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Spirulina Extract Market Worth Will Reach US$ 270 Mn By 2025 According To Market Forecast
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Global Spirulina Extract Market: Forecast
The global spirulina extract market is expected to witness a stellar growth rate throughout the period of assessment. The global market is projected to reach a market valuation of more than US$ 270 Mn by the end of the assessment period in 2025, up from an estimated US$ 150 Mn in 2017, growing at a CAGR of 7.9% during the forecast period, 2017-2025.
Global Spirulina Extract Market: Dynamics Influencing Growth
Increasing applications of spirulina, higher nutrition value of spirulina, approval of spirulina use in the food and beverage industry by regulatory agencies, rising demand due to cost effectiveness, favorable government initiatives for the production of spirulina, increasing launch of new varieties of natural colors produced from spirulina and increasing awareness of the health benefits associated with spirulina making it a super food are pushing the growth of the global market.
However, contamination in spirulina adversely affecting production, continuous fluctuations in import and export of spirulina and uneven environment change challenging the production of spirulina are affecting the growth of the global spirulina extract market.
Global Spirulina Extract Market: Segmental Insights
The global spirulina extract market is segmented by nature, by form, by application and by region.
By region, Europe is expected to be the largest market. The spirulina extract market in Europe is estimated to reach US$ 86.1 Mn by the end of 2025. However, North America is also expected to reflect higher growth potential. The North America spirulina extract market is projected to grow at the highest pace to register a value CAGR of 8.8% throughout the period of forecast. This region is the second highest in terms of market value.
By nature, the conventional segment leads the market with a high revenue share. The organic segment is poised to register a higher CAGR of 8.9% in the said period.
By form, the powder segment is the most lucrative and highly adopted form of spirulina. The powder segment is expected to grow at the highest pace to reflect a 8.4% CAGR during the period of forecast and is estimated to reach a market value of a little under US$ 200 Mn by 2025 end.
By application, the nutraceutical segment is the largest in terms of market value and is estimated to reflect a market valuation of more than US$ 200 Mn by the end of the period of assessment. The food and beverage segment in the application category is expected to grow at the fastest pace to register a value CAGR of 8.5% during 2017-2025.
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Global Spirulina Extract Market: Competitive Assessment
The report includes a detailed chapter on the competitive scenario present in the global spirulina extract market. In this section, details of major players in the market have been chalked. Key developments, trends, innovations, SWOT analysis, key financials, product portfolio and strategies of key players such as Chr. Hansen A/S, Sensient Technologies Corp, Parry Nutraceuticals Limited, Cyanotech Corp, DIC Corporation, GNC Holdings, Inc., DDW Inc., Dongtai City Spirulina Bio-Engineering Co., Now Health Group Inc., Fuqing King Dnarmsa Spirulina Co., Parry Nutraceuticals Limited, Fraken Biochem Co., Ltd., Naturex S.A, Döhler GmbH and Far East Bio-Tec Co., Ltd. (ALGAPHARMA BIOTECH CORP) have been included
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