Spirulina Extract Market to Exceed $9 Million by 2031

 

Sales of spirulina extract are expected to grow steadily, reaching a total valuation of US$ 42, Mn in 2021. Demand for spirulina extract is expected to grow at a 14.6% CAGR over the assessment period, according to Future Market Insights (FMI).

Rising health concerns about food are pushing demand for clean label food products and ingredients. With consistent innovations in spirulina-based products and their applications in various end-use industries, high growth of the market is on card. In addition to this, FMI has projected the conventional spirulina extract segment to hold 80.3% of the total market share in 2021. 

Rising applications of nature-ingredients in food products, coupled with growing preference for clean-label products among health-conscious consumers are anticipated to provide tailwinds to spirulina extract sales over the forecast period.

In addition to this, high demand for natural food coloring in candy and confectionary industries will continue spurring demand for spirulina extract.

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Apart from the food industry, spirulina extract is being widely adopted in fertilizers and animal feed. Spirulina fertilizers are loaded with nutrients, seaweed extract, amino acids, plant growth promoters, macronutrients, and micronutrients.

A combinations of these ingredients can potentially assist healthy development of crops, and improved yield. These fertilizers are easy to use, reduce salt content in the soil and stimulate the production of soil bacteria enzymes, which is further driving applications of spirulina extract in fertilizers.

Spirulina extract is also used in personal care and cosmetics industry to add non-toxic coloring agents in makeup products such as eyeshadows, eyeliners, and lipsticks. The emulsifying and antioxidant properties of spirulina are also propelling its applications in skincare products such as moisturizers, serums and cleansers.

“Growing demand for alternative meat protein among vegan and health conscious consumers, coupled with high demand for clean labels ingredients in pet food, will continue driving sales of spirulina extract over the forecast period,” says the FMI analyst.

Demand for spirulina extract was driven by consistent efforts to develop healthier and natural food colors for various food and beverage products between 2016 and 2020. These developments have enabled manufacturers to launch novel varieties of confectionaries, seasonings, dairy products and pet food, resulting in high demand for spirulina extract.

 

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Key Takeaways:

• Sales of conventional spirulina extract are projected to grow at a 14.0% CAGR through 2031.
• The candy and confectionary segment is anticipated to hold 24.8% of the total spirulina extract market share.
• The U.S. will emerge as an attractive market, holding 86.5% of the North America spirulina extract market share.
• Germany will continue exhibiting high demand for spirulina extract, with sales growing at a 12.6% CAGR through 2031.
• Demand for spirulina extract in China is anticipated to rise at a 16.7% CAGR over the forecast period.
• The spirulina market in India is expected to expand at a 16% CAGR, placing the country as a lucrative market.
• Japan and South Korea are projected to hold 18.7 and 5.7 of the total spirulina extract market share in 2031.

Competitive Landscape

Some of the leading companies offering Spirulina Extract are Royal DSM, Algene Biotech, BASF-LAWSUIT-95e84a04-e252-4d6e-a752-385822505523>BASF, FMC Corporation, Chr. Hansen A/S, Cyanotech Corporation, Dohler Group, , DDW – the Color House, Japan Algae Co., Ltd, DIC Corporation- Earthrise Nutritionals, Fiorio Colori S.p.A, Naturex SA, Solazyme, Aller Aqua,  C.B.N. Spirulina Canada Co., Ltd, Hydro Linea Biotech, and Sensient Technologies Corporation and others.

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Key Questions Answered in the Report

• • What is the current spirulina extract market value?
    The global spirulina extract market is anticipated to reach a valuation of US$ 42 Mn in 2021.
  • At what rate did the spirulina extract market expand in the last five years?
    Sales of spirulina extract have grown at 14.1% CAGR between 2016 and 2020.
  • What are the key trends shaping the spirulina extract market?
    Key trends driving spirulina extract sales include rising application in cosmetics, protein supplements, coupled with growing preference for plant-based ingredients in and food products and beverages.
  • What is the North America Spirulina Extract market outlook?
    Demand for spirulina extract in North America is anticipated to surge at a steady pace, and is hold more than 45% of the global spirulina extract market in 2021.
  • Which countries are key producers of spirulina extract?
    Greece, Japan, India, the U.S. and Spain are the key producer of spirulina extract in the world.
  • Which countries are key exporters of natural food colours?
    The U.S., Brazil, the U.K., China and India are key exporters of spirulina extract in the global market.

• What will be the share of Japan and South Korea in the global spirulina extract market?
  Japan and South Korea are anticipated to hold 18.7% and 5.7% of the global spirulina extract market in 2031. 

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