Spirulina Extracts Market Size
|2019 - 2029
|Market Size (2024)
|USD 564.78 Million
|Market Size (2029)
|USD 926.67 Million
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Spirulina Extracts Market Analysis
The Spirulina Extract Market size is estimated at USD 564.78 million in 2024, and is expected to reach USD 926.67 million by 2029, growing at a CAGR of 10.41% during the forecast period (2024-2029).
Spirulina is extracted from different sources like microalgae, plants, and flowers. Spirulina is rich in different compounds like phycocyanin, phenolics, and polysaccharides. it gives antioxidant, anti-inflammatory, and immunostimulating effects. Spirulina can be used in different applications like in foods, pharmaceuticals, cosmetics, and personal care products. 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. For instance, in December 2021, Ful launched the Ful Spirulina Fizz range, a non-alcoholic soft drink in the United Kingdom.
Manufacturers are also exploring the potential of spirulina in cosmetics. Recently, microalgae have 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. For instance, in August 2021, the Algenist brand launched spirulina-based vitamin C skin brightening serum. 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. Over the medium term, the market is expected to grow owing to the increasing demand for natural and clean-labeled ingredients.
Spirulina Extracts Market Trends
Growing Demand for Natural and Clean Label Colors
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. Natural food colors are being used in many food processing industries like beverage industries and other food preparations. Consumers are being aware of the food ingredients present in their food and their demand for clean-labeled natural ingredients is increasing owing to their health benefits over synthetic colors. Additionally, government regulations on the use of synthetic colors are also promoting the market for natural colors. Spirulina can be extracted from natural sources like algae and plants. The market players have been launching new spirulina products in different forms as per government regulations. For instance, in November 2022, the color supplier GNT secured FDA approval for the use of its spirulina extract for the use in beverages.
North America Holds the Major Share
Spirulina extract is a rich source of peptides and phytonutrients. Spirulina extracts can be used in food as well as in cosmetics and personal care products. The demand for Cosmetics and personal care products is increasing in the North American region. Consumers are becoming aware of the ingredients in their personal care products. Due to the rise in disposable income, the demand for organic and natural products in cosmetic products is also increasing. Owing to this, the demand for spirulina extract is increasing in cosmetic and personal care products as spirulina moisturizes the skin and gives anti-aging effects. Additionally, the demand for clean-labeled bakery products is rising in the region owing to increasing demand for convenience foods. In February 2021, Selerant Canada extended the use of spirulina extract in puddings, custards, dessert coatings, and others.
Spirulina Extracts Industry Overview
The Spirulina extract market is fragmented with global and regional players dominating the market. Some prominent players in the market are DIC Corporation, Cyanotech Corporation, Dohler Group, Chr Hansen A/S, and Givaudan (DDW-The Color House). Major players in the market and are adopting strategies like product development, mergers & acquisitions, and partnerships & collaborations to gain a competitive advantage in the market.
Spirulina Extracts Market Leaders
Chr Hansen A/S
*Disclaimer: Major Players sorted in no particular order
Spirulina Extracts Market News
- In December 2021, Givaudan announced an acquisition of DDW The Color House. The acquisition helped Givaudan to expand its portfolio and become a global player in natural colors.
- 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.
- In August 2021, Prolgae Spirulina Supplies Pvt. Ltd. launched sweet spirulina powder and spirulina protein bars. the products are 100% vegan and add immunity to a routine. According to the company, 5gm of spirulina is equal to the benefits of 5kg of fresh vegetables.
Spirulina Extracts Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.2.2 Tablet & Capsule
5.3.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 United Arab Emirates
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Sensient Technologies Corporation
6.3.2 Givaudan (DDW - the Color House)
6.3.3 DIC Corporation- Earthrise Nutritionals
6.3.4 Chr. Hansen A/S
6.3.5 Naturex SA
6.3.6 Royal DSM
6.3.7 Dohler Group
6.3.8 E.I.D. Parry (India) Limited.
6.3.9 C.B.N. Spirulina Canada Co., Ltd
6.3.10 BASF SE
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Spirulina Extracts Market Research FAQs
How big is the Spirulina Extract Market?
The Spirulina Extract Market size is expected to reach USD 564.78 million in 2024 and grow at a CAGR of 10.41% to reach USD 926.67 million by 2029.
What is the current Spirulina Extract Market size?
In 2024, the Spirulina Extract Market size is expected to reach USD 564.78 million.
Who are the key players in Spirulina Extract Market?
Cyanotech Corporation, Dohler Group, Chr Hansen A/S, Givaudan and DIC Corporation are the major companies operating in the Spirulina Extract Market.
Which is the fastest growing region in Spirulina Extract Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Spirulina Extract Market?
In 2024, the North America accounts for the largest market share in Spirulina Extract Market.
What years does this Spirulina Extract Market cover, and what was the market size in 2023?
In 2023, the Spirulina Extract Market size was estimated at USD 511.53 million. The report covers the Spirulina Extract Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Spirulina Extract Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Spirulina Extract Industry Report
Statistics for the 2024 Spirulina Extract market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Spirulina Extract analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.