The global market for spirulina extract has been growing at a moderate pace. With consumers accelerating their shift towards clean label products, the worldwide sales of spirulina extract-based items are expected to expand rapidly. Market players are tapping white spaces in the cosmetic & personal care industry. They are utilizing micro-algae in treating various skin-related issues such as, pigments, aging, and tanning. Although spirulina extract is used in moisturizing and thickening formulations, manufacturers are leveraging it in developing anti-aging, and skin whitening products.
Persistent Market Research, in its recent market research report, finds that the global spirulina extract market is projected to reach revenues worth of over US$ 270 Mn towards the end of the foreseeable period (2017-2025), at a healthy CAGR of ~8%. Rising inclination towards health-specific consumables and cosmetic items in developed and developing countries are responsible for the progress. Favorable regulatory framework is further complementing the market growth. On the contrary, uneven climatic changes adversely affecting the production of spirulina extract are hindering the growth trail. In addition, the market is subject to fluctuations in the import and export of spirulina extract.
Demand Upsurge from Nutraceutical and Food & Beverage Sectors
The nutraceutical industry continues to offer lucrative prospects to spirulina extract manufacturers, where revenues worth of over US$ 200 Mn by 2025 end are capturing huge attention. The demand growth is attributed to increased consumption of spirulina extract in cosmetics and personal care products.
Affluent in nutrients such as, vitamins, fatty and amino acids, spirulina extract aids in toning skin, and promotes cell regeneration in order to provide enhanced complexion. In addition, spirulina extract is ideal for congested skin as it detoxifies skin and offers a healthier appearance. Research studies reveal that individuals applying spirulina cream display relatively better moisture retention properties.
Demand for spirulina extract in the food & beverage sector is witnessing a considerable upsurge, with sales anticipated to reach nearly US$ 44 Mn towards the end of the forecast period. Under the application category, dairy products account for significant share and is set to peg about US$ 18 Mn in 2025. Exhibiting a growth of ~10% consumption of spirulina extract in drinks is notably increasing. Umpteen health benefits associated with spirulina extract are responsible for their surging consumption in the food & beverage sector.
Owing to an excellent nutritional profile, spirulina extract is beneficial in preventing heart-related issues as well as regulate diabetes. Furthermore, surveys suggest that spirulina extract can also aid in improving mental health and boosting metabolism. Also, it is rich in proteins, making it highly suitable for individuals following the vegan diet. Governments across the globe are granting approvals to the consumption of spirulina extract in various food & beverages, including dietary supplements.
North America and Europe Offer Plethora of Opportunities
The demand for spirulina extract is currently based on changing consumers’ preference for natural products. Europe is expected to maintain its hegemony in the global spirulina extract market, where the market will generate slightly over US$ 86 Mn over the forecast timeframe. The market is further fueled by the intensifying trend of veganism in countries, including the UK. North America follows Europe in terms of market share. Further, the market in North America is anticipated to grow at a rapid CAGR through 2025.