New York, April 26, 2023 (GLOBE NEWSWIRE) -- By 2032, The Spirulina Extract Market will grow at a value-based CAGR of 6.0%, with sales rising from US$ 234.9 Million to about US$ 502.4 Million.
Spirulina extract, also known as Arthrospira platensis, is a natural blue-green microalgae that has been consumed by humans for centuries. It is known for its high nutritional value and has been recognized as a "superfood" due to its rich content of proteins, essential amino acids, vitamins, minerals, and antioxidants. Spirulina extract is widely used in various industries, including food and beverage, nutraceuticals, cosmetics, and pharmaceuticals, due to its potential health benefits and functional properties.
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Spirulina Extract Market Trends
- Rising Demand for Natural and Plant-Based Products: With increasing awareness about health and wellness, consumers are seeking natural and plant-based alternatives to traditional supplements and food ingredients.
- Expanding Applications in Food and Beverage Industry: Spirulina extract is being increasingly used as a natural food coloring and flavoring agent in the food and beverage industry.
- Growing Demand in Nutraceuticals and Dietary Supplements: Spirulina extract is widely used in the production of nutraceuticals and dietary supplements due to its high nutritional content. It is rich in protein, vitamins, minerals, and antioxidants, making it a valuable ingredient in supplements aimed at promoting overall health and well-being.
- Increasing Applications in Cosmetic and Personal Care Products: Spirulina extract is also finding applications in the cosmetic and personal care industry due to its potential benefits for skin and hair health.
- Advancements in Extraction and Processing Technologies: Advances in extraction and processing technologies have contributed to the growing availability of high-quality spirulina extract in the market. Improved extraction methods, such as spray drying and freeze drying, have helped to retain the nutritional content and quality of spirulina extract, making it more suitable for various applications.
Spirulina Extract Market Demand
- Rising Consumer Awareness about Health Benefits: Consumers are increasingly becoming health-conscious and are seeking natural and nutritional products to support their well-being.
- Adoption of Plant-Based Diets: The adoption of plant-based diets, including veganism and vegetarianism, is on the rise globally. Spirulina extract is considered a sustainable and plant-based source of essential nutrients, making it an attractive option for consumers following plant-based lifestyles.
- Expanding Applications in Various Industries: Spirulina extract is being used in a wide range of industries, including food and beverages, nutraceuticals, dietary supplements, cosmetics, and personal care. In the food and beverage industry, spirulina extract is used as a natural food coloring and flavoring agent, as well as a functional ingredient in various products.
- Advancements in Extraction and Processing Technologies: Advances in extraction and processing technologies have led to the availability of high-quality spirulina extract in the market.
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Market Challenges:
- Quality and Purity Concerns: Maintaining the quality and purity of spirulina extract can be challenging due to the risk of contamination during cultivation, harvesting, and extraction processes.
- Lack of Regulatory Standards: There is a lack of consistent regulatory standards for spirulina extract in different countries, which can create challenges for manufacturers and hinder market growth.
- Price Volatility: The price of spirulina extract can be volatile due to various factors, such as fluctuating raw material costs, production challenges, and market demand.
- Limited Consumer Awareness: Although spirulina extract has gained attention in recent years, there is still limited consumer awareness about its health benefits and applications.
- Competition from Alternative Ingredients: Spirulina extract faces competition from other natural and plant-based ingredients that offer similar health benefits and functionalities.
Competitive Landscape:
The report provides a comprehensive analysis of the competitive landscape of the spirulina extract market, including the profiles of key players, their market share, product portfolio, business strategies, and recent developments. The key players operating in the spirulina extract market include Chr. Hansen A/S, Cyanotech Corp., DDW Inc., DIC Corporation, Dongtai City Spirulina Bio-Engineering Co., Ltd., Fuqing King Dnarmsa Spirulina Co., Ltd., GNC Holdings, Inc., Now Health Group Inc., Sensient Technologies Corp., Parry Nutraceuticals Limited, Naturalin Bio-Resources Co., Ltd, Far East Bio-Tec Co., Ltd., Döhler GmbH, Naturex S.A., Fraken Biochem Co., Ltd., among others.
Market Segmentation
- By Nature: (Conventional, Organic)
- By Form: (Powder, Tablet and Capsule, Liquid)
- By Application: (Food and Beverage, Nutraceuticals, Animal Feed, Cosmetics & Personal care, Others)
Regional Analysis
North America is a significant market for spirulina extract, driven by increasing consumer demand for natural and plant-based ingredients in the food and beverages, nutraceuticals, and cosmetics and personal care sectors. The United States is a major contributor to the spirulina extract market in North America, with a well-established health and wellness industry and growing consumer awareness about the health benefits of spirulina. The market is also driven by the increasing adoption of spirulina extract in dietary supplements, functional foods, and beverages, as well as the rising trend of clean label and natural ingredients in food and beverage formulations.
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Recent Developments
- A maker of dairy products with its headquarters in Finland, Valio OY, sold its LGG business to Hansen Holding in September 2016. Lactobacillus rhamnosus GG, sometimes known as LGG, is a probiotic strain used in infant formulae and dietary supplements.
- In 2016, DDW introduced a novel blue-colored Spirulina liquid with up to 40% better light stability. The company's earlier versions of blue had poor heat and light stability.
- The US Food and Drug Administration (US-FDA) gave the Parry Nutraceuticals Limited facility in India permission to cultivate and process organic microalgae in May 2017. As the first company in the world to develop all three forms of microalgae—spirulina, astaxanthin, and chlorella—the company aims to produce a distinctive range of goods.
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