The global phycobiliprotein conjugates market size was USD 24 million in 2020. The COVID-19 pandemic has negatively affected the global economy. The phycobiliprotein market is expected to decline rapidly during the pandemic. As per our analysis, the market is projected to expand to USD 96 million by 2026 and exhibit a CAGR of 21.3% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels after the pandemic is over.
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.
SEGMENTATION
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.
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