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Global Phycoerythrin Market InsightJanuary 29, 2022 Comments
The Phycoerythrin market is expected to continue to grow in the next few years. According to the WK-chem Research “Global Phycoerythrin Professional Survey Report 2022, Forecast to 2027”, The growing trend of veganism, as well as the desire for natural food colours and flavours, will continue to drive the phycoerythrin market forward. Natural, premium, organic, and plant-based goods are becoming more popular, which is influencing the phycoerythrin Market. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 3.4% base on WK-chem Research regression analysis model.
“Although the phycoerythrin market has been impacted by COVID-19, overall market development has declined. However, with the joint efforts of the world, market operations have gradually recovered. The phycoerythrin market is relatively stable, and it is difficult for new entrants to enter the market and gain share. COVID-19 has increased the demand for medical services, and existing market players should seize this opportunity to consolidate and stabilize their market positions.” said Jannie, Senior analyst, WK-chem Research.
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. Rising trend of veganism and increasing demand for natural food colors and flavors will continue to support the growth of the phycoerythrin market. Phycoerythrin is derived from marine, natural sources of red algae, by extraction process and cell wall hydrolysis. The trend of natural, premium, organic, and plant-based products is gaining increasing momentum, which in turn is shaping the phycoerythrin market. Significant development in marine industry and increasing investments in marine-derived natural products exert a catalyzing effect on the growth of the global phycoerythrin market. Many manufacturers are investing and endeavoring in the commercial farming of algae, which is expected to create an optimistic scenario of the global phycoerythrin market. Affected by the COVID-19 epidemic, the sales of the cosmetics industry have been blocked, and the downstream market demand has decreased, which has affected the operation of phycoerythrin production enterprises and hindered the development of the phycoerythrin market.
Some of the key participants in the phycoerythrin market are: Europa Bioproducts, Sigma-Aldrich, Jackson Immuno Research, Thermo Fisher Scientific, SETA BioMedicals, Binmei Biotechnology, Algapharma Biotech, Phyco-Biotech, Norland Biotech, Columbia Bioscience, Dainippon Ink and Chemicals, AnaSpec, etc.
Segmentation of Phycoerythrin Market:
Based on Phycoerythrin type, the market is divided into type PE545, R-phycoerythrin, B-phycoerythrin. Phycoerythrin market’s sub-segment is expected to hold the largest market share during the forecast period. Increased demand for high-quality industrial valves in the Materials and Chemicals and other industries. Also to mitigate the risk of contamination is driving the demand for Phycoerythrin at present. The growing concern about the market and industry is expected to boost the Phycoerythrin market in Materials and Chemicals. Based on Phycoerythrin application, the market is divided into Scientific Research, Medical, Cosmetic, Others. The Scientific Research component is witnessing the highest market share with strong market growth during the forecast period in the global market. Phycoerythrin application valves are one of the most basic and indispensable components of today’s modern technological society.
Phycoerythrin Market: Regional Analysis
On the basis of Geography, the Global Phycoerythrin Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The North America and Europe regions are dominating the Global Market with the highest market stake and is predicted to grow substantially and dominate the Global Phycoerythrin Market throughout the forecast period. However, lucrative opportunities are expected in developing economies. Increasing demand for premium products in line with rising consumer purchasing power is set to fuel the growth of the global phycoerythrin market.
Largest share area：North America
Largest share country：America
Product Type：PE545, R-phycoerythrin, B-phycoerythrin, Others
Application：Scientific Research, Medical, Cosmetic, Others
Leading Company：Europa Bioproducts, Sigma-Aldrich, Jackson Immuno Research, Thermo Fisher Scientific, SETA BioMedicals