The spirulina extracts market is valued at US$ 42 million as on 2021. The valuation as on 2022 is US$ 48.13 million. The market is projected to grow at a CAGR of 14.6% during the forecast period. The expected valuation of spirulina extracts market by 2032 is US$ 188.05 million.
The cosmetics manufacturers are increasing the usage of spirulina extracts as these contain anti-wrinkle, anti-acne, and moisturizer properties. This is expected to surge the demand for spirulina extracts during the forecast period. Moreover, the spirulina extracts are gradually replacing the additives and artificial flavors. Furthermore, these are being increasingly employed in dietary supplements because of their number of health benefits.
Even the health experts have recommended the intake of spirulina extracts in prescribed quantities as these are rich source of Vitamin B, polysaccharides, selenium, zinc, and phycocyanin. These as well are expected to increase the sales of spirulina extracts during the forecast period.
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Additionally, there is an increase in the number of vegan and vegetarian population. Many vegetarians do not prefer consuming eggs as well. This would certainly surge the usage of spirulina extracts as these extracts are a rich source of different kinds of nutrients, which can hardly be fulfilled by any other fruits or vegetables.
Thus, from the research conducted by FMI, it can be inferred that Continuous innovation in spirulina extracts-based food, coupled with an increase in health consciousness among consumers, and lots of other factors are expected to drive the spirulina extracts market.
Key Takeaways:
- Spirulina extracts market valuation as on 2021 was US$ 42 million.
- Spirulina extracts market value as on 2022 was US$ 48.13 million.
- The expected spirulina extracts market size as on 2032 was US$ 188.05 million.
- The spirulina extracts market is anticipated to grow at a CAGR of 14.6% during the forecast period.
- Based on the nature, the conventional spirulina extracts had the largest market share of 80.3% in 2021.
- Based on the application, the candy/confectionary segment had the largest market share of 24.8% in 2021.
- Based on the region, North America is the largest spirulina extracts market.
- Asia Pacific expected to be the fastest growing market.
- USA spirulina extracts market is expected to be valued at around US$ 60 million by 2032.
- Japan market expected to grow at an anticipated CAGR of 15.1% during the forecast period.
- Germany spirulina extracts market expected to grow at a CAGR of 12.6% during the forecast period.
- China market expected to grow at a CAGR of 16.7% during the forecast period.
- India market expected to grow at a CAGR of 16% during the forecast period.
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Competitive Scenario
With mergers and acquisitions happening at a rapid pace, the key players are looking at ways to expand their presence across the globe. Additionally, the key players are also looking to diversify their product portfolio by venturing into other sectors here spirulina extracts can be used.
Some of the recent developments are:
- In June 2022, Aller Aqua appointed Hendrik Sorensen as the new sales manager for D-A-CH.
- In August 2022, DIC and FPCO begin collaborating to deploy the world’s first Dissolution and separation recycling technology for the closed-loop recycling of plastic food trays.
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,
- DDW – the Color House,
- DIC Corporation- Earthrise Nutritionals,
- Dohler Group,
- Fiorio Colori S.p.A,
- FMC Corporation
- Hydro Linea Biotech,
- Naturex SA,
- Royal DSM,
- Sensient Technologies Corporation
- Solazyme
- Japan Algae Co., Ltd.
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Frequently Asked Questions
- What is the Expected CAGR of the Spirulina Extracts Market during the Forecast Period?
- What is the Expected Spirulina Extracts Market Size in 2032?
- What is the Valuation of Spirulina Extracts Market as on 2022?
- Which Region is the Largest Spirulina Extracts Market?
- What are the Main Factors Driving the Spirulina Extracts Market?
About FMI
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