Spirulina extract market is expected to grow with a single digit CAGR over the forecast period. Spirulina Extracts are made with natural herbs, vitamins and minerals to raise energy levels and provide antioxidant protection.Spirulina extract ingredients are used in food products, colours, nutraceuticals, feed, cosmetics, bio-fertilizers and fine chemicals.Spirulina contains phycocyanin which makes it best natural blue colour which can be used in food. Spirulina extracts are mainly of three colours which includes blue, red and yellow .Blue Spirulina extract is used to make other colours. In various regions, use of food colours without chemicals is mandatory. For instance, in Japan, the use of food colours without chemical is made mandatory by food regulatory bodies.
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Spirulina Extracts Market Segmentation:
Spirulina extracts market is segmented on the basis of application and geography. On the basis of application spirulina extracts market can be segmented into soft drinks, meat and savory, confectionary, oil and fats, dairy and fruit and vegetables and others. Also, spirulina extracts market is segmented on the basis of geography into North America, Europe and Asia Pacific. Europe is expected to dominate the spirulina extracts market in next four to five years, followed by North America. Various regions including Asia Pacific and North America are preferring natural products such as spirulina extracts which is expected to further boost the demand of spirulina extracts over the forecasted period.
Spirulina Extracts Market: Region-wise Outlook:
Spirulina extracts market is mainly growing rapidly in various developed countries such as USA, Germany and Japan owing to the rising awareness among the consumers regarding the adverse effects of artificial colours in food. These countries mainly use spirulina extracts due to the presence of high income population. Moreover, European countries have put ban on the manufacturing of synthetic colour and also banned the import of synthetic colours from other countries. This has led to increased demand for spirulina extracts market in this region.
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Spirulina Extracts Market: Drivers:
Spirulina extracts market growth is fuelled by the increasing consumer awareness for natural food in comparison to synthetic food coupled with health-promoting properties of natural food colours. Other factors that further fuel the growth of spirulina extracts market is increasing demand for clean label products and favorable government regulations. For example FDA’s approval to use spirulina to impart blue colour in candy in U.S. as an alternative to synthetic FD&C Blue#1. In addition to this development in food colour extraction techniques and packaging innovation is expected to further boost the growth of spirulina extracts market. Spirulina extract market growth is hampered by more cost associated with the production of natural colours in comparison to the synthetic colours. Moreover various spirulina extracts are less stable in comparison to synthetic colours as they easily change colour under the effect of light.
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Spirulina Extracts Market: Key Players:
Companies operating in the spirulina extracts market are Sensient Technologies Corporation, DDW The Color House , Chr. Hansen A/S, DIC Corporation, Other Companies operating in Spirulina extracts market are mainly launching new products to provide customised solutions to its customers. For example, Naturex S.A. offers colours made from spirulina extracts that dissolve easily in lipophilic formulations.