Spirulina extract Market sales are predicted to increase rapidly, reaching a total value of US$ 42 million in 2021. According to Future Market Insights, demand for spirulina extract is predicted to expand at a 14.6 percent CAGR over the assessment period (FMI). The demand for clean label food products and ingredients is increasing as people’s health worries about food grow. High market growth is expected due to consistent advancements in spirulina-based products and their applications in various end-use sectors.
Furthermore, according to FMI, the conventional spirulina extract sector will account for 80.3 percent of the total market share in 2021. Spirulina extract is widely used in fertilizers and animal feed, in addition to the food business. Nutrients, seaweed extract, amino acids, plant growth stimulants, macronutrients, and micronutrients abound in spirulina fertilizers. A combination of these chemicals may aid in the healthy development of crops as well as increase production. These fertilizers are simple to apply, reduce soil salt content, and encourage the creation of soil bacteria enzymes, which is why spirulina extract is used in fertilizers.
Who is winning?
Royal DSM, Algene Biotech, BASF, FMC Corporation, Chr. Hansen A/S, Cyanotech Corporation, Dohler Group, DDW – The Color House, Japan Algae Co., Ltd, DIC Corporation- Earthrise Nutritionals, Fiorio Colori S.p.A, Naturex SA, Solazyme, Aller Aqua, C.B.N. Spirulina Canada Co., Ltd, Hydro Linea Biotech, and Sens To improve their product portfolios, companies in the worldwide Spirulina extract market are investing heavily in research and development, as well as mergers and acquisitions. • DIC Corporation announced in June 2020 that its wholly-owned subsidiary DIC Lifetec Co., Ltd., which develops and sells DIC Spirulina, has launched a liquid form of its Linablue® naturally derived blue food coloring.
- Through 2031, sales of conventional spirulina extract are expected to expand at a 14.0 percent compound annual growth rate (CAGR).
- Candy and confectionery are expected to account for 24.8 percent of the entire spirulina extract market.
- With 86.5 percent of the North American spirulina extract market, the United States will emerge as an attractive market.
- Spirulina extract will continue to be in great demand in Germany, with sales increasing at a 12.6 percent CAGR until 2031.
- Over the projection period, China’s demand for spirulina extract is expected to grow at a 16.7% CAGR.
- India’s spirulina market is predicted to grow at a 16 percent compound annual growth rate (CAGR), making it an attractive industry.
- In 2018, Japan and South Korea are expected to account for 18.7% and 5.7 percent of the total spirulina extract market, respectively.