular, which is another factor that is fueling the growth of the phycoerythrin market.

In addition, another factor that is expected to propel the Phycoerythrin market during the forecast period include the increase in R&D of therapeutic vaccines. Further, the increased disease diagnostic modalities, as well as increasing research on combination therapies are other factors favoring the market growth.

With stable economic conditions, and increasing rate of urbanization in developing countries, many industrial sectors including food & beverage, and cosmetic are flourishing, which in turn are expected to augment the growth of the Phycoerythrin market. Moreover, the demand for premium products is rapidly increasing in countries, supported by rising disposable income and consumers willing to pay more for high quality products. This is another major factor influencing the market growth during the forecast period.  

How is North America region emerging as an Opportunistic Phycoerythrin Market?

North America is the largest market for phycoerythrin market and the trend is expected to continue into the forecast period attributed to the increasing demand for premium products coupled with rising consumer purchasing power.

Moreover, the phycoerythrin market has diversified end-uses, including in Food & Beverage, Bakery & Confectionary, Dairy Products, Alcoholic Drinks, and North America has a well-established presence of these industries, owing to which, the market is all set to boom in the region during the forecast period. The region represents a share of 60% of the global market.

How is Europe Contributing to Growth of the Phycoerythrin Market?

According to Future Market Insights, Europe is anticipated to witness growth at a lucrative rate over the forecast period, owing to the surge in sales of cosmetic products in France, Italy and Germany, over the next decade.

Nandini Roy Choudhury

Principal Consultant

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Market Competition

Some of the key participants present in the global phycoerythrin market include Thermo Fisher 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. and Vector Laboratories. 

Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as Thermo Fisher Scientific account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the North America.

 Scope of Report

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Key Segments Profiled in the Phycoerythrin Industry Survey

Process of Extraction:

• Buffer Phycoerythrin Extraction
• Cell Wall Phycoerythrin Extraction
• Hydrolysis Phycoerythrin Extraction

Source:

• Phycoerythrin from Corallina Officinalis
• Phycoerythrin from Porphyra Tenera
• Phycoerythrin from Palmaria Palmate
• Phycoerythrin from Other Sources

Form:

• Dry Phycoerythrin
• Liquid Phycoerythrin

End Use:

• Phycoerythrin for Food & Beverage
• Bakery & Confectionery
• Dairy Products
• Soft Drinks
• Alcoholic Drinks
• Others
• Phycoerythrin for Pharmaceuticals
• Phycoerythrin for Cosmetics
• Phycoerythrin for Industrial End Use

Distribution Channel:

• Direct Phycoerythrin Sales
• Indirect Phycoerythrin Sales
• Online Retail Phycoerythrin Sales
• Specialty Stores
• Other Retail Format

Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa