The latest market report published by Credence Research, Inc. “Spirulina Extract Market, By Application – Growth, Future Prospects and Competitive Analysis, 2016 – 2024,”the global spirulina extract was valued at US$ 128.2 Mn in 2015, and is expected to each US$ 289.0 Mn by 2024, expanding at a CAGR of 9.6% from 2016 to 2024.
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Considering the various natural food colors available, spirulina extract is anticipated to witness robust growth during the forecast period. In addition, regulatory approvals from the U.S. FDA for usage of spirulina extract has boosted the demand for spirulina extract among food and beverage manufacturers majorly in North America. Few brands such as Kraft Heinz, Kellogg, Nestle and General Mills pledged to seek approval for spirulina extract for obtaining blue color is the key factor fuelling the spirulina extracts market growth.
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Furthermore, other factors such as growing demand for blue color mainly in confectionery products, desserts and beverages, demand for clean label and natural ingredient products and ban by governments of various countries on usage of synthetic color acts as growth stimulating pointer for spirulina extract market. In addition, spirulina is anticipated to gain significant traction in combination with other natural ingredient pigments and is thus, expected to record robust growth during the forecast period. However, stability issue and sufficient availability of raw material are restraining the spirulina extract market growth.
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In 2015, Europe dominated the market in terms of revenue share, followed by North America and Asia Pacific. North America accounted for around 30% of the overall spirulina extract market. However, Asia Pacific is expected to record highest CAGR over the forecast period. Some of the factors fuelling the Asia Pacific spirulina extract market growth include demand for natural ingredients, rising food and beverages industry, increasing consumption of organic food products and consumer awareness regarding health benefits associated with consumption of natural-based products. In addition, spirulina extracts market in anticipated to witness steady growth in Latin America.
Companies engaged in manufacturing of spirulina extract are keen on developing customized formulations suiting the need of end use consumers coupled with extensive research and development to offer efficient formulations particularly to the beverage manufacturers. Some of the prominent players identified in the spirulina extract market include DDW The Color House, Chr. 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 and Algene Biotech.
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