Spirulina Extract Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Spirulina extract market is segmented by Application (Nutraceuticals, Food, Cosmetics, Agriculture, Feed, and Others); and by Geography (North America, Europe, Asia-Pacific, South America, and the Middle-East and Africa). The report offers market size and forecasts in value (USD million) for the above segments.

Market Snapshot

Spirulina Extract Market Summary
Study Period: 2016 -2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 7.8 %
Spirulina Extract Market Major Players

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Market Overview

The Global spirulina extract market is projected to grow at a CAGR of 7.8% during the forecast period.

The effects of the COVID-19 pandemic on this market had slowed down the pace of spirulina sales, majorly in the first quarter of 2020 due to disruptions in logistics and transportation. China being one of the world's largest producers and one of the leading consumers of spirulina, faced the drastic effects of COVID-19 on spirulina sales. However, the Spirulina Extract market is quickly reaching its pre-COVID levels, and a healthy growth rate is expected over the forecast period. The market is driven by the economic revival in most developing nations.

Over the long term, the growing demand for natural and clean label colors is expected to create a demand for spirulina extracts. Moreover, manufacturers are in the process of developing beverages based on Spirulina which is still not available in the market. This development is expected to create new business segments once introduced into the market. Only a few Spirulina juices and smoothies are available in a few regions under the beverage segment. Spirulina can even be used to produce various natural colors.

Manufacturers are also exploring the potential of spirulina in cosmetics. Recently, micro-alga has been used to treat various skin problems like tanning, aging, and pigment disorders. Additionally, Spirulina can also be used in the areas like skin whitening and anti-aging. Algae species are already being used in a few cosmetic formulations like moisturizing and thickening agents. However, stringent regulations and a ban on synthetic food additives by the European and the United State governments have opened the gates for the demand for natural additives.

Scope of the Report

Spirulina is rich in chlorophyll, phycocyanin, and beta-carotene and is often used as a source of natural color. Edible color Linablue, used in ice creams and confectionaries, is mainly produced from spirulina. The global spirulina extract market is segmented by applications such as nutraceuticals, food, cosmetics, agriculture, feed, and others. By formulation, the spirulina extract market is segmented into powder, tablet & capsule, liquid, and granule. Moreover, the study provides an analysis of the spirulina market in the emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, Middle East & Africa. The report offers market size and forecasts in value (USD million) for the above segments.

By Application
Nutraceuticals
Food
Cosmetics
Agriculture
Feed
Others
By Formulation
Powder
Tablet & Capsule
Liquid
Granule
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
France
Russia
Italy
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
United Arab Emirates
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Growing Demand for Natural and Clean Label Colors

The natural food colorant segment is expected to grow twice as fast as compared to its synthetic counterparts in the global marketplace. This trend is projected to provide robust growth to the sales of spirulina extract in the global market. The safety concerns regarding artificial colorings and their long-term detrimental health effects have led to a paradigm shift in the strategies of key giants and their product offerings. Many processed food manufacturers have also started offering food products made with natural food colorings.

Spirulina Extract Market Clean-label Ingredient, Growth Rate (%), Global, 2016-2021

North America Holds the Major Share in Spirulina Extracts Market

The North American spirulina extract market exhibits the United States as the dominating country and Canada as a dynamic one. Microalgae’s flexibility as a functional food and beverage ingredient, a food additive, and a supplements ingredient makes it remarkably versatile. In the United States, though the consumption of microalgae-derived products and additives has generally remained far out of the mainstream, the constantly changing market dynamics and consumer behavior have created a trend for vegan and plant-based ingredients and products, thereby bolstering the market growth for spirulina extract-derived nutrients.

Spirulina Extract Market: Market Size (%), By Region, Global, 2021

Competitive Landscape

Major players in the market are adopting strategies like product development, mergers & acquisitions, and partnerships & collaborations to gain a competitive advantage in the market. Some of the major key players in the spirulina extract market are Algene Biotech, Aller Aqua, BASF, Chr. Hansen A/S, Royal DSM, Sensient Technologies Corporation, and Solazyme, among others.

Major Players

  1. Algene Biotech

  2. Aller Aqua

  3. Cyanotech Corporation

  4. DDW - the Color House

  5. Dohler Group

Spirulina Extract Market Concentration

Recent Development

In Aug 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

In 2019 Naturex announced that it would triple production capacity for spirulina with a new extraction line at the company’s production site in Avignon, France.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Application

      1. 5.1.1 Nutraceuticals

      2. 5.1.2 Food

      3. 5.1.3 Cosmetics

      4. 5.1.4 Agriculture

      5. 5.1.5 Feed

      6. 5.1.6 Others

    2. 5.2 By Formulation

      1. 5.2.1 Powder

      2. 5.2.2 Tablet & Capsule

      3. 5.2.3 Liquid

      4. 5.2.4 Granule

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Spain

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Sensient Technologies Corporation

      2. 6.4.2 DDW - the Color House

      3. 6.4.3 DIC Corporation- Earthrise Nutritionals

      4. 6.4.4 Chr. Hansen A/S

      5. 6.4.5 Naturex SA

      6. 6.4.6 Royal DSM

      7. 6.4.7 Dohler Group

      8. 6.4.8 E.I.D. Parry (India) Limited.

      9. 6.4.9 C.B.N. Spirulina Canada Co., Ltd

      10. 6.4.10 BASF SE

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability
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Frequently Asked Questions

The Spirulina Extract Market market is studied from 2016 - 2027.

The Spirulina Extract Market is growing at a CAGR of 7.8% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Algene Biotech, Aller Aqua, Cyanotech Corporation, DDW - the Color House, Dohler Group are the major companies operating in Spirulina Extract Market.

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