Spirulina Extract Market Segmented By Conventional and Organic Nature in Powder, Tablet and Capsule Liquid Form in Food and Beverage, Nutraceuticals, Animal Feed, Cosmetics and Personal Care
Industry: Healthcare
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 218
Report ID: PMRREP20068
The market for spirulina extract can be expected to expand at a value based CAGR of 6.0% and exhibit an increase in revenue from US$ 234.9 Mn to around US$ 502.4 Mn by 2032.
Europe and North America witnessed highest consumption of spirulina extract.
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Spirulina Extract Market Size (2023E) |
US$ 234.9 Mn |
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Projected Sales of Spirulina Extract (2033F) |
US$ 502.4 Mn |
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Value CAGR (2023-2033) |
7.9% |
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Value Share of Top 4 Countries (2022E) |
34.2% |
The global spirulina extract market has seen significant growth in the historical period registering a CAGR of 7.6% in the historical period and was valued at US$ 234.9 Mn in 2023. The market is expected to grow steadily with the increasing demand for alternate protein sources and awareness about benefits related to spirulina extracts.
Spirulina is a species of blue-green algae which has a high nutritional content and used as a food source since olden times. It is a whole product of biological origins and consists of dried cyanobacterium Arthrospira biomass 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 and is therefore grown outdoors effectively free from cross contamination by other algae. Spirulina Extract on the other hand is a naturally obtained blue pigment from phycocyanin derivative of spirulina. It can be used as a natural food colorant as well as a functional food ingredient.
The industry is expected to grow at a value based CAGR of 7.9% and attain a valuation of US$ 234.9 Mn during the forecast period.
“High nutrition value of Spirulina is surging the market demand”
Demand for Spirulina is inevitable due to Spirulina being a superfood consisting of high amount of protein found in any naturally grown food. For every 100g of Spirulina in its raw form, around 60g is protein i.e. 60% of the entire food. This makes it one of the highest protein rich foods in the world and spirulina also has high amounts of vitamins, minerals, and other nutrients which make it an ultimate food. Spirulina consists of various vitamins such as A, B, C, E and K and also minerals including calcium, iron, manganese, potassium, magnesium, phosphorus, sodium and zinc.
Sales of Spirulina has increased in previous years due to positive perception towards it as spirulina consists enormous quantity of nutritional elements. Around 4 grams (1 teaspoon) of Spirulina can offer adequate amount of protein, vitamin and minerals that are generally obtained from food consumed in an entire day.
“Limited research on uses and drawbacks”
Spirulina is not new to the market, but the commercial level production of Spirulina started around 30 years ago. In last 30 years, limited research has been done on Spirulina which still raises questions associated with claims regarding this Superfood. Most companies and regulatory agencies claim that Spirulina neither has side effects nor create allergies and carcinogenic problems, which is still under scrutiny due to lack of sufficient scientific studies which can verify the same.
Spirulina use has been approved in food, beverage, and cosmetics by FDA in 2013 after a comprehensive research study conducted by the agency and corroborated by separate research studies performed by Mars Inc., various labs, and research centres. Despite approval by FDA, regulatory agencies of many MEA and APEJ countries haven’t passed the open use of Spirulina in food and beverage products due to unavailability of scientific confirmation. Consumers also have a fear of the negative impacts of Spirulina on human life which is restraining the market growth.
“Increasing applications of Spirulina”
After the approval of the use of Spirulina in food and beverage products was given by FDA, the demand of Spirulina surged, and companies produced different products made from Spirulina. Spirulina has found utilization in many industries such as food, beverage, cosmetics and spa treatment, animal feed & pet food and nutraceutical. Most of the fresh products launched in the market in previous two years belong to the food and beverage industry. Natural Blue and Green Color extracted from Spirulina is in high demand and has witnessed a strong market growth.
In 2016, DDW Inc. released an innovative blue color made from Spirulina with light stability enhanced up to 40%. Earlier form of blue color made by the company had poor heat and light stability.
“Approval of Spirulina use in Food and Beverages by regulatory Agencies”
Approval from various regulatory agencies in different countries have opened the doors for natural color manufacturers who identified Spirulina as a possible raw material for production of natural color and initiated the supply of the new products prepared from Spirulina. Manufacturing companies such as GNT Holdings B.V., Chr. Hansen Holding A/S, DDW Inc., DIC Corporation and Sensient Technologies Corp. are manufacturing Spirulina Blue, which is a natural color extracted from Spirulina. Many new players are emerging from developing countries like China, India, and Mexico which has boosted the production of natural color from Spirulina and also revealed different varieties for the same.
What is the value share held by U.S for the spirulina extract market?
The U.S held 23.7% of the market share in 2022 while North America holds 28.7% of the global market share.
The increasing emphasis of individuals on supplementation and preventative healthcare along with search for alternate sources of high quality protein sources has led towards the rapid growth of spirulina market. The prevalence of obesity and other lifestyle disorders in the U.S. has placed increasing focus on low calorie, high protein supplement sources.
How is the European Spirulina Extract Market Faring?
Europe holds 31.8% of the market where U.K has a value CAGR of 4.4% and the region is expected to emerge as the largest market for spirulina extracts during 2023-2033. Presence of the leading market players and increasing number of regulations by the regulatory authorities on the manufacturing and labelling of spirulina extracts are some of the factors driving the growth of the market in Europe. Moreover, manufacturers are also focusing on the research and increasing their product portfolio with the launch of new products in the region.
Which Nature of Spirulina Extract Accounts for High Revenue Generation and Market Share?
Conventional holds 62.7% of the global market value share and accounts for high revenue generated of US$ 146.2 Mn in 2033.
Organic cultivation is a cost intensive process and requires a significant amount of resources. This is likely to be the reason for its poor market penetration and why conventional segment holds major market share and value.
Which Form of Spirulina Extract is seen more across the World?
Based on the form, powered form of spirulina holds the major market share with 71.3% of the market and US$ 168.1 Mn in value.
Spirulina powder is easier to obtain & process as compared to its other forms i.e. tablets and capsules or liquid which all require additional processing and materials. Manufacture of pills/capsules requires further processing of spirulina powder whereas the powder can be used versatility by adding it to flour or shakes/drinks which makes it lucrative to the consumers as an easier alternative.
DIC Corporation (parent company of Earthrise Inc.) is the largest Spirulina producer in the world, accounts to 18.2% of global spirulina market share in 2016 followed by Now Health Group Inc. with 7.4% share and Chr. Hansen A/S with 4.3% share and most of major manufacturers of Spirulina are based in U.S. Fuqing King Dnarmsa Spirulina Co., Ltd., largest producer of Spirulina in China secured seventh position globally with 2.1% share. Within few years of its presence in the global market, this company has made a name for itself. Other players which secured high market share and listed in top ten major players are Cyanotech Corp., DDW Inc., DIC Corporation, Dongtai City Spirulina Bio-Engineering Co., Ltd. And Sensient Technologies Corp.
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Attribute |
Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2017-2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
Available upon request |
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The global market for spirulina extract has a value of US$ 234.9 Mn in 2023.
The global market for spirulina extract has a value CAGR of 7.6% from 2017-2022.
The global market for spirulina extract has a value of US$ 502.4 Mn in 2033.
The global market for spirulina extract has a value CAGR of 7.9% from 2023-2033.
Prominent Players include Chr. Hansen A/S, Cyanotech Corp., DDW Inc., Parry Nutraceuticals, DIC Corporation, Dongtai City Spirulina Bio-Engineering Co., Ltd., Fuqing King Dnarmsa Spirulina Co., Ltd., GNC Holdings, Inc., GNT Holding B.V., Now Health Group Inc. and Sensient Technologies Corp.
