Rising health concerns about food are pushing demand for clean label food products and ingredients. With consistent innovations in spirulina-based products and their applications in various end-use industries, high growth of the market is on card. In addition to this, FMI has projected the conventional spirulina extract segment to hold 80.3% of the total market share in 2021.
Sales of spirulina extract are expected to grow steadily, reaching a total valuation of US$ 42, Mn in 2021. Demand for spirulina extract is expected to grow at a 14.6% CAGR over the assessment period, according to Future Market Insights (FMI).
Rising health concerns about food are pushing demand for clean label food products and ingredients. With consistent innovations in spirulina-based products and their applications in various end-use industries, high growth of the market is on card. In addition to this, FMI has projected the conventional spirulina extract segment to hold 80.3% of the total market share 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.
In addition to this, high demand for natural food coloring in candy and confectionary industries will continue spurring demand for spirulina extract.
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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.
Demand for spirulina extract was driven by consistent efforts to develop healthier and natural food colors for various food and beverage products between 2016 and 2020. These developments have enabled manufacturers to launch novel varieties of confectionaries, seasonings, dairy products and pet food, resulting in high demand for spirulina extract.
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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Competitive Landscape
Food manufacturers operating in the spirulina extract market are actively investing in research and innovation and technical advancements in response to growing customer demand for natural food colours. Companies are increasing their manufacturing capability through strategic collaborations, acquisitions and mergers.. Manufacturers are also focusing on strengthening distribution channels in way to attain a broader customer base. For instance,
- In 2019, Naturex S.A. extended its variety of food colourings with the adding of a new extraction plant for blue spirulina in France. Naturex’s plans to increase its manufacturing capacity is intended to address the growing global demand for clean-label blues and greens.
- Sensient Food Colors Europe developed proprietary spirulina blue extraction technology, that conforms with both new EU Guidance Notes and FDA quality standards. Owing to this, Sensient has made an investment in a dedicated spirulina blue production line at its Corte Tegge, Italy, facility which specialises in the processing and concentration of aqueous extracts. This latest investment enables the company to cater to growing demand from end use industries.
Spirulina Extract Market by Category
By Nature:
- Organic
- Conventional
By Application:
- Beverage
- Milk Drinks & Milk Alternatives
- Alcoholic Beverages
- Carbonates (Carbonated Soft Drinks)
- Sports Drinks
- Coffee & Cocoa
- Tea
- Energy Drink
- Juice Based Drinks
- Flavored water
- Enhanced Water
- Sparkling Waters
- Bakery, Snacks, & Cereal
- Breakfast Cereal
- Bread
- Cakes & Pastries
- Cookies
- Biscuits & Cones
- Frosting / Icing
- Crackers & Savory Snacks
- Candy / Confectionery
- Panned Candy
- Chocolate & Compound Coating
- Gummies
- Chewing Gum
- Jellies & Licorice
- Sprinkles & Sugar
- Hard Candies / Boiled Sweets
- Dairy
- Cheese
- Ice Cream
- Milk Drinks & Milk Alternatives
- Pudding / Custard
- Dips & Spreads
- Yogurt
- Fruit Preparations / Fillings
- Meat, Poultry, Fish, & Eggs
- Casings
- Egg & Egg Substitute
- Fish / Seafood
- Jerky
- Meat Substitute
- Processed Meat & Poultry
- Potatoes, Pasta, & Rice
- Pasta
- Potato Chips / Crisps
- Processed Potatoes
- Rice
- Sauces, Soups, & Dressings
- Asian Sauces
- Barbecue & Steak Sauce
- Condiments
- Gravy / Dry Sauce Mix
- Marinade
- Oils & Dressings
- Seasonings
- Batter
- Breading and Coating
- Bouillon / Soup Base / Stock
- Liquid Smoke
- Spice Blends / Dry Seasonings
- Pet Food
- Extruded / Dry Pet Food
- Snacks / Treats
- Wet Food
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Key Questions Answered in the Report
- What is the current spirulina extract market value?The global spirulina extract market is anticipated to reach a valuation of US$ 42 Mn in 2021.
- At what rate did the spirulina extract market expand in the last five years?Sales of spirulina extract have grown at 14.1% CAGR between 2016 and 2020.
- What are the key trends shaping the spirulina extract market?Key trends driving spirulina extract sales include rising application in cosmetics, protein supplements, coupled with growing preference for plant-based ingredients in and food products and beverages.
- What is the North America Spirulina Extract market outlook?Demand for spirulina extract in North America is anticipated to surge at a steady pace, and is hold more than 45% of the global spirulina extract market in 2021.
- Which countries are key producers of spirulina extract?Greece, Japan, India, the U.S. and Spain are the key producer of spirulina extract in the world.
- Which countries are key exporters of natural food colours?The U.S., Brazil, the U.K., China and India are key exporters of spirulina extract in the global market.
- Which are the top countries driving demand for spirulina extract?The U.S., India, Germany, France, and China are the top countries which are driving the growth of global spirulina extract market.
- Which are some of the leading companies offering spirulina extract?Prominent players include 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.
- What will be the share of Japan and South Korea in the global spirulina extract market?Japan and South Korea are anticipated to hold 18.7% and 5.7% of the global spirulina extract market in 2031.