NEWARK, Del, July 24, 2024 (GLOBE NEWSWIRE) -- The spirulina extract market size is estimated to be worth USD 58.9 million in 2024 and is projected to be valued at USD 234.8 million in 2034. Between 2024 and 2034, the industry is expected to register a growth rate of 14.8%. Consumers increasingly prefer natural and clean-label products, the demand for spirulina extracts has surged. The market benefits from the perception of spirulina as a wholesome and sustainable source of nutrition.
The spirulina extracts market is closely tied to the growth of the functional food and beverage sector. As consumers seek products that offer both taste and health benefits, manufacturers are incorporating spirulina extracts into various formulations, including energy bars, smoothies, and functional beverages. Spirulina is a rich source of plant-based protein, making it attractive to the growing vegan and vegetarian demographics. As these populations expand, the demand for plant-based protein alternatives like spirulina extracts continues to rise, driving market growth.
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The shift towards plant-based diets and plant-based protein sources is influencing the spirulina extract market. Spirulina, being a rich source of plant-based protein, aligns with the preferences of consumers seeking vegetarian and vegan alternatives. The increasing global emphasis on healthier living has generated heightened awareness regarding the nutritional advantages offered by spirulina extracts. Consumers are actively pursuing functional foods and beverages that incorporate health-promoting ingredients, thereby driving an upsurge in the demand for spirulina extracts.
Additionally, there has been an increased usage of spirulina extracts across sectors, because of an increasing demand for natural food colors owing to spirulina benefits. This has consequently allowed the manufacturers to develop wide variety of dairy products, pet foods, and confectionaries, resulting in an increase in the demand for spirulina extracts.
Key Takeaways
- From 2019 to 2023, the spirulina extract market was valued at a CAGR of 14.2%
- Based on application, the beverage segment is expected to account for a share of 15% in 2024.
- Global spirulina extract demand in China is predicted to account for a CAGR of 5.0% in 2024.
- In the United States, the spirulina extract industry is expected to account for a CAGR of 5.9% in 2024.
- Germany is projected to expand by a value CAGR of 4.3% between 2024 and 2034.
- The spirulina extract market in India is anticipated to record a CAGR of 6.5% in 2024.
“The increase in demand for dairy products, pet foods, and confectionaries .anticipated to drive the market growth during the forecast period." says Nandini Roy Choudhury, Client Partner at Future Market Insights
Growing Vegetarianism To Boost Spirulina Extracts Market
Owing to a number of health benefits offered by spirulina extracts, these are being increasingly preferred by vegetarians, as some vegetarians stay away from consuming eggs. The reason being these are rich source of magnesium, iron, and calcium as well. Moreover, there are hardly any vegetables that offer so many nutrients.
Thus, the growing population that consumes vegetarian food is expected to surge the sales of spirulina extracts during the forecast period.
Increasing Demand In Personal Care & Cosmetics
The spirulina extracts are a rich source of peptides and phytonutrients. Therefore, these are being used as moisturizers, anti-aging and anti-wrinkle creams, anti-phlogistic and anti-acne agents. Additionally, these micro algae provide sun protection, treat skin pigmentation-based disorders, and heal wounds.
These also improve the hydrolipidic character of skin, which ultimately help in revitalizing the skin. Furthermore, the pigments that are obtained from spirulina are used as natural colorant in products like eyeliners, eyeshadows, and lip sticks. Thus, the demand for spirulina extracts is expected to increase the demand for spirulina extracts going forward.
Competitive Landscape
Many spirulina extract producers are focusing on expanding their market presence both domestically and internationally. This involves entering new geographic regions, establishing distribution networks, and tapping into emerging markets with a growing interest in health and wellness products.
Key Companies Profiled
- Ideal Natural Extract
- Sensient Colours LLC.
- Greenjeeva
- Algene Biotech
- Aller Aqua
- BASF
- Chr. Hansen A/S
- Cyanotech Corporation
- Zhejiang Binmei Biotechnology Co., Ltd
- C.B.N. Spirulina Canada Co., Ltd
- DIC Corporation- Earthrise Nutritionals
Recent Developments in the Spirulina Extract Industry
- Zhejiang Binmei Biotechnology Co., Ltd is likely involved in the production and supply of natural pigments, including spirulina extracts. They may cater to industries such as food, cosmetics, and pharmaceuticals.
- C.B.N. Spirulina Canada is involved in the cultivation and processing of spirulina. They may supply spirulina products for various applications, including dietary supplements and functional foods.
- DIC Corporation, through its subsidiary Earthrise Nutritionals, is a major player in the spirulina industry. They are known for cultivating and producing high-quality spirulina for use in dietary supplements, food products, and more.
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Country Wise Insights
The USA spirulina extracts market is expected to be the most lucrative market over the forecast period.
Consumers in USA are becoming increasingly conscious about the ingredients used in bakery products, and their source as well. The reason being that there is a growing preference for chemical-free bakery. Moreover, an increasing demand for confectionary foods in the region is expected to influence the USA spirulina extracts adoption trends.
Based on the research conducted by FMI, the USA market is expected to witness a CAGR of 5.9% by 2034.
Japan Spirulina Extracts Market
The Japan spirulina extract market is expected to grow at a strong CAGR of 8% by 2034. Additionally, the focus of the Japanese manufacturers is to scale the production of spirulina extracts as the vegan consumers are increasing in the region.
Consequently, Innovation Network Corporation of Japan and Mitsubishi Corporation have invested close to 1.7 billion yen in spirulina manufacturing, as it is a major source of protein.
Germany Spirulina Extracts Market
The Germany spirulina extracts market is expected to grow at a CAGR of 4.3% during the forecast period 2024-2034
The country is known for quality R&D. Thus, the manufacturers are making use of the best R&D practices to develop top quality spirulina extracts products. Moreover, the extracts are used increasingly in cosmetics for healthy skin. All these put together would certainly impact the spirulina extracts market key trends and opportunities in Germany.
China Spirulina Extracts Market
The China spirulina extracts market is expected to grow at a CAGR of 5% during the forecast period. China is one of the leading producers of spirulina, manufacturing around 25% of global spirulina extracts.
Additionally, the growing food and beverages sector in China is something which is expected to propel the spirulina extracts market in the country. Additionally, these are consumed as health supplements as well in China, which might further surge their demand.
India Spirulina Extracts Market
The India spirulina extracts market is expected to grow at a CAGR of 6.5% during the forecast period.
Rapid urbanization, improvement in healthcare infrastructure, and increasing initiatives by the health authorities and government bodies are expected to drive the market. Additionally, a surge in the sales of healthcare supplements is expected to have a positive impact on the spirulina extracts market trends and forecast in India.
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global spirulina extract market, providing historical data from 2019 to 2023 and forecast statistics between 2024 and 2034.
To understand opportunities in the spirulina extract industry by nature(Organic, Conventional) by application (beverage, Bakery, Snacks, & Cereal, Crackers & Savory Snacks, Dairy, Fruit Preparations / Fillings, Meat, Poultry, Fish, & Eggs, Potatoes, Pasta, and rice, Sauces, Soups, & Dressings, Seasonings, Pet Food) Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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