Spirulina Extract Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global Spirulina Extract Market is on a growth trajectory during forecast period. This expansion is projected to increase revenue from US$ 260 million in 2024 to approximately US$ 490 million by 2031, according to the latest market analysis.

Understanding Spirulina Extract

Spirulina is a type of blue-green algae known for its high nutritional content and historical use as a food source. It is primarily composed of dried cyanobacterium Arthrospira biomass, which is rich in essential nutrients. Spirulina Extract, derived from phycocyanin, is a naturally obtained blue pigment from spirulina. It serves as both a natural food colorant and a functional food ingredient.

Key Market Trends

High Nutritional Value: Spirulina is considered a superfood due to its high protein content. In its raw form, spirulina contains approximately 60% protein, making it one of the richest protein sources globally. Additionally, spirulina is rich in vitamins (A, B, C, E, and K) and minerals (calcium, iron, manganese, potassium, magnesium, phosphorus, sodium, and zinc).

Increased Applications: FDA approval for the use of spirulina in food and beverages has led to the development of various spirulina-based products. Spirulina is now used in the food, beverage, cosmetics, animal feed, pet food, and nutraceutical industries. Natural blue and green colors derived from spirulina are in high demand.

Regulatory Approvals: Spirulina's approval for use in food and beverages by regulatory agencies has paved the way for natural color manufacturers to utilize it as a raw material for natural color production. This has led to the emergence of new spirulina-based products, with established players and new entrants contributing to the market's growth.

Market Challenges

Social Stigma: Discussing symptoms related to irritable bowel syndrome (IBS) is often uncomfortable, leading to a stigma associated with IBS. This social discomfort can hinder market growth.

Competition: The spirulina extract market faces competition from numerous participants, leading to pricing and sales challenges. Several companies, including GNT Holdings B.V., Chr. Hansen Holding A/S, DDW Inc., DIC Corporation, and Sensient Technologies Corp., are manufacturing spirulina-based natural colors.

U.S. Market Insights

The U.S. market is experiencing significant growth due to increasing emphasis on supplementation and preventative healthcare. Rising concerns about obesity and lifestyle-related disorders have driven the demand for low-calorie, high-protein supplement sources.

European Market Outlook

The European spirulina extract market benefits from the presence of leading players and regulatory authorities' increased focus on manufacturing and labeling regulations. Manufacturers are expanding their product portfolios in response to these regulations, launching new products in the region.

Emerging Chinese Market

China is emerging as a prominent market for spirulina extract, with manufacturers expanding their global footprint and technological capabilities to meet the growing demand for natural color from spirulina.

Competitive Landscape

DIC Corporation, parent company of Earthrise Inc., is the largest spirulina producer globally, holding an 18.2% share of the market. Other major players include Now Health Group Inc., Chr. Hansen A/S, Fuqing King Dnarmsa Spirulina Co., Ltd., Cyanotech Corp., DDW Inc., Dongtai City Spirulina Bio-Engineering Co., Ltd., and Sensient Technologies Corp.

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

By Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa

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