Spirulina Extract Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Germany, Canada, Japan - Size and Forecast 2024-2028

Spirulina Extract Market Size 2024-2028

The spirulina extract market size is forecast to increase by USD 134.6 million at a CAGR of 6.36% between 2023 and 2028.

• The market is experiencing significant growth due to the increasing demand for natural and clean label colors in various industries, particularly food and beverages. The potential health benefits associated with spirulina, such as its rich nutrient content and antioxidant properties, are also driving market growth. However, the market faces challenges related to the potential negative effects of spirulina extract, including the risk of contamination and allergic reactions. Producers must ensure strict quality control measures to mitigate these risks and maintain consumer trust. Additionally, ongoing research and development efforts to improve production methods and expand applications for spirulina extract are expected to provide new opportunities for market growth.
• Overall, the market is poised for continued expansion, driven by consumer preferences for natural and health-promoting ingredients.

What will be the Size of the Spirulina Extract Market During the Forecast Period?

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• The market encompasses the production and supply of extracts derived from the blue-green microalgae, Spirulina platensis. This market caters to various industries, including nutraceuticals, cosmetics, agriculture, and feed. In the nutraceutical sector, spirulina extracts are prized for their rich nutritional profile, containing essential nutrients such as magnesium, iron, and calcium. They are popular among vegetarians and vegans as a source of protein and other vital compounds. In the cosmetics industry, spirulina extracts find application in skincare products, particularly In the form of moisturizers, anti-aging creams, anti-wrinkle creams, and anti-inflammatory formulations. Sun protection and wound healing are other areas where spirulina extracts are gaining traction.
• Phycocyanin, a pigment present in spirulina, is a key compound contributing to its antioxidant properties. Apart from these sectors, spirulina extracts are also used in agriculture as natural fertilizers and in animal feed as a nutritional supplement. The market is expected to grow due to increasing consumer awareness of health and wellness, the rising demand for natural and organic products, and the potential of spirulina extracts in various industries.

How is this Spirulina Extract Industry segmented and which is the largest segment?

The spirulina extract industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Application
  • Nutraceuticals
  • Food and beverages
  • Animal feed and pet food
  • Cosmetics
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

By Application Insights

• The nutraceuticals segment is estimated to witness significant growth during the forecast period.

The market is experiencing significant growth due to the increasing demand for natural and clean-label nutraceuticals. This market is driven by the rising popularity of algae-based superfoods and regulatory support for enabling policies and implementation frameworks. Spirulina extract, a blue-green alga, is a rich source of protein, B vitamins, minerals, and natural antioxidants such as carotenoids, xanthophylls, and chlorophylls. Organic spirulina extract is widely used in various industries, including cosmetics, agriculture, feed, and food and beverage, due to its immunostimulating, anti-inflammatory, and antioxidant properties.

In the food and beverage sector, spirulina extract is used as a natural colorant and additive in functional foods, beverages, and processed snacks. It is also used In the production of natural food colorings and in pet food as a source of essential nutrients. The organic segment of the market is expected to dominate due to health-conscious consumers' increasing preference for chemical-free alternatives.

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The nutraceuticals segment was valued at USD 144.40 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• APAC is estimated to contribute 30% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Spirulina extracts, derived from the blue-green microalgae, are gaining popularity in various industries due to their nutritional benefits and versatile applications. In North America, favorable climatic conditions and expanding applications in nutraceuticals, cosmetics, agriculture, feed, formulations, and beverages make it a significant producer. The US dominates the market, driven by regulatory changes banning synthetic food additives and consumer preference for natural additives.

Canada also contributes, with increasing demand for natural colorings In the beverage industries. The market's growth is fueled by the clean label trend, consumer awareness, and demand for functional foods, particularly In the US. Consumers are increasingly conscious of the origin and ingredients In their food, leading to increased demand for natural colorants and nutrient-rich ingredients like spirulina extracts.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Spirulina Extract Industry?

Growing demand for natural and clean label colors is the key driver of the market.

• The global nutraceuticals market, including cosmetics and personal care segments, is experiencing significant growth due to increasing consumer awareness and preference for natural and organic products. Spirulina extract, derived from microalgae, is gaining popularity as a natural additive in various industries. In the food sector, spirulina extract is used as a natural food colorant, replacing synthetic additives, in beverages, baked goods, and confectionery. In the cosmetics industry, it is used in skincare products such as moisturizers, anti-aging creams, and anti-inflammatory formulations, due to its antioxidant, anti-inflammatory, and immunostimulating effects. Spirulina extract contains compounds like phycocyanin, phenolics, polysaccharides, and chlorophyll, which provide antioxidant and anti-inflammatory benefits.
• The agriculture and feed industries also use spirulina extract as a natural source of essential nutrients like magnesium, iron, calcium, and protein for animals. The organic segment of the market is expected to grow rapidly due to the clean label trend and ethical consumption concerns. The beverage industry, particularly functional beverages, is a significant consumer of spirulina extract, which provides a natural blue-green color. In the health supplements industry, spirulina extract is used as a superfood and wellness-oriented product. The market for spirulina extract is expected to continue its growth trajectory due to its versatility and health benefits.

What are the market trends shaping the Spirulina Extract Industry?

Potential health benefits of spirulina is the upcoming market trend.

• Spirulina extract, derived from the microalgae Spirulina platensis, holds significant value in various industries due to its rich nutritional profile and beneficial compounds. In the nutraceuticals sector, spirulina is utilized for creating formulations In the form of powders, tablets, and capsules, offering essential nutrients such as phycocyanin, phenolics, polysaccharides, and various vitamins and minerals, including magnesium, iron, and calcium. These nutrients contribute to immune system support and functional foods, especially for vegetarians and those following plant-based diets. In the cosmetics industry, spirulina extract is used for its antioxidant, anti-inflammatory, and immunostimulating effects. It is incorporated into skincare products like moisturizers, anti-aging creams, and anti-wrinkle creams, addressing skin problems, tanning, aging, pigment disorders, and skin whitening. Brands like Algenist use spirulina extract In their formulations for its natural color and anti-inflammatory properties.
• In agriculture and feed applications, spirulina extract is used as a natural additive for livestock and poultry feed, providing essential nutrients and improving animal health. Processed food manufacturers also use spirulina extract as a natural food coloring, replacing synthetic additives, and in beverages as a natural blue-green colorant. The beverage industry utilizes spirulina extract for creating functional beverages, offering health benefits and appealing to health-conscious consumers. In the confectionary industry, spirulina extract is used as a chemical-free alternative to synthetic food additives. The organic segment of the market is growing due to the clean label trend and ethical consumption concerns. However, contamination issues may pose a challenge to the market's growth. Despite this, spirulina extract's versatility and nutritional benefits make it a valuable ingredient in various industries.

What challenges does the Spirulina Extract Industry face during its growth?

The negative effects of spirulina extract are a key challenge affecting the industry growth.

• Spirulina extract, derived from the microalgae Spirulina platensis, holds significant value in various industries, including nutraceuticals, cosmetics, agriculture, and feed. In the nutraceutical sector, spirulina extract is utilized in formulations as powders, tablets, and capsules, as well as in liquids and granules. This natural additive offers numerous health benefits, such as antioxidant, anti-inflammatory, and immunostimulating effects. In the cosmetics industry, spirulina extract is used in skincare products, such as moisturizers, anti-aging creams, and anti-wrinkle creams, due to its anti-inflammatory properties and ability to improve skin problems like tanning, aging, pigment disorders, and skin whitening. Brands like Algenist incorporate spirulina extract into their product lines.
• In agriculture, spirulina extract is used as a natural alternative to synthetic food additives, providing natural colorings for processed food manufacturers. In the beverage industry, spirulina extract is used as a natural colorant, replacing synthetic colors. For animal feed, spirulina extract offers essential nutrients, including magnesium, iron, and calcium, making it an attractive option for pet health care. With the increasing trend towards ethical consumption, organic spirulina extract is gaining popularity. However, challenges to the market expansion include contamination issues, such as heavy metals, which can be present in blue-green algae grown in uncontrolled conditions. These contaminants can lead to health concerns, including liver damage, diarrhea, and vomiting.
• Additionally, people with phenylketonuria, seaweed or seafood allergies, and pregnant or breastfeeding women should avoid spirulina extract. These factors may hinder market growth during the forecast period. Spirulina extract is rich in phycocyanin, phenolics, polysaccharides, chlorophyll, beta carotene, and other phytonutrients. It is a valuable source of protein and vitamins and minerals, making it a popular superfood and functional food ingredient in wellness-oriented products, functional beverages, snacks, and supplements. The organic segment and the clean label trend are driving market growth In the beverage and food industries.

Exclusive Customer Landscape

The spirulina extract market forecasting report includes the adoption lifecycle of the market, market growth and forecasting, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the spirulina extract market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, spirulina extract market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry. The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Aim Grow Biotech Co. Ltd.
• AromataGroup Srl
• BASF SE
• C.B.N. Bio engineering Co. Ltd.
• Chr Hansen Holding AS
• Cyanotech Corp.
• DIC Corp.
• Dohler GmbH
• EID Parry India Ltd.
• Far East Bio Tec Co. Ltd.
• Fraken Biochem Co. Ltd.
• Fuqing King Dnarmsa Spirulina Co. Ltd.
• Givaudan SA
• GNC Holdings LLC
• Green Jeeva LLC
• Herbo Nutra
• Ideal Natural Extract
• NOW Health Group Inc.
• Sensient Technologies Corp.
• Zhejiang Binmei Biotechnology Co. Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Spirulina extract, derived from the blue-green microalgae, has gained significant attention in various industries due to its unique nutritional properties and potential health benefits. This microalgae is rich in phycocyanin, phenolics, polysaccharides, and other phytonutrients, making it a valuable ingredient for nutraceuticals, cosmetics, agriculture, feed, and food industries. The nutraceutical industry has seen a growth in demand for natural additives as consumers increasingly seek chemical-free alternatives to synthetic food additives. Spirulina extract offers a natural source of antioxidants, anti-inflammatory, and immunostimulating effects, making it an ideal addition to functional foods and health supplements. The organic segment of this market is particularly thriving as health-conscious consumers prioritize ethically sourced and naturally produced products. In the cosmetics industry, spirulina extract is used in skincare products, such as moisturizers and anti-aging creams, due to its anti-inflammatory and antioxidant properties. It is also used in anti-wrinkle creams and sun protection formulations for its ability to promote wound healing and protect against UV damage. The beverage industry, including functional beverages and natural food colorings, also benefits from spirulina extract.

Additionally, the extract provides a natural blue-green color, replacing synthetic colors and offering a healthier alternative. In the confectionary foods segment, spirulina extract is used as a natural colorant and source of essential nutrients, such as magnesium, iron, calcium, and vitamins. The agriculture and feed industries utilize spirulina extract as a natural source of protein and essential nutrients for animals, particularly in vegetarian and plant-based diets. The extract is also used as a natural food colorant in pet food, catering to the growing trend of ethical consumption and clean label products In the pet health care market. Despite the numerous benefits of spirulina extract, there are challenges in its production and application. Contamination issues, such as heavy metals and pesticides, can impact the quality and safety of the extract. However, advancements in production techniques and regulations ensure that these issues are minimized, maintaining the demand for spirulina extract in various industries.

In summary, spirulina extract is a versatile ingredient with a wide range of applications in various industries, including nutraceuticals, cosmetics, agriculture, feed, and food. Its unique nutritional profile, rich in antioxidants, anti-inflammatory, and immunostimulating effects, makes it a valuable addition to functional foods, health supplements, and natural food colorings. The growing trend towards ethically sourced and naturally produced products, particularly In the organic segment, is expected to drive the demand for spirulina extract In the coming years.

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What are the Key Data Covered in this Spirulina Extract Market Research and Growth Report?

• CAGR of the Spirulina Extract industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the spirulina extract market growth of industry companies

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