Spirulina Extract Market Size, Share, Opportunities, And Trends By Formulation (Powder, Tablet & Capsule, Liquid, Granule), By Application (Nutraceuticals, Food, Cosmetics, Agriculture, Feed, Others), And By Geography - Forecasts From 2023 To 2028

Spirulina extract is a dark green-colored substance sourced from a blue-green algal plant that can be found in salty lakes and oceans. It is often sold as a powder or tablet supplement and is a great source of healthy nutrients. It contains many different nutrients and antioxidants that are good for a person’s body and brain. Spirulina extract is an excellent source of vitamin B, protein, Vitamin E, Vitamin C, iron, magnesium, and copper. Spirulina extract is usually combined with juice, yogurt, and smoothies to improve the flavor because of its bitter taste. It is also predominantly sold at health food stores as a supplement. The market for spirulina extract is categorized into various segments including formulation, application, and geographical location.

Spirulina extract is an abundant source of nutrients. According to research, they have anti-inflammatory, anti-pain, antioxidant, and brain-protective qualities. Due to the high content of antioxidants and other bioactive substances, spirulina also provides a lengthy list of scientifically proven health and cosmetic advantages. As a result, growing consumer knowledge of physical fitness, the inclusion of immunity-boosting foods in their daily diets, and the rising adoption of a healthy eating lifestyle, will increase demand for spirulina extract and spur global market expansion. The growing application of spirulina extract in various end-user industries such as cosmetics, personal care, feed, agriculture, food & beverage, and nutraceuticals is also propelling the demand during the projection period.

However, the lack of knowledge regarding the health benefits of spirulina extract particularly in emerging economies, strict rules and regulations regarding its use in the food and beverage industry coupled with the growing incidence of allergies is obstructing the growth of the global market for spirulina extract during the analysis period.

During the anticipation period, various health benefits of spirulina extract along with rising incidences of chronic diseases will support the growth of the global spirulina extract market.

Spirulina extract is also referred to as a “superfood” as it has a protein content of between 55 and 70 per cent, high levels of gamma-linolenic acid (GLA), beta carotene, a number of necessary and non-essential amino acids, nucleic acids, and other nutrients. Spirulina extract provides a variety of health advantages, including anti-inflammatory, antiviral, and antibacterial properties that make it effective for treating a variety of medical disorders. The majority of these advantages are due to the presence of Phycocyanins in spirulina extract. Research shows that the extract possesses antibacterial, antioxidant, anti-inflammatory, anti-cancer, and heart-protective characteristics that improve the immunity system, maintain oral health, and help in weight loss management As a result, spirulina extract has witnessed a surge in application in various food products, functional beverages beauty drinks and healthcare supplements which is driving the growth of the market.

Spirulina extract is rich in vitamins, minerals, and antioxidants such as copper, vitamin B, vitamin C, vitamin E, beta carotene, protein, and magnesium which are extremely beneficial for health. Therefore rising incidences of chronic diseases such as cancer, cardiovascular disorders, diabetes, and hypertension are also propelling market demand. According to IDF, in 2021, 537 million individuals had diabetes. According to projections, this number will increase to 643 million by 2030 and 783 million by 2045. Type 2 diabetes is more likely to affect 541 million individuals. In 2021, diabetes claimed 6.7 million lives. According to WHO data, one in six fatalities, or around 10 million deaths, was caused due to cancer in 2020, making it the top cause of death globally. A total of 17.9 million people died due to cardiovascular disorders in 2019 representing 32 percent of the global death count. Globally, 1.28 billion persons between the ages of 30 and 79 are projected to have hypertension, with the majority residing in low- and middle-income nations.

The application of spirulina extract in various skincare, haircare, and personal care products is providing massive opportunities to the key players in the market. Recent years have seen the application of microalgae to treat a variety of skin issues, including tanning, aging, and pigment disorders. Spirulina can also be applied to areas like anti-aging.

North America is anticipated to hold a significant spirulina extract market share during the forecast period.

North America is anticipated to hold a significant market share in spirulina extract. This region will witness high growth during the forecast period owing to the high prevalence of chronic diseases such as diabetes, hypertension and heart diseases. Due to rising interest in health and well-being among consumers and rising demand for organic spirulina extract, consumers in this region are demanding more and more spirulina extract products. Microalgae are incredibly adaptable and can be used as functional food and beverage ingredients, food additives, and supplement ingredients. This has boosted the market growth for nutrients derived from spirulina extract in countries such as the United States and Canada. The high prevalence of key market players such as Algene Biotech, Aller Aqua, and BASF is also contributing to the growth of the market in this region. Due to consumers' increasing knowledge of the benefits of healthy and natural goods, the North American market is seeing strong development. The regional market expansion is anticipated to increase as more spirulina extract is used in pharmaceutical and nutraceutical products.

Market Key Developments

• In November 2022, The GNT Group launched a new powder made from spirulina and turmeric to its lineup of green Exberry Coloring Foods. Exberry Shade Bright Green is used for powdered and dry applications like seasonings and baking ingredients. Also, the powder is produced using only conventional physical processing techniques from edible, plant-based source components.
• In August 2021, Indian organic spirulina manufacturer Prolgae launched Sweet Spirulina Powder and Protein Bar in Chennai, India. The product is a superfood product that is 100 percent vegan and helps people to stay fit and improves their immunity.  The protein bar and powder contain 5 grams of spirulina extract.
• In March 2019,  Naturex, now a Givaudan business is leading the industry's investment in food coloring with the introduction of Vegebrite Ultimate Spirulina. The company's production facility in Avignon, France, has added a new extraction line, tripling the capacity of spirulina production. To fulfill the rising demand for clean-label blues and greens around the world, Naturex has increased its manufacturing capacity.

Segmentation:

• By Formulation
  • Powder
  • Tablet & Capsule
  • Liquid
  • Granule
• By Application
  • Nutraceuticals
  • Food
  • Cosmetics
  • Agriculture
  • Feed
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others

1.  INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. GLOBAL SPIRULINA EXTRACT MARKET, BY FORMULATION

5.1. Introduction

5.2. Powder

5.3. Tablet & Capsule

5.4. Liquid

5.5. Granule

6. GLOBAL SPIRULINA EXTRACT MARKET, BY APPLICATION

6.1. Introduction

6.2. Nutraceuticals

6.3. Food

6.4. Cosmetics

6.5. Agriculture

6.6. Feed

6.7. Others

7. GLOBAL SPIRULINA EXTRACT MARKET, BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. United States

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Others

7.4. Europe

7.4.1. United Kingdom

7.4.2. Germany

7.4.3. France

7.4.4. Spain

7.4.5. Others

7.5. The Middle East and Africa

7.5.1. Saudi Arabia

7.5.2. UAE

7.5.3. Israel

7.5.4. Others

7.6. Asia Pacific

7.6.1. Japan

7.6.2. China

7.6.3. India

7.6.4. South Korea

7.6.5. Indonesia

7.6.6. Thailand

7.6.7. Others

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

9. COMPANY PROFILES 

9.1. DDW - the Color House

9.2.  DIC Corporation- Earthrise Nutritionals

9.3. Chr. Hansen A/S

9.4. Naturex SA

9.5. Royal DSM

9.6. Dohler Group

9.7. E.I.D. Parry (India) Limited.

9.8. C.B.N. Spirulina Canada Co., Ltd

9.9. BASF SE

9.10. Sensient Technologies Corporation

DDW - the Color House

DIC Corporation- Earthrise Nutritionals

Chr. Hansen A/S

Naturex SA

Royal DSM

Dohler Group

E.I.D. Parry (India) Limited.

C.B.N. Spirulina Canada Co., Ltd

BASF SE

Sensient Technologies Corporation