Spirulina Extract Market
Spirulina Extract Market Forecasts to 2028 - Global Analysis By Nature (Organic and Conventional), Type (Arthrospira Maxima and Arthrospira Platensis), Product, Application, Distribution Channel and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $531.05 MN |
|
Projected Year Value (2028) |
US $966.75 MN |
|
CAGR (2022 - 2028) |
10.50% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Spirulina Extract Market is accounted for $531.05 million in 2022 and is expected to reach $966.75 million by 2028 growing at a CAGR of 10.50% during the forecast period. A kind of blue-green algae known as spirulina has a high nutritional value and has been used as food since ancient times. It is a whole biological product made up of dried cyanobacterium Arthrospira biomass, which are minute filamentous organisms that are found in large quantities in nearly mono-algal forms in very alkaline lakes. Spirulina is obtained from a variety of plants, flowers, and microalgae. Numerous substances, including phycocyanin, phenolics, and polysaccharides, are abundant in spirulina. It has anti-inflammatory, immune stimulating, and antioxidant properties. Spirulina may be utilised in a variety of goods, including food, medications, cosmetics, and personal care items.
According to the American National Standards Institute, global dietary supplement sales increased from USD 220 billion in 2021 and are expected to reach USD 252 billion in 2025.
Market Dynamics:
Driver:
Raising demand for high nutrition food
Due to Spirulina's status as a super food with the highest protein content of any naturally cultivated food, demand for it is unavoidable. Roughly 60% of a 100g of raw spirulina is made up of protein. As a result, it ranks among the meals with the greatest protein content worldwide. Spirulina also contains significant levels of vitamins and minerals. It consists of minerals including calcium, iron, manganese, potassium, magnesium, phosphorus, sodium, and zinc as well as a variety of vitamins like A, B, C, E, and K. The market demand is being driven by all these advantages.
Restraint:
Limited research activities
Spirulina manufacturing at the commercial scale first began about 30 years ago. There has only been a little amount of study on spirulina over the past 30 years, which raises doubts about the claims made about this super food. Since there aren't enough scientific studies, most businesses and regulatory bodies claim that spirulina has no negative side effects and won't cause allergies or cancer. The lack of study is hindering the market growth.
Opportunity:
Approval from various regulatory agencies
Approval from multiple regulatory bodies in various countries have opened the doors for natural colour manufacturers who identified Spirulina as a possible raw material for production of natural colour and initiated the supply of the new products prepared from Spirulina. Several major companies from emerging nations have also introduced new types of the substance, which has fuelled the expansion of the industry.
Threat:
Huge side effects
Spirulina side effects include nausea, liver damage, a fast pulse, sleeplessness, and headaches when consumed often or when taken in large doses. There is a chance that spirulina contains dangerous substances. It exacerbates autoimmune diseases and thins the blood. People with diabetes should check their blood sugar levels when consuming spirulina because it may impact blood sugar levels. These side effects are hampering the market growth.
Covid-19 Impact
There are major medical, social, and financial difficulties as a result of the COVID-19 pandemic. But during the epidemic, the spirulina market received favourable reviews. During the COVID-19 epidemic, sales of dietary supplements have also grown significantly, as has the usage of dietary supplements such vitamins, minerals, and nutritional and herbal supplements. Due to its special nutritional composition, spirulina is regarded as a nutritious powerhouse. It contains a lot of protein and a balanced mixture of all eight necessary amino acids. Its nutritional values rose its demand drastically in the pandemic.
The powder segment is expected to be the largest during the forecast period
The powder segment is estimated to have a lucrative growth, due to its rising demand from nutraceutical manufacturers. The growing health consciousness among consumers is boosting its usage in nutraceutical industry. Spirulina powder is also used as an ingredient in various food & beverage products. The growing popularity of the vegan diet and adoption of herbal ingredients in cosmetic products are fuelling the segment’s demand.
The food & beverages segment is expected to have the highest CAGR during the forecast period
The food & beverages segment is anticipated to witness the fastest CAGR growth during the forecast period. The demand for spirulina natural food colour in confectionery goods, frostings, ice cream and frozen desserts, dessert coatings and toppings, beverage mixes and powders, yoghurts, custards, puddings, cottage cheese, gelatine, breadcrumbs and ready-to-eat cereals is primarily what is fueling this segment's rapid growth.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to growing awareness among consumers for natural food products. Strict guidelines were put in place by the local authorities prohibiting synthetic colours. The market in the United States is extremely competitive for nutraceuticals and its ancillary businesses, such as cosmetics and bio fertilizers. The market demand is also being driven by the rising preference for natural protein sources and the presence of major spirulina producers with enormous production capacity.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to scientific and technological advancements. Huge scientific and technical advancements are made for the study of microalgae use in dietary supplements and health foods. This industry is dealing with a growth in the use of phycocyanin in the production of nutritional and medicinal goods. The market demand is also being fuelled by an increase in the popularity of natural blue colourants as well as investments made in the phycocyanin sector by top colour companies.
Key players in the market
Some of the key players profiled in the Spirulina Extract Market include Sensient Technologies Corporation, BASF SE, Royal DSM, DIC Corporation- Earthrise Nutritionals, Dohler Group, E.I.D. Parry (India) Limited., Chr. Hansen A/S, Allied Biotech Corporation, C.B.N. Spirulina Canada Co., Ltd, Naturex SA, GNT International B.V., Archer Daniels Midland Company, BioconColours, Kalsec Inc, ROHA, Givaudan (DDW - the Color House) and Symrise AG.
Key Developments:
In June 2022, BASF launched VerdessenceTM RiceTouch, a new biopolymer suitable for a broad range of personal care products. This plant based sensory powder with small particle size provides powdery light and smooth skin feel and is ideal for matte type cosmetics.
In January 2022, Royal DSM, a global purpose-led science-based company revealed its new integrated Food & Beverage operating structure which unifies three areas of DSM’s nutrition business – Food Specialties, Hydrocolloids and part of its Nutritional Products group – to closely align with emerging customer and market needs.
In October 2021, Dohler and Sacco System have formed an alliance in the plant-based dairy alternatives and food cultures categories. The partnership will start with formulating new dairy-free yogurts and progressing over time to drinks, cheeses and spreads.
Natures Covered:
• Organic
• Conventional
Types Covered:
• Arthrospira Maxima
• Arthrospira Platensis
Products Covered:
• Powder
• Capsules
• Flakes
• Tablets
• Phycocyanin
• Frozen Spirulina
Applications Covered:
• Food & Beverages
• Dairy Products
• Bakery, Snacks & Cereals
• Candy & Confectionery
• Fruit Preparations & Fillings
• Meat, Poultry, Fish, & Eggs
• Sauces, Soups, & Dressings
• Potatoes, Pasta, & Rice
• Pet Food
• Seasonings
• Agriculture
• Cosmetics
• Nutraceuticals
Distribution Channels Covered:
• Consumer Channel
• Business Channel
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Spirulina Extract Market, By Nature
5.1 Introduction
5.2 Organic
5.3 Conventional
6 Global Spirulina Extract Market, By Type
6.1 Introduction
6.2 Arthrospira Maxima
6.3 Arthrospira Platensis
7 Global Spirulina Extract Market, By Product
7.1 Introduction
7.2 Powder
7.3 Capsules
7.4 Flakes
7.5 Tablets
7.6 Phycocyanin
7.7 Frozen Spirulina
8 Global Spirulina Extract Market, By Application
8.1 Introduction
8.2 Food & Beverages
8.3 Dairy Products
8.4 Bakery, Snacks & Cereals
8.5 Candy & Confectionery
8.6 Fruit Preparations & Fillings
8.7 Meat, Poultry, Fish, & Eggs
8.8 Sauces, Soups, & Dressings
8.9 Potatoes, Pasta, & Rice
8.10 Pet Food
8.11 Seasonings
8.12 Agriculture
8.13 Cosmetics
8.14 Nutraceuticals
9 Global Spirulina Extract Market, By Distribution Channel
9.1 Introduction
9.2 Consumer Channel
9.3 Business Channel
10 Global Spirulina Extract Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Sensient Technologies Corporation
12.2 BASF SE
12.3 Royal DSM
12.4 DIC Corporation- Earthrise Nutritionals
12.5 Dohler Group
12.6 E.I.D. Parry (India) Limited.
12.7 Chr. Hansen A/S
12.8 Allied Biotech Corporation
12.9 C.B.N. Spirulina Canada Co., Ltd
12.10 Naturex SA
12.11 GNT International B.V.
12.12 Archer Daniels Midland Company
12.13 BioconColours
12.14 Kalsec Inc
12.15 ROHA
12.16 Givaudan (DDW - the Color House)
12.17 Symrise AG
List of Tables
1 Global Spirulina Extract Market Outlook, By Region (2020-2028) ($MN)
2 Global Spirulina Extract Market Outlook, By Nature (2020-2028) ($MN)
3 Global Spirulina Extract Market Outlook, By Organic (2020-2028) ($MN)
4 Global Spirulina Extract Market Outlook, By Conventional (2020-2028) ($MN)
5 Global Spirulina Extract Market Outlook, By Type (2020-2028) ($MN)
6 Global Spirulina Extract Market Outlook, By Arthrospira Maxima (2020-2028) ($MN)
7 Global Spirulina Extract Market Outlook, By Arthrospira Platensis (2020-2028) ($MN)
8 Global Spirulina Extract Market Outlook, By Product (2020-2028) ($MN)
9 Global Spirulina Extract Market Outlook, By Powder (2020-2028) ($MN)
10 Global Spirulina Extract Market Outlook, By Capsules (2020-2028) ($MN)
11 Global Spirulina Extract Market Outlook, By Flakes (2020-2028) ($MN)
12 Global Spirulina Extract Market Outlook, By Tablets (2020-2028) ($MN)
13 Global Spirulina Extract Market Outlook, By Phycocyanin (2020-2028) ($MN)
14 Global Spirulina Extract Market Outlook, By Frozen Spirulina (2020-2028) ($MN)
15 Global Spirulina Extract Market Outlook, By Application (2020-2028) ($MN)
16 Global Spirulina Extract Market Outlook, By Food & Beverages (2020-2028) ($MN)
17 Global Spirulina Extract Market Outlook, By Dairy Products (2020-2028) ($MN)
18 Global Spirulina Extract Market Outlook, By Bakery, Snacks & Cereals (2020-2028) ($MN)
19 Global Spirulina Extract Market Outlook, By Candy & Confectionery (2020-2028) ($MN)
20 Global Spirulina Extract Market Outlook, By Fruit Preparations & Fillings (2020-2028) ($MN)
21 Global Spirulina Extract Market Outlook, By Meat, Poultry, Fish, & Eggs (2020-2028) ($MN)
22 Global Spirulina Extract Market Outlook, By Sauces, Soups, & Dressings (2020-2028) ($MN)
23 Global Spirulina Extract Market Outlook, By Potatoes, Pasta, & Rice (2020-2028) ($MN)
24 Global Spirulina Extract Market Outlook, By Pet Food (2020-2028) ($MN)
25 Global Spirulina Extract Market Outlook, By Seasonings (2020-2028) ($MN)
26 Global Spirulina Extract Market Outlook, By Agriculture (2020-2028) ($MN)
27 Global Spirulina Extract Market Outlook, By Cosmetics (2020-2028) ($MN)
28 Global Spirulina Extract Market Outlook, By Nutraceuticals (2020-2028) ($MN)
29 Global Spirulina Extract Market Outlook, By Distribution Channel (2020-2028) ($MN)
30 Global Spirulina Extract Market Outlook, By Consumer Channel (2020-2028) ($MN)
31 Global Spirulina Extract Market Outlook, By Business Channel (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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