The projected valuation of the spirulina extracts market is estimated to surpass US$ 194.2 million by 2033. According to the research, the market is anticipated to clock a 15% CAGR until 2033. In 2023, the spirulina extracts market stands at US$ 47.8 million.

The increasing use of natural ingredients in food products, along with a rising preference for clean-label items among health-conscious consumers, is expected to boost the sales of spirulina extract in the foreseeable future. Furthermore, the strong demand for natural food coloring in the candy and confectionery industries will persist, further driving the demand for spirulina extract.

Innumerable Health Benefits and Growth of Nutraceuticals Expected to Drive Spirulina Extracts Market

Moreover, spirulina extracts have proven effectiveness in promoting robust eye health, primarily due to their rich content of zeaxanthin. Ophthalmologists recommend the consumption of spirulina extracts and their incorporation into eye drops for patients seeking to enhance eye health.

The endorsement of spirulina extracts by health experts for specific individuals is expected to contribute significantly to the escalating demand for these extracts. Beyond the realm of the food industry, spirulina extract is finding extensive application in fertilizers and animal feed.

Spirulina-based fertilizers are enriched with a combination of nutrients, seaweed extract, amino acids, plant growth promoters, macronutrients, and micronutrients. This diverse composition has the potential to support the healthy development of crops, leading to improved yields. The user-friendly nature of these fertilizers, coupled with their ability to reduce soil salt content and stimulate the production of soil bacteria enzymes, further propels the adoption of spirulina extract in the field of fertilizers.

Furthermore, spirulina extract finds application in the personal care and cosmetics industry as a preferred source of non-toxic coloring agents for makeup products like eyeshadows, eyeliners, and lipsticks. The emulsifying and antioxidant properties inherent in spirulina are driving its utilization in skincare items, including moisturizers, serums, and cleansers. This dual functionality makes spirulina extract an increasingly sought-after ingredient in the formulation of cosmetic and skincare products, aligning with the growing consumer demand for natural and beneficial components in personal care items.

“Growing demand for alternative meat protein among vegan and health conscious consumers, coupled with high demand for clean labels ingredients in pet food, will continue driving sales of spirulina extract over the forecast period,” says the FMI analyst.

 Key Takeaways:

• Sales of conventional spirulina extract are projected to grow at a 14.0% CAGR through 2031.
• The candy and confectionary segment is anticipated to hold 24.8% of the total spirulina extract market share.
• The U.S. will emerge as an attractive market, holding 86.5% of the North America spirulina extract market share.
• Germany will continue exhibiting high demand for spirulina extract, with sales growing at a 12.6% CAGR through 2031.
• Demand for spirulina extract in China is anticipated to rise at a 16.7% CAGR over the forecast period.
• The spirulina market in India is expected to expand at a 16% CAGR, placing the country as a lucrative market.
• Japan and South Korea are projected to hold 18.7 and 5.7 of the total spirulina extract market share in 2031.

Competitive Landscape

Some of the leading companies offering Spirulina Extract are 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 Sensient Technologies Corporation and others.

Key Segments in the Spirulina Extracts Market

By Nature:

• Organic
• Conventional

By Application:

• Beverage
  • Milk Drinks & Milk Alternatives
  • Alcoholic Beverages
  • Carbonates (Carbonated Soft Drinks)
  • Sports Drinks
  • Coffee & Cocoa
  • Tea
  • Energy Drink
  • Juice Based Drinks
  • Flavored water
  • Enhanced Water
  • Sparkling Waters
• Bakery, Snacks, & Cereal
  • Breakfast Cereal
  • Bread
  • Cakes & Pastries
  • Cookies
  • Biscuits & Cones
  • Frosting / Icing
  • Crackers & Savory Snacks
• Candy / Confectionery
  • Panned Candy
  • Chocolate & Compound Coating
  • Gummies
  • Chewing Gum
  • Jellies & Licorice
  • Sprinkles & Sugar
  • Hard Candies / Boiled Sweets
• Dairy
  • Cheese
  • Ice Cream
  • Milk Drinks & Milk Alternatives
  • Pudding / Custard
  • Dips & Spreads
  • Yogurt
• Fruit Preparations / Fillings
• Meat, Poultry, Fish, & Eggs
  • Casings
  • Egg & Egg Substitute
  • Fish / Seafood
  • Jerky
  • Meat Substitute
  • Processed Meat & Poultry
• Potatoes, Pasta, & Rice
  • Pasta
  • Potato Chips / Crisps
  • Processed Potatoes
  • Rice
• Sauces, Soups, & Dressings
  • Asian Sauces
  • Barbecue & Steak Sauce
  • Condiments
  • Gravy / Dry Sauce Mix
  • Marinade
  • Oils & Dressings
• Seasonings
  • Batter
  • Breading and Coating
  • Bouillon / Soup Base / Stock
  • Liquid Smoke
  • Spice Blends / Dry Seasonings
• Pet Food
  • Extruded / Dry Pet Food
  • Snacks / Treats
  • Wet Food

By Region:

• North America
• Latin America
• Asia Pacific
• MEA
• Europe