PHYCOBILIPROTEIN CONJUGATES MARKET REPORT OVERVIEW
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The global phycobiliprotein conjugates market size was USD 30 million in 2022 and is projected to expand to USD 96 million by 2028 and exhibit a CAGR of 21.3% during the forecast period.
The sudden spike in CAGR is attributable to the phycobiliprotein conjugates market growth and demand returning to pre-pandemic levels after the pandemic is over. The COVID-19 pandemic has negatively affected the global economy. The phycobiliprotein market is expected to decline rapidly during the pandemic. Phycobiliprotein conjugates are a water-soluble form of proteins that are found in some algae and cyanobacteria. It captures light and transfers it to chlorophylls during the process of photosynthesis. It is used in fluorescence immunoassay, fluorescence microscopy, and fluorescence-activated cell analysis and sorting. It is used to prevent slaking caused by external and interior factors, light absorption, and fluorescence.
The product possesses several benefits, such as long-wavelength emission, excellent water solubility, and excellent molecular structure. It is stable when stored at 4 degrees Celsius, which, in turn, enhances its speed of photosynthesis. It improves the quality of crops and medicinal plants and enhances the process of production. Its excellent light absorption is useful for several cosmetics, food & beverage, and pharmaceutical industries. Phycobiliprotein conjugates obtained from cyanobacteria are used as a bioactive compound in natural products. It is used for biotechnological applications and possesses anti-cancer, anti-inflammatory, and antioxidant properties. These factors are likely to positively influence the growth of the market in the upcoming years.
COVID-19 Impact: Raw Material Shortage and Reduced Production to Hinder Market Progress
The COVID-19 pandemic has adversely affected production processes. The closure of industries and manufacturing facilities leads to the shortage of the product. Rising COVID-19 cases have resulted in the imposition of strict lockdown regulations globally. The restrictions on transport and travel may negatively affect the supply chain. Lack of demand for the product from industries due to COVID-19 restrictions hampers its sales drastically.
However, post-COVID-19 relaxations have enabled manufacturing companies to operate at reduced capacities. This factor may allow the manufacturers to recover their losses and satisfy consumer demand. The adoption of advanced machinery has enabled manufacturers to reduce labor costs and improve their operational efficiency. It is increasing rapidly in the healthcare, food & beverage, and cosmetic industry due to the rising demand for plant-based products. Therefore, these factors may restore the phycobiliprotein conjugates market growth after the pandemic is over.
LATEST TRENDS
"Rising Demand for Organic Products to Generate Remunerative Business Opportunities"
Phycobiliprotein conjugates comprise several types and are used across several sectors because of their antioxidant, anti-inflammatory properties. It is used in the food and beverage industries. Cyanobacteria, a variety of proteins are used extensively to develop vitamin B and E supplements. Spirulina (Arthrospira) is a well-known source of riboflavin, thiamine, beta-carotene, and vitamin B12. It contains approximately 244 micrograms of B12 vitamin and is used for several commercial applications. The emergence of veganism and the adoption of healthy diet fuels demand for phycobiliprotein in several food products. It is used in dietary supplements and healthy processed foods because of the raising healthy food consumption trends.
Increasing trends in processed food consumption lead to the adoption of healthy and organic ingredients in food and beverage items. Its rising sales are attributable to the sedentary consumer lifestyles. The desk-bound jobs of people fuel demand for convenient and healthy food and drinks. Therefore, its rising adoption from the food & beverage sectors fuels its market growth during the upcoming years.
PHYCOBILIPROTEIN CONJUGATES MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into cosmetic grade, food grade, allophycocyanin, and others.
The food-grade segment is expected to lead because of the rising demand for frozen and processed foods among consumers. The adoption of healthy and quality food products enhances the product's demand globally. Sedentary consumer lifestyles and rising demand for ready-to-eat products can enhance the industry's growth.
- By Application Analysis
Based on application, the market is segregated into natural food colorants, dietary supplements, cosmetics, and others.
The cosmetic sector is estimated to be the dominant sector due to the rising consumer preferences for advanced skincare products and cosmetics. It is used in sun-protective creams, lipsticks, and eye shadow products. The evolving fashion industry and the pursuit for better can enhance the phycobiliprotein conjugates market.
DRIVING FACTORS
"Increasing Applications in the Cosmetic Sector to Magnify Market Growth"
Phycobiliprotein conjugates contain extremely beneficial properties that can cure several skin disorders. Their antioxidant and anti-inflammatory properties enhance their adoption in several cosmetic skin products. It is used in sun-protecting creams because of its ability to deflect harmful ultraviolet (UV) rays and enhance the skin's glow. The rising awareness regarding the beneficial properties of water-soluble fluorescent proteins leads to its adoption in skincare products. Moreover, the increasing consumer demand for cosmetic products and the increasing spending capacity fuels market growth.
"Increasing Vitamin Deficiencies to Foster Demand from Pharmaceutical Sector"
Phycobiliprotein conjugates are used in several multi-vitamin tablets because of the presence of B-12, vitamin B, and E. They can satisfy the vitamin requirement not met by diet and improve consumer health. As per the US National Library of Medicine National Institutes of Health, approximately 1.7%, 6.3%, and 23% of the US population suffer from 3-5 vitamin deficiencies. Phycobiliprotein conjugates are used in the pharmaceutical sector to develop anti-inflammatory and neuroprotective drugs. They are extremely essential for reducing stress, inflammation, and mental disorders. They contain antioxidants that help to curb mental disorders and several other neurological problems. These factors can drive the phycobiliprotein conjugates market growth.
RESTRAINING FACTORS
"Lack of Awareness Regarding Product's Benefits to Hamper Growth"
The lack of awareness among the general population regarding the product's benefits and nourishing properties may decline the product's sales. This factor may hinder the industry growth and lower sales of the product. The production restraints lead to the shortage of the product's stock, which may compel consumers to purchase lower quality and alternative products. These factors act as huge restraining factors that may impede growth.
PHYCOBILIPROTEIN CONJUGATES MARKET REGIONAL INSIGHTS
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"Advanced Laboratory Infrastructure to Propel Market Growth in North America"
North America is projected to dominate the phycobiliprotein conjugates market share due to the availability of advanced laboratory infrastructure. Further, the availability of trained professionals and developed skincare services can boost the market growth.
Asia Pacific is expected to hold the second-largest share because of evolving skincare preferences and the rising spending capacity of buyers. Consumer's pursuit for spotless and fair skin compels manufacturers to produce beauty products using protein. In South Korea, the presence of the K-pop industry leads to the pursuit of perfect skin. The availability of skincare and beauty products in bulk can positively influence phycobiliprotein conjugates market growth.
In Europe, strong government backing and heavy investments in research and development facilities can bolster market growth. Additionally, rapid urbanization and the presence of several industries can support the phycobiliprotein conjugates market growth.
In Latin America, consumers' evolving purchasing power can enhance the demand for the product. Rising demand for superior cosmetic products such as sunscreens, skin creams, and others can propel the industry growth.
KEY INDUSTRY PLAYERS
"Major Industry Players Adopt Strategies to Survive the Incessantly Competitive Market"
Prominent companies operating in the global market invest heavily in research and development to develop advanced products and attract consumer demand. The adoption of better materials and components can enable companies to mitigate challenges regarding the product's development. Further, partnership strategies have encouraged companies to collaborate with major players and undertake profitable ventures. The deployment of expansion strategies can enable companies to set up manufacturing plants globally and enhance their reach.
List of Market Players Profiled
- DIC Corporation
- King Dnarmsa Spirulina
- Zhejiang Binmei Biotech
- Parry Nutraceuticals
- Nan Pao International Biotech
- Japan Algae
- Wuli Lvqi
- Ozone Naturals
- Norland Biotech
REPORT COVERAGE
This report highlights the top segments and the recent trends. It comprehensively discusses the impact of COVID-19 on the global market and the driving and restraining factors. Additionally, it examines the regional developments and the strategies devised by the major players.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 30 Million in 2022 |
| Market Size Value By | US$ 96 Million by 2028 |
| Growth Rate | CAGR of 21.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type & Application |
| Regional Scope | Global |
Frequently Asked Questions
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How much is the phycobiliprotein conjugates market worth?
Business Research Insights estimates that the phycobiliprotein conjugates market was worth USD 30 million in 2022 and is estimated to reach USD 96 million by 2028.
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Which regions are expecting growth?
North America, Asia Pacific, Europe, and Latin America are expected to witness growth.
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Who are the crucial players operating in the phycobiliprotein conjugates market?
DIC Corporation, King Dnarmsa Spirulina, Zhejiang Binmei Biotechnology, Parry Neutraceuticals, Nan Pao International Biotech, Japan Algae, Wuli Lvqi, Ozone Naturals, and Norland Biotech are the crucial players operating in the phycobiliprotein conjugates market.
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Which region is the dominant shareholder?
North America is the dominant shareholder in the phycobiliprotein conjugates market.
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What strategies are being adopted by businesses?
Businesses are adopting research and development, partnership, and expansion strategies to strengthen their phycobiliprotein conjugates market position.
