As per a recent market analysis by Future Market Insights (FMI), sales of spirulina extract are projected to grow at a 14.6%, reaching a valuation of US$ 42 Mn in 2021.
Rising applications of nature-ingredients in food products, coupled with growing preference for clean-label products among health-conscious consumers are anticipated to provide tailwinds to spirulina extract sales over the forecast period.
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In addition to this, high demand for natural food coloring in candy and confectionary industries will continue spurring demand for spirulina extract.
Apart from the food industry, spirulina extract is being widely adopted in fertilizers and animal feed. Spirulina fertilizers are loaded with nutrients, seaweed extract, amino acids, plant growth promoters, macronutrients, and micronutrients.
A combinations of these ingredients can potentially assist healthy development of crops, and improved yield. These fertilizers are easy to use, reduce salt content in the soil and stimulate the production of soil bacteria enzymes, which is further driving applications of spirulina extract in fertilizers.
Spirulina extract is also used in personal care and cosmetics industry to add non-toxic coloring agents in makeup products such as eyeshadows, eyeliners, and lipsticks. The emulsifying and antioxidant properties of spirulina are also propelling its applications in skincare products such as moisturizers, serums and cleansers.
As per FMI, North America will emerge as one of the most lucrative markets for spirulina extract. Growth can be attributed to the presence of a robust food & beverage and personal care industry, along with increasing advancements in color handling technology used in food and beverages.
“Growing demand for alternative meat protein among vegan and health conscious consumers, coupled with high demand for clean labels ingredients in pet food, will continue driving sales of spirulina extract over the forecast period,” says the FMI analyst.
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Key Takeaways:
- Sales of conventional spirulina extract are projected to grow at a 14.0% CAGR through 2031.
- The candy and confectionary segment is anticipated to hold 24.8% of the total spirulina extract market share.
- The U.S. will emerge as an attractive market, holding 86.5% of the North America spirulina extract market share.
- Germany will continue exhibiting high demand for spirulina extract, with sales growing at a 12.6% CAGR through 2031.
- Demand for spirulina extract in China is anticipated to rise at a 16.7% CAGR over the forecast period.
- The spirulina market in India is expected to expand at a 16% CAGR, placing the country as a lucrative market.
- Japan and South Korea are projected to hold 18.7 and 5.7 of the total spirulina extract market share in 2031.
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Who is Winning?
Some of the leading companies offering Spirulina Extract are Royal DSM, Algene Biotech, BASF, FMC Corporation, Chr. Hansen A/S, Cyanotech Corporation, Dohler Group, , DDW – the Color House, Japan Algae Co., Ltd, DIC Corporation- Earthrise Nutritionals, Fiorio Colori S.p.A, Naturex SA, Solazyme, Aller Aqua, C.B.N. Spirulina Canada Co., Ltd, Hydro Linea Biotech, and Sensient Technologies Corporation and others.
Companies operating in the global Spirulina extract market are investing in intensive research and development, along with mergers and acquisitions to improve their product portfolios. For instance:
- In June 2020, DIC Corporation declared that wholly owned subsidiary DIC Lifetec Co., Ltd., who manufactures and sells DIC Spirulina, has introduced a liquid version of its Linablue® naturally derived blue food coloring.