Global Spirulina Extracts Market Insights and Trends, Positive and Negative Factors, Areas to Focus on, Potential Markets, Key Developments, Segments and Verticals, and Forecast 2019 – 2028

Spirulina Extracts: Product Overview

"The Spirulina extracts Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

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Spirulina extracts use vitamins, minerals, and natural herbs to increase energy levels and offer antioxidant protection. Spirulina contains phycocyanin, which makes it the best natural blue color used in food. It is used as a naturally-derived ingredient that is used in colors, food products, nutraceuticals, bio-fertilizers, feed, cosmetics, and fine chemicals. Spirulina extracts are mostly of three colors such as red, blue and yellow.

Global Spirulina Extracts Market: Dynamics

Increasing consumer awareness regarding health benefits by consumption of spirulina extracts is one of the major factors projected to drive growth of the global spirulina extracts market during the forecast period. In addition, innovations in packaging and development in food color extraction techniques are factors projected to boost the growth of spirulina extracts market in the next few years.

In addition, increasing demand for clean label food products and stringent government regulations against the use of artificial coloring are factors fueling the growth of the global spirulina extracts market. Moreover, the growing popularity of natural food colors and the introduction of organic coloring by manufacturers are factors estimated to support the growth of the target market in the forthcoming years.

However, high production cost of spirulina extracts and related products is a factor restraining the growth of the global spirulina extracts market to some extent. In addition, the availability of other organic or natural coloring agents, and counterfeit products offered by local players at reasonable costs are other factors that could hamper market growth.

Global Spirulina Extracts Market: Segment Insights

Nature Segment Analysis:

Among the two nature types, the conventional segment accounted for major revenue share in the market in 2018, owing to higher availability of products at retail stores and online stores at cost-effective prices. Revenue from the organic segment is projected to grow significantly owing to rapidly inclining demand and adoption of organic products, especially edibles by end-use industries and for household usage. Moreover, rising number of e-commerce websites and high preference for purchasing from online platforms, coupled with availability of products on online retail are factors projected to further propel adoption and sales of spirulina extracts.

Application Segment Analysis:

Among the application segments, the oil and fats segment is projected to register a significant growth rate in the global spirulina extracts market during the forecast period. This can be attributed due to the increasing demand for natural products among individuals in developed countries is projected to drive growth of the segment.

Global Spirulina Extracts Market: Region Analysis

Currently, Europe spirulina extracts market is estimated to record major revenue share in the global market and is projected to continue to dominate for the next 10 years. Rising demand for natural food coloring in the food processing industry is projected to drive the Europe spirulina extracts market growth.  North America market is projected to record the second-highest share in terms of value in the market, due to strong presence of prominent players in countries in the region. The Asia Pacific spirulina extracts market is projected to register a significantly high growth rate in the global spirulina extracts market over the next 10 years. This growth can be attributed to increasing awareness towards health benefits associated with the herbal products in countries such as Japan, Indonesia, India, and China in the region. In addition, growing adoption for plant-based ingredients in the cosmetic & personal care products and rising demand for natural cosmetics products is projected to support the Asia Pacific market growth. The MEA and Latin America spirulina extract markets are projected to witness moderate growth rate in the global spirulina extracts market over the 10-year forecast period.

Global Spirulina Extracts Market Segmentation:

Segmentation by Nature:      

• Conventional
• Organic

Segmentation by Application:

• Soft drinks
• Meat and savory
• Confectionary
• Oil and fats
• Dairy
• Fruit & vegetables

Segmentation by Region:

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