Market Overview
Global Spirulina Extract Market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2031, growing at a CAGR of 6.36% during the forecast period (2024-2031).
Spirulina occurs as a fine, uniform powder or flakes, darks blue-green to green in color. Spirulina extract is prepared by the filtered aqueous extraction of the dried biomass of Arthrospira platensis and contains phycocyanins as the principal coloring components. Spirulina is an alga with high nutritional content that has been used as a food source since ancient times. It is a whole product of biological origins and consists of dried cyanobacterium Arthrospira biomasses which are filamentous microscopic organisms that occur abundantly in an almost uni-algal form in highly alkaline lakes. The high pH and alkalinity prevent other algae from growing, so it is effectively grown outdoors, free from cross-contamination by other algae. Spirulina extract, on the other hand, is a naturally obtained blue pigment from a phycocyanin derivative of spirulina. It can be used as a natural food colorant and a functional food ingredient.
Rising health concerns, consistent innovation in spirulina extract-based food products, and plenty of other reasons are expected to drive the sales of spirulina extracts during the forecast period. Additionally, spirulina extracts have increased usage across sectors because of the increasing demand for natural food colors due to spirulina benefits. It has consequently allowed the manufacturers to develop a wide variety of dairy products, Pet food, and confectionaries, increasing the demand for spirulina extracts.
Market Dynamics
Innumerable health benefits of spirulina extract are driving the market
Protein levels in spirulina extracts are comparable to those seen in eggs. Spirulina powder is abundant in vitamin B, polysaccharides, and minerals. These are high in antioxidants, carotenoids, and xanthophylls. Spirulina extracts also boost immunity; maintain cardiovascular health, and lower fatigue. They can also work as a natural detoxifier, which increases their endurance. These are also beneficial to digestion. As a result, dieticians advocate taking spirulina extract supplements. The presence of selenium, zinc, and phycocyanin is responsible for all of these qualities. Furthermore, a group of experts revealed that spirulina extracts could help lower harmful cholesterol. Additionally, spirulina extracts are also effective in promoting strong eye health. The reason being these are a great source of zeaxanthin. Thus, ophthalmologists advise eye patients to consume spirulina extracts and use these in eye drops. Thus, health experts also recommend that certain people consume spirulina extracts. It is projected to increase the demand for spirulina extracts.
Key players are also launching new products, which are expected to drive market growth. For instance, on November 23, 2022, GNT extended its range of green EXBERRY®-colored foods with a new powder made from turmeric and spirulina. EXBERRY® Shade Bright Green – Powder delivers bright, bluish-green shades in dry and powdered applications such as bakery mixes and seasonings.
Market Segmentation
The powder segment accounted for the highest global spirulina extract market share
Spirulina powder held the highest global market value share and accounted for high revenue in 2022. Spirulina powder is easier to obtain and process than its other forms, i.e., tablets, capsules, or liquid, which require additional processing and materials. The manufacture of pills and capsules requires further processing of spirulina powder. In contrast, consumers use the powder versatilely by adding it to flour, shakes, or drinks, making it more lucrative to consumers as an easier alternative. Furthermore, it is rich in vitamins A, B, and K, iron, and protein, which help maintain good health. The number of vegetarians has increased with the recent vegan trend, which has amplified demand and is expected to propel the spirulina powder market. The rise in government initiatives to boost spirulina production and support local manufacturers has spurred the growth of the product. Key players are also launching new products, which have been expected to drive market growth. For instance, on August 16, 2021, Prolgae launched its sweet Spirulina powder and Spirulina protein bar, two all-in-one super food products. The specialty of the product is that it is a 100% vegan product to help people stay healthy and add up immunity to their routine, as five gms of Spirulina is said to be equal to 5 kg of assorted fresh vegetables.
Geographical Penetration
Europe is the dominant region during the forecast period
Europe held the largest spirulina extract market in 2022. France and the United Kingdom are potential markets for spirulina due to the increasing demand from the food and beverage sector, such as bakery and confectionery. Consumers' preferences are shifting towards minimally processed foods with enhanced aesthetic appeal; such trends have benefited the market performance of clean-label ingredients, including spirulina. Moreover, the presence of the leading market players and increasing regulations by the regulatory authorities on the manufacturing and labeling of spirulina extracts are some of the factors driving the market's growth in Europe. Furthermore, manufacturers are also focusing on research and increasing their product portfolio by launching new regional products. For instance, in 2020, Chr. Hansen A/S, a global bioscience company, launched “FruitMax® Blue.” The spirulina-based product launch is expected to help the company enhance its business and increase its revenue share.
North America is one of the leading markets owing to its growing demand from manufacturers for natural food colors in processed foods. The ability to be used as a food and beverage ingredient, a food additive, and a supplement makes it a versatile extract. Consumers in the USA are becoming increasingly conscious about the ingredients used in bakery products and their source. The reason is that there is a growing preference for chemical-free baking. Moreover, increasing demand for confectionary foods in the region is expected to influence the USA's spirulina extract adoption trends
Asia Pacific is expected to be the fastest-growing market. It is because of the growing demand for dietary supplements in the region. Additionally, the region also suffers from cases of malnutrition. Therefore, governments and various authorities are carrying out awareness programs. Not only are those, initiatives being carried out to provide free supplements. All these are expected to influence the Asia Pacific spirulina extracts market outlook.
Competitive Landscape:
With an increasing demand for taste appeal in healthy beverages, the key players are trying to introduce the best versions of spirulina extracts to manufacture the best quality beverages. Major players in the market are adopting strategies like product development, mergers and acquisitions, and partnerships and collaborations to gain a competitive advantage. Some of the major key players in the spirulina extract market are Chr. Hansen A/S, Cyanotech Corp., DDW Inc., DIC Corporation, Dongtai City Spirulina Bio-Engineering Co., Ltd., Fuqing King Dnarmsa Spirulina Co., Ltd., GNC Holdings, Inc., Now Health Group Inc., Sensient Technologies Corp., and Parry Nutraceuticals Limited. Additionally, key players are increasing their product portfolios by introducing spirulina extract-based health supplements. For instance, in August 2021, DIC Lifetec Co. Ltd., a wholly-owned subsidiary that manufactures and sells health foods, and Spirulina, signed a sales agency contract with Fermentalg SA, one of the leaders in the development of microalgae-derived food ingredients based in Libourne, France. On January 11, 2023, a French algae producer landed a $13 million investment in India. Algama creates a range of algae-based products - including vegan salmon and vegan tuna - using algae.
COVID-19 Impact:
Positive impact on the global spirulina extract market
The COVID-19 outbreak has created significant medical, social, and economic challenges. Many manufacturing companies anticipated that COVID-19 will have an impact on their operations. Food and beverage industry players around the world have seen a significant drop in consumption of their products. Companies experienced supply chain disruptions as a result of lockdowns in various parts of the world and restrictions on commodity transportation. Reduced agricultural production, which disrupts raw material supply, a lack of workers in manufacturing plants, and disturbances in the distribution system has disrupted supply chains.
However, the spirulina extract market has quickly reached its pre-COVID levels, and a healthy growth rate is expected over the forecast period. The economic revival in most developing nations has driven the market. Over the long term, the growing demand for natural and clean label colors has been expected to create a demand for spirulina extracts. Moreover, manufacturers have developed food and beverages based on spirulina and made them available on the market. For instance, on June 1, 2020, DIC Corporation announced that its wholly owned subsidiary, DIC Lifetec Co., Ltd., which manufactures and sells DIC Spirulina, has launched a liquid version of its Linablue® naturally derived blue food coloring.
The global spirulina extract market report would provide an access to approximately 53 market data tables, 50 figures and 200 pages.
FAQ
What is the Growth Rate of the Spirulina Extract Market?
The market is growing at a CAGR of 6.36%.
What Companies Are Included in the Spirulina Extract Market?
Almarai, Bega Cheese Ltd, Bel Group, Parag Milk Foods, Fonterra Co-Operative Group Ltd., Mondelez International Group, Saputo Inc.
Which is the fastest growing region in the Spirulina Extract Market?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period.
