Spirulina Extract Market Research Report – Recent Trends, Growth Opportunities, and Market Size and Share Global Forecast Analysis – 2024 - 2032

Spirulina Extract Market Size Research Report – In a Glance

As per the Research report on global spirulina extract market, the market is projected to foresee a CAGR of 11.5% between 2024-2032, and further generate a market size of USD 1284.54 Million by the end of 2032. In the year 2023, the market size was valued at USD 560.5 Million.

• The global spirulina extract market is projected to grow on account of the growing demand for nutritional supplements globally.
• In Japan, the spirulina extract market growth can be attributed to the shifting trend towards healthier lifestyles and preventive healthcare.
• KDMI analyst’s growth analysis foresees the high cost of producing spirulina cultivation and extraction to challenge the market growth.
• The North America Spirulina Extract market is projected to dominate the global market.

Spirulina Extract Market Analysis

Spirulina is a blue-green algae that is known to grow in freshwater ponds, lakes, and alkaline water bodies. The extracts derived by processing and concentrating the biomass of algae is referred to as spirulina extract. The extracted components usually consists of bioactive compounds, such as pigments, proteins, vitamins, minerals, and antioxidants among others.

According to our experts at KD Market Insights, one of the primary factors associated with the growth of the global spirulina extract market is the growing demand for nutritional supplements globally. Our researchers predict that the revenue generated from nutritional supplements is poised to touch near to USD 693.4 billion by 2032, registering a CAGR of around 6% during the forecast period. Nutritional supplements have several health benefits, as a result of which, the growing consumer awareness for these health supplements is raising the demand for dietary supplements and functional foods, which are majorly made of spirulina. Spirulina extract is widely recognized as a nutrient-dense superfood which is rich in protein, vitamins, minerals, antioxidants, and other essential fatty acids. Sensient Technologies Corporation, Givaudan (DDW - the Color House), DIC Corporation- Earthrise Nutritionals are some of the significant parties in the global market for Spirulina Extract.

Analyst’s Observation on Japan Spirulina Extract Market Research

Our researchers predict that the shifting trend towards healthier lifestyles and preventive healthcare is one of the major factors anticipated to drive the growth of the Japan spirulina extract market. Japan is known to have the world’s largest ageing population. Our researchers have found that the nation now had more than 1 in 10 people aged 80 or more. This growing aging population is aware about the age-related health concerns, which in turn, has developed a strong culture of health and wellness, thereby raising the demand for natural and functional foods and supplements to support the well-being of this aged population. Spirulina extracts are known to have antioxidant, anti-inflammatory and immune-supporting properties, and hence is widely being used as a natural supplement to address the age-related health concerns. Sensient Technologies Corporation, Givaudan (DDW - the Color House), DIC Corporation- Earthrise Nutritionals are some of the significant parties in the market for Spirulina Extract in Japan.

Spirulina Extract Market Growth Drivers and Challenges

Growing Trend of Veganism to Contribute to the Market Growth:

The trend of veganism, vegetarianism, and plant-based diets is growing worldwide. As per our researchers, about 80 million vegans are currently present globally and the revenue generated from vegan foods reached near to USD 25 billion. This rise in trend of veganism is raising the demand for plant-derived ingredients that possess nutritional value and spirulina extracts are known to be rich in essential nutrients having complete protein source. Hence, the growing adoption of vegan and plant-based lifestyles is expected to contribute to the growing demand for spirulina extract, thereby adding to the market growth.

High Cost of Producing Spirulina:

For cultivating and extracting spirulina, significant investment in infrastructure, technology, and labor is required. Most of these investments are related to controlled growing conditions, maintaining optimum water quality, and nutrient supplementation, that raises the overall cost of production. Hence, the growing concern for the high cost of production of spirulina is expected to limit the market growth.

Spirulina Extract Market Segmentation

Our experts at KD Market Insights have segmented the global spirulina extract market research report as:

Spirulina Extract Market Regional Synopsis

The North America Spirulina Extract market is majorly driven by the growing popularity of plant-based diets in the region, along with the increasing demand for functional foods and beverages. The consumers in the region are increasingly opting for products that possess numerous health benefits. Spirulina extracts are known to contain essential amino acids, which makes it an attractive option who are looking to lower the consumption of animal products. Also, these extracts are used in smoothies, energy bars, and health drinks owing to the presence of nutritional benefits. On the other hand, the market in the region is also expected to grow on account of the ongoing innovations in product development and formulation techniques developed by the manufacturers of spirulina extract that helps them to enhance the versatility and marketability of the product in the region.

As per our analysts at KD Market Insights, the following five players lead the North America Spirulina Extract market growth:

• Cyanotech Corporation.
• DDW - the Color House
• Dohler Group
• Aim Grow Biotech Co. Ltd
• DIC Corporation- Earthrise Nutritionals

Spirulina Extract Market Competitive Landscape

Some of the key players who top the global spirulina extract market share:

• Sensient Technologies Corporation
• Givaudan (DDW - the Color House)
• DIC Corporation- Earthrise Nutritionals
• Chr. Hansen A/S
• Naturex SA
• Royal DSM
• Dohler Group
• E.I.D. Parry (India) Limited.
• C.B.N. Spirulina Canada Co., Ltd
• BASF SE

Spirulina Extract Market Recent Developments

• GNT Group B.V. stated that it has secured the approval for the use of spirulina extract in beverages by the U.S. Food and Drug Administration (FDA).
• DIC Corporation stated that it has published a joint paper on the anti-aging benefits of polysaccharides derived from spirulina blue-gree algae in association with Kochi University.

Research Methodology

Market Definition and List of Abbreviations

1. Executive Summary
2. Growth Drivers & Barriers in Global Spirulina Extracts Market
3. Global Spirulina Extracts Market Trends
4. Opportunities in Global Spirulina Extracts Market
5. Recent Industry Activities, 2019
6. Porter's Five Forces Analysis
7. Global Spirulina Extracts Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025

8. Global Spirulina Extracts Market Segmentation Analysis, By Form
8.1. Introduction
8.2. Market Attractiveness, By Form
8.3. BPS Analysis, By Form
8.4. Powder Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
8.5. Liquid Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025

9. Global Spirulina Extracts Market Segmentation Analysis, By Application
9.1. Introduction
9.2. Market Attractiveness, By Application
9.3. BPS Analysis, By Application
9.4. Dietary Supplements & Nutraceutical Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
9.5. Confectionary Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
9.6. Cosmetics Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
9.7. Bio-fertilizer & Aquaculture Feed Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025

10. Geographical Analysis
10.1. Introduction
10.2. North America Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.2.1. By Form
10.2.1.1. Introduction
10.2.1.2. Market Attractiveness, By Form
10.2.1.3. BPS Analysis, By Form
10.2.1.4. Powder Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.2.1.5. Liquid Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.2.2. By Application
10.2.2.1. Introduction
10.2.2.2. Market Attractiveness, By Application
10.2.2.3. BPS Analysis, By Application
10.2.2.4. Dietary Supplements & Nutraceutical Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.2.2.5. Confectionary Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.2.2.6. Cosmetics Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.2.2.7. Bio-fertilizer & Aquaculture Feed Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.2.3. By Country
10.2.3.1. Introduction
10.2.3.2. Market Attractiveness, By Country
10.2.3.3. BPS Analysis, By Country
10.2.3.4. U.S. Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.2.3.5. Canada Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025

10.3. Europe Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.1. By Form
10.3.1.1. Introduction
10.3.1.2. Market Attractiveness, By Form
10.3.1.3. BPS Analysis, By Form
10.3.1.4. Powder Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.1.5. Liquid Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.2. By Application
10.3.2.1. Introduction
10.3.2.2. Market Attractiveness, By Application
10.3.2.3. BPS Analysis, By Application
10.3.2.4. Dietary Supplements & Nutraceutical Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.2.5. Confectionary Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.2.6. Cosmetics Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.2.7. Bio-fertilizer & Aquaculture Feed Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.3. By Country
10.3.3.1. Introduction
10.3.3.2. Market Attractiveness, By Country
10.3.3.3. BPS Analysis, By Country
10.3.3.4. Germany Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.3.5. United Kingdom Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.3.6. France Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.3.7. Italy Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.3.8. Spain Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.3.9. Russia Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.3.3.10. Rest of Europe Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025

10.4. Asia Pacific Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.1. By Form
10.4.1.1. Introduction
10.4.1.2. Market Attractiveness, By Form
10.4.1.3. BPS Analysis, By Form
10.4.1.4. Powder Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.1.5. Liquid Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.2. By Application
10.4.2.1. Introduction
10.4.2.2. Market Attractiveness, By Application
10.4.2.3. BPS Analysis, By Application
10.4.2.4. Dietary Supplements & Nutraceutical Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.2.5. Confectionary Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.2.6. Cosmetics Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.2.7. Bio-fertilizer & Aquaculture Feed Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.3. By Country
10.4.3.1. Introduction
10.4.3.2. Market Attractiveness, By Country
10.4.3.3. BPS Analysis, By Country
10.4.3.4. China Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.3.5. India Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.3.6. Japan Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.3.7. South Korea Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.3.8. Indonesia Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.3.9. Taiwan Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.3.10. Australia Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.3.11. New Zealand Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.4.3.12. Rest of Asia Pacific Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025

10.5. Latin America Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.5.1. By Form
10.5.1.1. Introduction
10.5.1.2. Market Attractiveness, By Form
10.5.1.3. BPS Analysis, By Form
10.5.1.4. Powder Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.5.1.5. Liquid Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.5.2. By Application
10.5.2.1. Introduction
10.5.2.2. Market Attractiveness, By Application
10.5.2.3. BPS Analysis, By Application
10.5.2.4. Dietary Supplements & Nutraceutical Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.5.2.5. Confectionary Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.5.2.6. Cosmetics Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.5.2.7. Bio-fertilizer & Aquaculture Feed Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.5.3. By Country
10.5.3.1. Introduction
10.5.3.2. Market Attractiveness, By Country
10.5.3.3. BPS Analysis, By Country
10.5.3.4. Brazil Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.5.3.5. Mexico Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.5.3.6. Rest of Latin America Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025

10.6. Middle East & Africa Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.6.1. By Form
10.6.1.1. Introduction
10.6.1.2. Market Attractiveness, By Form
10.6.1.3. BPS Analysis, By Form
10.6.1.4. Powder Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.6.1.5. Liquid Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.6.2. By Application
10.6.2.1. Introduction
10.6.2.2. Market Attractiveness, By Application
10.6.2.3. BPS Analysis, By Application
10.6.2.4. Dietary Supplements & Nutraceutical Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.6.2.5. Confectionary Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.6.2.6. Cosmetics Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.6.2.7. Bio-fertilizer & Aquaculture Feed Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.6.3. By Geography
10.6.3.1. Introduction
10.6.3.2. Market Attractiveness, By Geography
10.6.3.3. BPS Analysis, By Geography
10.6.3.4. GCC Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.6.3.5. North Africa Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.6.3.6. South Africa Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025
10.6.3.7. Rest of Middle East & Africa Market Value (USD Billion) Forecast & Y-o-Y Growth Analysis, 2019-2025

11. Competitive Landscape
11.1. Market Share of Key Players
11.2. Market Positioning of Major Players in Global Spirulina Extracts Market
11.3. Company Profiles
11.3.1. DDW The Color House
11.3.2. Chr. Hansen A/S
11.3.3. DIC Corporation
11.3.4. Naturex S.A.
11.3.5. Cargill, Inc.
11.3.6. Sensient Technologies Corporation
11.3.7. GNT Group, Roha Dyechem Pvt. Ltd.
11.3.8. Naturalin Bio-Resources Co., Ltd.
11.3.9. Hydrolina Biotech Private Limited
11.3.10. Algene Biotech
11.3.11. Other Major & Niche Key Players