Spirulina Market Size, Share, Growth Rate & Forecast (2019 - 2025)
According to our report, the size of the Global Spirulina Market is expected to value at USD xx Million in 2019 and this size predicted to cross USD xx Million by the end of 2025 registering a CAGR of 12.39% during the forecast period 2019 - 2025.
The growth of the Spirulina market is steered by the improved consumer awareness on the benefits of going natural is contrary to chemical-based food, along with the health-beneficial properties of using natural food colors. Apart from this, other factors that drive the Spirulina market growth include the need for clean-labeled products and advantageous government regulations. For instance, the approval of the FDA to make use of Spirulina in the making of candy in the U.S., to get the blue color, as a substitute to chemical-based blue. To add to this, development in the extraction of food color methods and packaging innovation is projected to further enhance the development of this market.
Spirulina is power-packed with beta-carotene, chlorophyll, and phycocyanin, and is frequently used as an ingredient to induce natural color. Linablue, the color used in edible food products such as confectionery and ice-creams comes from Spirulina. The ban on different synthetic food colors in my developed countries such as the United States, EU, and Japan, is a major driving factor for this market. Already Japan has banned chemical-based food colors and made it mandatory to use only natural colors. In the U.S., Spirulina extracted Linablue is approved by the FDA and is widely used in the making of candies in the place of unnatural colors. The Spirulina market is shared between industries such as food, nutraceuticals, feed, cosmetics, agriculture, etc.
The contamination of Spirulina can badly affect the production, constant fluctuations of Spirulina in import and export, and irregular environment transformation challenging the manufacturing of Spirulina are the factors affecting the development of the global Spirulina extract market.
The Spirulina market growth is disturbed by additional cost linked with the making of natural colors when compared to synthetic colors which are less costly. Furthermore, a number of Spirulina extracts are far less stable than synthetic colors as they simply alter color when exposed to light.
Spirulina Market is Segmented & Sub-Segmented into Following Categories:
Spirulina Market - By Form
- Tablet / Capsules
On the basis of Form, the Spirulina powder segment is anticipated to occupy the maximum proportion of the market and is expected to develop at a CAGR rate of 8.23 percent by 2023. Spirulina extracts are having various applications in the different prominent industries of the world such as food and beverages (F&B), nutraceuticals, cosmetic and personal care products, pharmaceuticals and so on. Out of all these, the nutraceutical segment is believed to experience the maximum growth rate at a CAGR of 8.34 percent during the projected period.
Spirulina Market - By Composition
On the basis of Composition, Spirulina is a filamentous and multicellular blue-green colored micro-algae. It is packed with vitamins, proteins, minerals, antioxidants, and carotenoids and hence consumed by humans as a nutritional food supplement. Usually, it grows in freshwaters, artificially can also be grown depending on its nutritional value. Further, it is procured in different ways and is finally dried to convert it into powder. Spirulina started gaining significance from the past few decades, as people started recognizing its importance as a protein supplement. The food industry, especially the Nutraceuticals industry has a special place for Spirulina.
Spirulina Market - By End-user Industry
- Food & Beverages
- Cosmetics & Personal Care
On the basis of End-user, Food and Beverages (F&B) industry had slowly begun withdrawing from artificial colors, owing to the mounting safety issues and increasing interest in natural colors. Spirulina powder is deemed as one of the top alternatives for natural food color by the Food and Beverages (F&B) manufacturers. The unique blue color of Spirulina is mainly due to its primary protein pigment named phycocyanin. In addition, it can be mixed with other colors to extract other colors, for example, lavender, green and violet. Hence, it can be widely used in different foods and beverages for coloring purposes. The application of Spirulina is not just limited to the F&B industry, it also finds many applications in the personal care and cosmetic industry too.
When it comes to the personal and cosmetic industry, Spirulina is majorly used in the formulation of anti-aging creams. Spirulina, if given in a dose of one gram per day to a child suffering from malnutrition, it can show positive results just in a few numbers of weeks. Recent studies also recommend that Spirulina can contribute to cognitive performance and physical development. Spirulina is believed to be packed with high-quality natural feed extracts that can be used in poultry and animal nutrition. Moreover, it also plays a key role in aquaculture, specifically in the hatchery and aquatic farming. A major reason for the spurring development of the worldwide Spirulina market is the increasing need for clean label products. The trend of clean label products has developed beyond ingredients and specifies that the food is made using natural colors. There is a rise in customer attentiveness on health and wellness and the increasing demand for Spirulina usage as an organic food color as a substitute for synthetic counterparts.
Spirulina Market - By Region
- North America
- The United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- New Zealand
- Latin America
- Rest of Latin America
- Middle East & Africa
Regionally, this market is anticipated to be mainly dominated by Europe in the coming four to five years, and North America follows the trail. Numerous regions including North America and the Asia Pacific are more inclined towards using natural products like Spirulina extract that is anticipated to boost the demand for Spirulina further throughout the forecasted period.
The market for the Spirulina market is mainly developing at a rapid pace in numerous developed nations such as Germany, the USA, and Japan due to the increasing awareness of the consumers about the negative effects of unnatural colors in food products. These nations mainly find the use of Spirulina in the populace that mainly comprises of high-income groups. Furthermore, EU nations have banned the manufacturing of chemical-based colors and even banned the import of such harmful colors from other nations. As a result, the demand for Spirulina has skyrocketed especially in this region.
The Asia Pacific region continues to maintain its dominance during the projection period and is expected to grow at a CAGR rate of 8.45 percent. Also, China is anticipated to see an extensive growth of 9.30 percent during the forecast period. The manufacturers of Spirulina can get a great opportunity in the United States, due to the growing demand for natural colors in the food products and beverages as well.
Top Companies Playing Major Role in the Spirulina Market are:
- Cyanotech Corporation (Hawaii)
- E.I.D. Parry (India)
- Limited (India)
- Jiangxi Alga Biotech (China)
- Tianjin Norland Biotech Co. Ltd (China)
- DIC Corporation (Japan)
- Hydrolina Biotech Private Limited (India)
- Synergy Natural Products Pty Ltd. (Australia)