Revenue of the phycocyanin market accounted to be the highest in Western Europe in 2018, estimated to reach ~US$ 77 million in 2029. Currently, ~60% of Europeans consume functional foods, and a higher number of women consume functional beverages. As such, manufacturers are introducing patent-protected phycocyanin food additives. This indoor-grown pigment serves as a cost-efficient option for stakeholders in the food sector.
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The food industry is experiencing a shift in consumer preference, from artificial ingredients to natural ingredients. This changing trend has triggered the production of phycocyanic, which acts as a nutritious protein-pigment complex in several food and beverage applications. Its antioxidant and anti-inflammatory properties are increasingly gaining consumer attention as far as food supplements are concerned.
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Since the development of natural blue ingredients is a challenge, manufacturers are innovating on phycocyanin, which is naturally found in spirulina algae. For instance, in August 2019, ScotBio - a producer of all-natural food colorants and proteins, announced an increase in its production of phycocyanin for stakeholders in the natural colorants market.
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The food and beverage (F&B) market is estimated to reach ~US$ 16 trillion by 2020. That is why, manufacturers are targeting stakeholders in the F&B space to increase the application of phycocyanin in confectionaries, ice creams, and beverages. Since phycocyanin provides more stability as compared to other natural blue colorants, stakeholders in the F&B landscape are increasingly using this pigment for alcoholic beverages.
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As the F&B industry is rapidly growing, manufacturers are increasing the production of indoor-grown, high-quality, and pure phycocyanin. To achieve this, they are growing their own spirulina algae in custom-growing facilities to extract five times more algae as compared to extracting phycocyanin from open pond systems, which also serves as a cost-effective option for them.
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