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
“Global Spirulina Extracts Market Trends, Product Applications, Growth Analysis, and Global Forecast till 2028” is a forthcoming report tracked by MarketResearch.biz team. The target market report includes drivers, restraints, and external threatening factors and their impact on the market. Profiles of key international players are included in the final report along with details such as revenue, segment revenue related to target market, geographical presence and market footprint, competitive analysis and SWOT analysis. The global spirulina extracts market is categorized on the basis of nature, application, and region & country.
Spirulina Extracts: Product Overview
Spirulina extracts are made using vitamins, minerals, and natural herbs in order to increase energy levels and offer antioxidant protection. Spirulina contains phycocyanin which makes it the best natural blue color, that is 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 growth of the global spirulina extracts market. Moreover, the growing popularity of natural food colors and introduction of organic coloring by manufacturers are factors estimated to support growth of the target market in the forthcoming years.
However, high production cost of spirulina extracts and related products is a factor restraining growth of the global spirulina extracts market to some extent. In addition, 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 at a significant rate 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 growth of the Europe spirulina extracts market. North America market is projected to record 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 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 growth of the Asia Pacific market. 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:
Segmentation by Application:
- Soft drinks
- Meat and savory
- Oil and fats
- Fruit & vegetables
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- DDW The Color House
- Hansen A/S
- DIC Corporation
- Naturex S.A.
- Cargill, Inc.
- Sensient Technologies Corporation
- GNT Group
- Roha Dyechem Pvt. Ltd.
- Naturalin Bio-Resources Co., Ltd.
- Hydrolina Biotech Private Limited
- Algene Biotech
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