Spirulina Extract Market Forecasts to 2028 - Global Analysis By Nature (Organic and Conventional), Type (Arthrospira Maxima and Arthrospira Platensis), Product, Application, Distribution Channel and By Geography

According to Stratistics MRC, the Global Spirulina Extract Market is accounted for $531.05 million in 2022 and is expected to reach $966.75 million by 2028 growing at a CAGR of 10.50% during the forecast period. A kind of blue-green algae known as spirulina has a high nutritional value and has been used as food since ancient times. It is a whole biological product made up of dried cyanobacterium Arthrospira biomass, which are minute filamentous organisms that are found in large quantities in nearly mono-algal forms in very alkaline lakes. Spirulina is obtained from a variety of plants, flowers, and microalgae. Numerous substances, including phycocyanin, phenolics, and polysaccharides, are abundant in spirulina. It has anti-inflammatory, immune stimulating, and antioxidant properties. Spirulina may be utilised in a variety of goods, including food, medications, cosmetics, and personal care items.

According to the American National Standards Institute, global dietary supplement sales increased from USD 220 billion in 2021 and are expected to reach USD 252 billion in 2025.

Market Dynamics:

Driver:

Raising demand for high nutrition food

Due to Spirulina's status as a super food with the highest protein content of any naturally cultivated food, demand for it is unavoidable. Roughly 60% of a 100g of raw spirulina is made up of protein. As a result, it ranks among the meals with the greatest protein content worldwide. Spirulina also contains significant levels of vitamins and minerals. It consists of minerals including calcium, iron, manganese, potassium, magnesium, phosphorus, sodium, and zinc as well as a variety of vitamins like A, B, C, E, and K. The market demand is being driven by all these advantages.

Restraint:

Limited research activities

Spirulina manufacturing at the commercial scale first began about 30 years ago. There has only been a little amount of study on spirulina over the past 30 years, which raises doubts about the claims made about this super food. Since there aren't enough scientific studies, most businesses and regulatory bodies claim that spirulina has no negative side effects and won't cause allergies or cancer. The lack of study is hindering the market growth.

Opportunity:

Approval from various regulatory agencies

Approval from multiple regulatory bodies in various countries have opened the doors for natural colour manufacturers who identified Spirulina as a possible raw material for production of natural colour and initiated the supply of the new products prepared from Spirulina. Several major companies from emerging nations have also introduced new types of the substance, which has fuelled the expansion of the industry.

Threat:

Huge side effects

Spirulina side effects include nausea, liver damage, a fast pulse, sleeplessness, and headaches when consumed often or when taken in large doses. There is a chance that spirulina contains dangerous substances. It exacerbates autoimmune diseases and thins the blood. People with diabetes should check their blood sugar levels when consuming spirulina because it may impact blood sugar levels. These side effects are hampering the market growth.

COVID-19 Impact:

There are major medical, social, and financial difficulties as a result of the COVID-19 pandemic. But during the epidemic, the spirulina market received favourable reviews. During the COVID-19 epidemic, sales of dietary supplements have also grown significantly, as has the usage of dietary supplements such vitamins, minerals, and nutritional and herbal supplements. Due to its special nutritional composition, spirulina is regarded as a nutritious powerhouse. It contains a lot of protein and a balanced mixture of all eight necessary amino acids. Its nutritional values rose its demand drastically in the pandemic.

The powder segment is expected to be the largest during the forecast period

The powder segment is estimated to have a lucrative growth, due to its rising demand from nutraceutical manufacturers. The growing health consciousness among consumers is boosting its usage in nutraceutical industry. Spirulina powder is also used as an ingredient in various food & beverage products. The growing popularity of the vegan diet and adoption of herbal ingredients in cosmetic products are fuelling the segment's demand.

The food & beverages segment is expected to have the highest CAGR during the forecast period

The food & beverages segment is anticipated to witness the fastest CAGR growth during the forecast period. The demand for spirulina natural food colour in confectionery goods, frostings, ice cream and frozen desserts, dessert coatings and toppings, beverage mixes and powders, yoghurts, custards, puddings, cottage cheese, gelatine, breadcrumbs and ready-to-eat cereals is primarily what is fueling this segment's rapid growth.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to growing awareness among consumers for natural food products. Strict guidelines were put in place by the local authorities prohibiting synthetic colours. The market in the United States is extremely competitive for nutraceuticals and its ancillary businesses, such as cosmetics and bio fertilizers. The market demand is also being driven by the rising preference for natural protein sources and the presence of major spirulina producers with enormous production capacity.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to scientific and technological advancements. Huge scientific and technical advancements are made for the study of microalgae use in dietary supplements and health foods. This industry is dealing with a growth in the use of phycocyanin in the production of nutritional and medicinal goods. The market demand is also being fuelled by an increase in the popularity of natural blue colourants as well as investments made in the phycocyanin sector by top colour companies.

Key players in the market:

Some of the key players profiled in the Spirulina Extract Market include: Sensient Technologies Corporation, BASF SE, Royal DSM, DIC Corporation- Earthrise Nutritionals, Dohler Group, E.I.D. Parry (India) Limited., Chr. Hansen A/S, Allied Biotech Corporation, C.B.N. Spirulina Canada Co., Ltd, Naturex SA, GNT International B.V., Archer Daniels Midland Company, BioconColours, Kalsec Inc, ROHA, Givaudan (DDW - the Color House) and Symrise AG.

Key Developments:

In June 2022, BASF launched VerdessenceTM RiceTouch, a new biopolymer suitable for a broad range of personal care products. This plant based sensory powder with small particle size provides powdery light and smooth skin feel and is ideal for matte type cosmetics.

In January 2022, Royal DSM, a global purpose-led science-based company revealed its new integrated Food & Beverage operating structure which unifies three areas of DSM's nutrition business - Food Specialties, Hydrocolloids and part of its Nutritional Products group - to closely align with emerging customer and market needs.

In October 2021, Dohler and Sacco System have formed an alliance in the plant-based dairy alternatives and food cultures categories. The partnership will start with formulating new dairy-free yogurts and progressing over time to drinks, cheeses and spreads.

Natures Covered:

• Organic
• Conventional

Types Covered:

• Arthrospira Maxima
• Arthrospira Platensis

Products Covered:

• Powder
• Capsules
• Flakes
• Tablets
• Phycocyanin
• Frozen Spirulina

Applications Covered:

• Food & Beverages
• Dairy Products
• Bakery, Snacks & Cereals
• Candy & Confectionery
• Fruit Preparations & Fillings
• Meat, Poultry, Fish, & Eggs
• Sauces, Soups, & Dressings
• Potatoes, Pasta, & Rice
• Pet Food
• Seasonings
• Agriculture
• Cosmetics
• Nutraceuticals

Distribution Channels Covered:

• Consumer Channel
• Business Channel

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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