Spirulina Extracts Market Overview:
The main function of spirulina is to raise the energy level and provide antioxidant protection to the food product and others products. Spirulina extracts available mainly in three colors such as blue, red and yellow. Blue spirulina extracts is used to make other three colors. Spirulina extract ingredients are used in food products, feed, cosmetics, fine chemicals, colours, cosmetics, nutraceuticals and bio-fertilizers. In all countries the food regulatory bodies has mandated to use of food color owing to its is harmfull for hiuman body. For example, food regulatory body, in Japan has banned the use of food color chemicals. In future instance, the global spirulina extract market is expected to grow with single digit compound annual growth rate. In 2017 the global spirulina extract market was valued at US$ 150 Mn and by the end of the assessment year (2025), it is estimated to touch a value more than US$ 270 Mn growing at a value CAGR of 7.9% throughout the period of forecast.
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Global Spirulina Extracts Market Segmentation:
Global Spirulina Extracts Market can be segmented on the basis of Application:
- Soft drinks
- Dairy & fruit
- Meat and savory
- oil and fats
Spirulina Extracts Market: Dynamics
Increasing awareness pertaining to harmful effect of the chemical food colors is projected to enrich the adoption of sprirulina extracts during the forecast period. Moreover, increasing government regulation for clean label food production is also anticipated to a major favorable factor which could aggrandize the global spirulina extracts market over the slated time period. As well as enhancing in the development in the packaging innovation and food colour extraction techniques is estimated to further boost up the growth of spirulina extracts market.
High cost of production of natural colors in comparison to synthetic colors, is projected to the major factor which can hamper the sales of spiruline extracts during the forecast period. Moreover, spirulina extracts are less stable in comparison to synthetic color and high intensity of light is also effect the colour made by spirulina extracts, thus these factor may hinder the global spirulina extracts market throughout the forecast period.
Spirulina Extracts Market: Regional Outlook
Europe is projected to be dominate in the global spirulina extract market owing to increasing awareness of natural color products. North America is estimated to the second largest market due to increasing awareness of the adverse effect of the synthetic extracts. Latin America and Middle East & Africa are projected to grow with noteworthy CAGR over the forecast period owing to regional government has banned the import & export of the synthetic extract, which will further boost the demand of spirulina extracts market by the end of 2025.
Spirulina Extracts Market: Key Players
The key players for the global Spirulina Extracts Market are following:
- Sensient Technologies Corporation
- Hansen A/S
- Naturex S.A.
- DDW The Color House
- DIC Corporation