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South America Spirulina Extract Market – Growth, Trends, and Forecast (2020 - 2025)

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Market insights

South America spirulina extract market is expected to register a CAGR of 5.9%, during the forecast period (2018 - 2023).

Super food Spirulina is a blue green algae that are suitable for human consumption and is an excellent dietary supplement. The dried Spirulina powders contains high amount of protein (~55%-75%), Minerals (~7%-13%), like Calcium, potassium & zinc, Beta Carotene (150-320 mg), and essential vitamins.  High amount of nutrient makes it a suitable health supplementary with lots of antioxidants especially Phycocyanin, which is only found in Spirulina. Health benefits of Spirulina includes pH regulation, Energy boosting abilities, Nutrition supplements with high concentration of protein and essential fatty acids. Spirulina as a health supplement is very popular among people seeking good source of protein especially among vegans and vegetarians.

Apart from being a good health supplement, Spirulina extracts are also used in food products, natural colors, feed, nutraceuticals, bio-fertilizers and cosmetic chemicals. Spirulina contains three colors – red, blue and yellow. Being rich in chlorophyll, phycocyanin and beta-carotene it is often used as a source of natural color extract. Edible color ‘Lina- Blue’ used in ice creams and confectionaries are mainly produced from Spirulina.  Banning of various synthetic colors in food items by various nations is fuelling this market.

Cynobacterium/blue green algae help in nitrogen fixation through photosynthesis, which makes Spirulina an excellent source of bio fertilizer in various developing and developed nations. Spirulina is more famous among organic farmers who seek to enhance productivity in natural ways.

Market Dynamics

Rising consumer awareness regarding intake natural ingredients, health consciousness, ban by governments of various countries on synthetic food color use in food & beverage applications, development of sustainable and cost effective color formulations are some of the factors leading to development of natural food colors, such as spirulina. Upswing in the spirulina extract market among food & beverage manufacturers is expected to result in double digit growth of the overall spirulina extract market in the forthcoming years. Furthermore, blue color formulation is not easily available in natural colors, this is anticipated to generate high demand for spirulina extract in the near future. Spirulina extract is finding profound use in the manufacturing of confectionaries and ice-creams.

Market Segmentation

The South America spirulina extract market is segmented by type, form, application, and geographies of Spirulina Extracts Market.  The major segments on the basis of geography include: Brazil, Argentina, Chile, and Others.  The segmentation on the basis of type includes organic and conventional. The organic spirulina extract market is expected to grow dynamically during the forecast period, owing to the increasing number of consumers who wish to pay a premium for sourcing of completely organic products. The wide range of application related to spirulina extract are driving the growth of the market, since the consumers are becoming much more aware about the health benefits related to natural extracts.

Regional Analysis

The immense scope of growth in the dairy industry of the region has allowed easy implementation of tools and technologies and innovation in line is driving the market growth. Increased use of spirulina extract is expected to drive the Brazil market for spirulina extracts and is expected to hold the largest market share across the region.

Argentina on the other hand has a group of consumers who are on the path of getting aware through regulatory programs and seminar by both private local players and government.

                               

Competitive Landscape

Major Players: Sensient Technologies Corporation, DDW -the Color House, DIC Corporation- Earthrise Nutritionals, Chr. Hansen A/S, Naturex S.A, Royal DSM, Dohler group, FMC Corporation, Fiorio Colori S.p.A, Aller Aqua, Cyanotech Corporation, Hydro line Biotech, Algene biotech, C.B.N. Spirulina Canada Co., Ltd, Solazyme, BASF, Solix Biofuels, among others.

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  • Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
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