Market Size of Spirulina Extract Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 564.78 Million |
| Market Size (2029) | USD 926.67 Million |
| CAGR (2024 - 2029) | 10.41 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
