Spirulina Extracts Market is expected to grow at a 14.6% CAGR over the assessment period 2022-2031

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.

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.

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As per FMI, North America will emerge as one of the most lucrative markets for spirulina extract. Growth can be attributed to the presence of a robust food & beverage and personal care industry, along with increasing advancements in color handling technology used in food and beverages.

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.

Who is Winning?

Some of the leading companies offering Spirulina Extract are Royal DSM, Algene Biotech, 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.

Companies operating in the global Spirulina extract market are investing in intensive research and development, along with mergers and acquisitions to improve their product portfolios. For instance:

  • In June 2020, DIC Corporation declared that wholly owned subsidiary DIC Lifetec Co., Ltd., who manufactures and sells DIC Spirulina, has introduced a liquid version of its Linablue® naturally derived blue food coloring.

Spirulina Extract Market by Category

By Nature:

  • Organic
  • Conventional

By Application:

  • Beverage
    • Milk Drinks & Milk Alternatives
    • Alcoholic Beverages
    • Carbonates (Carbonated Soft Drinks)
    • Sports Drinks
    • Coffee & Cocoa
    • Tea
    • Energy Drink
    • Juice Based Drinks
    • Flavored water
    • Enhanced Water
    • Sparkling Waters
  • Bakery, Snacks, & Cereal
    • Breakfast Cereal
    • Bread
    • Cakes & Pastries
    • Cookies
    • Biscuits & Cones
    • Frosting / Icing
    • Crackers & Savory Snacks
  • Candy / Confectionery
    • Panned Candy
    • Chocolate & Compound Coating
    • Gummies
    • Chewing Gum
    • Jellies & Licorice
    • Sprinkles & Sugar
    • Hard Candies / Boiled Sweets
  • Dairy
    • Cheese
    • Ice Cream
    • Milk Drinks & Milk Alternatives
    • Pudding / Custard
    • Dips & Spreads
    • Yogurt
  • Fruit Preparations / Fillings
  • Meat, Poultry, Fish, & Eggs
    • Casings
    • Egg & Egg Substitute
    • Fish / Seafood
    • Jerky
    • Meat Substitute
    • Processed Meat & Poultry
  • Potatoes, Pasta, & Rice
    • Pasta
    • Potato Chips / Crisps
    • Processed Potatoes
    • Rice
  • Sauces, Soups, & Dressings
    • Asian Sauces
    • Barbecue & Steak Sauce
    • Condiments
    • Gravy / Dry Sauce Mix
    • Marinade
    • Oils & Dressings
  • Seasonings
    • Batter
    • Breading and Coating
    • Bouillon / Soup Base / Stock
    • Liquid Smoke
    • Spice Blends / Dry Seasonings
  • Pet Food
    • Extruded / Dry Pet Food
    • Snacks / Treats
    • Wet Food

By region:

  • North America
  • Latin America
  • EMEAI
  • Asia Pacific

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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 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.

Which are the top countries driving demand for spirulina extract?

The U.S., India, Germany, France, and China are the top countries which are driving the growth of global spirulina extract 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.

About FMI:

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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