PUBLISHER: Grand View Research | PRODUCT CODE: 1474938
PUBLISHER: Grand View Research | PRODUCT CODE: 1474938
The global phycocyanin market size is anticipated to reach USD 276.4 million by 2030 and is anticipated to expand at a CAGR of 6.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The multifunctional properties of phycocyanin for further utilization in food & beverage formulations have contributed to the market growth. Apart from imparting colors to food products, colors with flavor infusions and health benefits are anticipated to be future growth trends in the industry. Similarly, high preference for sugar-free products due to growing concerns of obesity and diabetes, are rising globally. The declaration of sugar added in food products is a labeling mandate by the FDA, as naturally derived colors from vegetable and fruit sources comprise sugar.
Thus, there will be a high demand for sugar-free natural colors, thereby augmenting the market growth. The natural food ingredients are mainly sourced from crops; wherein limited availability of these raw materials results in high prices of these products. Farmers are thus inclined towards precision farming to increase crop production and lower the dependence on seasonal crops. In addition, the lack of consistency in key regulations related to natural ingredients by the U.S. FDA, SENASA, WHO, CFIA, and EU, can act as a challenge in the industry and influence manufacturing and distribution.