The Phycoerythrin Market is estimated at USD 61.34 million in 2023. Further, the market is expected to grow from USD 66.63 million in 2024 to USD 140.3 million in 2031 at a CAGR of 11.2%.
Phycoerythrin Market Overview
The global phycoerythrin market is experiencing significant growth, due to increasing demand for specialty chemicals, rising application areas of phycoerythrin, and superior properties of phycoerythrin. In addition, growing demand for natural and clean-label products, high demand for natural coloring agents, and growth in consumer awareness regarding the health benefits of algae-based products are also driving the market growth during the forecast period.
The latest trend gaining momentum in the market is the rising adoption of flow cytometry techniques and the usage of phycoerythrin in the nutraceutical and food industries. In the upcoming years, the phycoerythrin market is estimated to witness steady growth, due to advancements in biotechnology and emerging applications in the healthcare and diagnostic sectors. Moreover, the market is likely to benefit from the increasing adoption of phycobiliproteins particularly phycoerythrin in bioimaging, biosensors, and therapeutic drug delivery systems.
Moreover, increasing research and development activities for the commercial production of phycobiliproteins and growing demand for natural pigments in various industries are offering opportunities for market growth. Also, the market is witnessing a shift towards sustainable and environmentally friendly products, thereby driving the demand for phycobiliproteins derived from microalgae.
Latest Trends in Phycoerythrin Market
Growing Demand for Phycoerythrin as a Natural Colorant:
Phycobiliproteins, among them phycoerythrin, constitute a set of water-soluble pigments synthesized by microalgae, presenting promise for utilization as natural colorants. The growing interest in substituting synthetic compounds with colorants derived from renewable sources is particularly notable in the beverage industry. Extracts abundant in B-phycoerythrin sourced from the red alga Porphyridium cruentum have been employed as coloring agents in dairy products, replicating the hue of strawberry-flavored beverages. Notably, these extracts exhibit remarkable stability across a broad pH range and during extended storage periods.
Driving Factors
Growing Application Areas of Phycoerythrin:
PE in Pharmaceuticals, Nutraceuticals, & Therapeutics: Phycoerythrin is used in the medical industry, as it contains antioxidant, antimicrobial, antibacterial, and anticancer actions. It is used in the immunomodulating activity, anticancer activity, and development of phycofluor probes for immunodiagnostics. PE in Cosmetics: Phycobiliproteins are used as colorants in food (chewing gums, dairy products, ice sherbaths, gellies, etc.) and cosmetics such as lipstick and eyeliners in Japan, Thailand, and China. The cosmetic industry has been moving toward greener manufacturing, from the formulation to the packaging material. Microbial pigments have several applications in the field of cosmetics due to their photoprotection, antioxidant, and antiaging properties, and acting as natural colorants for cosmetics, as some microorganisms are rich in pigments.
PE in Food and Feed Industries: Phycobilins are also used as a natural coloring agent in the food industry acting as a component of functional foods (sweets, ice cream, and beverages). Some red algae, such as certain species of seaweed, are used as sources of nutrients and minerals in food products. While this may not involve the direct use of phycoerythrin, it highlights the broader use of algae-derived components in the food and supplement industry.
Market Challenges
High Production Cost & Cultivational Challenges:
The production process of phycoerythrin involves complex steps, including cultivation, harvesting, and extraction. The high cost of production and cultivation spurs researchers to improve the production process or look for a new source of phycoerythrin. Natural Cyanobacterial Phycoerythrin (C-PE) production poses challenges due to its labor-intensive and costly nature, ultimately limiting its commercial value and market share.
The cultivation of red algae or cyanobacteria for phycoerythrin production can be influenced by several factors such as environmental conditions, water quality, and nutrient availability. Achieving consistent and optimal cultivation conditions poses challenges, and variations in these factors can affect pigment yield and quality. Cultivation methods include both open systems (such as raceway ponds or open circular tanks) and closed systems (like Photobioreactors). While open systems are cost-effective and straightforward, they come with drawbacks such as contamination risks, suboptimal illumination, and lower biomass productivity compared to closed systems.
Companies Mentioned
- Thermo Fisher Scientific Inc.
- Bio-Techne Corporation
- Eaton Corporation plc
- Phyco-Biotech
- Assay Biotech Company, Inc.
- Merck KGaA
- Lonza Group Ltd.
- Cyanotech Corporation
- Euripides Biomedical LLC
- Allana Biochemicals Ltd.
- Jilin Province Academy of Agricultural Sciences
- BINUHERA Group
- Parry Nutraceuticals
- Qingdao Kangfu Biotech Co. Ltd.
- Jiangsu Lianxing Aquatic Products Co. Ltd.
- Zhejiang Tianqi Biological Technology Co. Ltd.
- Borges del Sur S.A.
*The companies above are listed in no particular order.
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Report Scope |
Details |
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Market Value- $ Million |
66.6 |
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Market Growth (Value), (2024-2030)- % |
11.2 |
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Leading Region |
Xx |
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Base Year |
2023 |
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Forecast Period |
2024 to 2031 |
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Segments Covered |
By Process of Extraction, By Grade, By End Use, By Distribution Channel |
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Geography Covered |
North America, Europe, Asia-Pacific, South and Central America, and Middle East & Africa |
Market Segmentation
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By Process of Extraction |
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By Grade |
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By End Use |
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By Distribution Channel |
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By Geography |
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TABLE OF CONTENTS
1. GLOBAL PHYCOERYTHRIN INDUSTRY
1.1. Market Scope and Definition
1.2. Study Assumptions
1.3. Objectives of the Study
2. PHYCOERYTHRIN MARKET LATEST TRENDS, DRIVERS AND CHALLENGES, 2023-2031
2.1. Phycoerythrin Market Latest Trends
2.1.1. Growing Demand for Phycoerythrin as a Natural Colorant:
2.1.2. Rising Adoption of Flow Cytometry Techniques:
2.1.3. Increasing Use of Phycoerythrin in Immunoassays:
2.1.4. Growth in the Chemical Industry across the globe:
2.2. Phycoerythrin Market Insights, 2023-2031
2.2.1. Leading Phycoerythrin Process of Extraction, 2023-2031
2.2.2. Top Phycoerythrin Grade, 2023-2031
2.2.3. Dominant Phycoerythrin End-Use, 2023-2031
2.2.4. Leading Phycoerythrin Distribution Channel, 2023-2031
2.2.5. Fast-Growing Geographies for Phycoerythrin, 2023-2031
2.3. Phycoerythrin Demand Drivers to 2031
2.3.1. Growing Application Areas of Phycoerythrin:
2.3.2. Sustainable Cultivation and Processing Practices of Red Algae:
2.3.3. Advancements in Extraction and Production Techniques:
2.3.4. Rising Popularity of R-Phycoerythrin:
2.3.5. Expansion of the Biotechnology Industry:
2.3.6. Growth in consumer awareness regarding the health benefits of algae-based products:
2.4. Phycoerythrin Challenges to 2031
2.4.1. High Production Cost & Cultivational Challenges:
2.4.2. Availability of Substitutes for Similar Applications:
2.5. Phycoerythrin Market-Five Forces Analysis
3. GLOBAL PHYCOERYTHRIN MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
3.1. Global Phycoerythrin Market Overview, 2023
3.2. Global Phycoerythrin Market Size and Share Outlook, By Process of Extraction, 2023-2031
3.2.1. Buffer Extraction
3.2.2. Cell Wall
3.2.3. Hydrolysis
3.2.4. Other Process of Extraction
3.3. Global Phycoerythrin Market Size and Share Outlook, By Grade, 2023-2031
3.3.1. Food-Grade
3.3.2. Cosmetic-Grade
3.3.3. Reagent- & Analytical-Grade
3.3.4. Other Grade
3.4. Global Phycoerythrin Market Size and Share Outlook, By End-Use, 2023-2031
3.4.1. Food & Beverages
3.4.2. Pharmaceutical
3.4.3. Cosmetics and Industrial
3.4.4. Diagnostics & Biomedical
3.5. Global Phycoerythrin Market Size and Share Outlook, By Distribution Channel, 2023-2031
3.5.1. Direct Sales (B2B)
3.5.2. Online Retail
3.5.3. Offline Retail
3.6. Global Phycoerythrin Market Size and Share Outlook by Region, 2023-2031
3.7. Global Phycoerythrin Market SWOT Analysis:
3.7.1. Strengths:
3.7.2. Weakness:
3.7.3. Opportunities:
3.7.4. Threats:
4. NORTH AMERICA PHYCOERYTHRIN MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
4.1. North America Phycoerythrin Market Overview, 2023
4.2. North America Phycoerythrin Market Size and Share Outlook by Process of Extraction, 2023-2031
4.3. North America Phycoerythrin Market Size and Share Outlook by Grade, 2023-2031
4.4. North America Phycoerythrin Market Size and Share Outlook, By End-Use, 2023-2031
4.5. North America Phycoerythrin Market Size and Share Outlook by Distribution Channel, 2023-2031
4.6. North America Phycoerythrin Market Size and Share Outlook by Country, 2023-2031
4.6.1. United States
4.6.2. Canada
4.6.3. Mexico
5. EUROPE PHYCOERYTHRIN MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
5.1. Europe Phycoerythrin Market Overview, 2023
5.2. Europe Phycoerythrin Market Size and Share Outlook by Process of Extraction, 2023-2031
5.3. Europe Phycoerythrin Market Size and Share Outlook by Grade, 2023-2031
5.4. Europe Phycoerythrin Market Size and Share Outlook, By End-Use, 2023-2031
5.5. Europe Phycoerythrin Market Size and Share Outlook by Distribution Channel, 2023-2031
5.6. Europe Phycoerythrin Market Size and Share Outlook by Country, 2023-2031
5.6.1. Germany
5.6.2. France
5.6.3. UK
5.6.4. Italy
5.6.5. Spain
5.6.6. Rest of Europe
6. ASIA PACIFIC PHYCOERYTHRIN MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
6.1. Asia Pacific Phycoerythrin Market Overview, 2023
6.2. Asia Pacific Phycoerythrin Market Size and Share Outlook by Process of Extraction, 2023-2031
6.3. Asia Pacific Phycoerythrin Market Size and Share Outlook by Grade, 2023-2031
6.4. Asia Pacific Phycoerythrin Market Size and Share Outlook, By End-Use, 2023-2031
6.5. Asia Pacific Phycoerythrin Market Size and Share Outlook by Distribution Channel, 2023-2031
6.6. Asia Pacific Phycoerythrin Market Size and Share Outlook by Country, 2023-2031
6.6.1. China
6.6.2. Japan
6.6.3. India
6.6.4. South Korea
6.6.5. Rest of Asia Pacific
7. SOUTH AND CENTRAL AMERICA PHYCOERYTHRIN MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
7.1. South and Central America Phycoerythrin Market Overview, 2023
7.2. South and Central America Phycoerythrin Market Size and Share Outlook by Process of Extraction, 2023-2031
7.3. South and Central America Phycoerythrin Market Size and Share Outlook by Grade, 2023-2031
7.4. South and Central America Phycoerythrin Market Size and Share Outlook, By End-Use, 2023-2031
7.5. South and Central America Phycoerythrin Market Size and Share Outlook by Distribution Channel, 2023-2031
7.6. South and Central America Phycoerythrin Market Size and Share Outlook by Country, 2023-2031
7.6.1. Brazil
7.6.2. Argentina
7.6.3. Rest of South and Central America
8. MIDDLE EAST AFRICA PHYCOERYTHRIN MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
8.1. Middle East Africa Phycoerythrin Market Overview, 2023
8.2. Middle East Africa Phycoerythrin Market Size and Share Outlook by Process of Extraction, 2023-2031
8.3. Middle East Africa Phycoerythrin Market Size and Share Outlook by Grade, 2023-2031
8.4. Middle East Africa Phycoerythrin Market Size and Share Outlook, By End-Use, 2023-2031
8.5. Middle East Africa Phycoerythrin Market Size and Share Outlook by Distribution Channel, 2023-2031
8.6. Middle East Africa Phycoerythrin Market Size and Share Outlook by Country, 2023-2031
8.6.1. Middle East
8.6.2. Africa
9. PHYCOERYTHRIN MARKET STRUCTURE
9.1. Thermo Fisher Scientific Inc.
9.2. Bio-Techne Corporation
9.3. Eaton Corporation plc
9.4. Phyco-Biotech
9.5. Assay Biotech Company, Inc.
10. PHYCOERYTHRIN RELATED TRADE DATA
11. APPENDIX
11.1. About Us
11.2. Sources
11.3. Research Methodology
11.4. Research Process
11.5. Research Execution
11.6. Contact Information
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