Market Overview
Spirulina occurs as a fine, uniform powder or flakes, darks blue-green to green in color. Spirulina extract is prepared by the filtered aqueous extraction of the dried biomass of Arthrospira platensis and contains phycocyanins as the principal coloring components. Spirulina is an alga with high nutritional content that has been used as a food source since ancient times. It is a whole product of biological origins and consists of dried cyanobacterium Arthrospira biomasses which are filamentous microscopic organisms that occur abundantly in an almost uni-algal form in highly alkaline lakes. The high pH and alkalinity prevent other algae from growing, so it is effectively grown outdoors, free from cross-contamination by other algae. Spirulina extract, on the other hand, is a naturally obtained blue pigment from a phycocyanin derivative of spirulina. It can be used as a natural food colorant and a functional food ingredient.
Rising health concerns, consistent innovation in spirulina extract-based food products, and plenty of other reasons are expected to drive the sales of spirulina extracts during the forecast period. Additionally, spirulina extracts have increased usage across sectors because of the increasing demand for natural food colors due to spirulina benefits. It has consequently allowed the manufacturers to develop a wide variety of dairy products, pet foods, and confectionaries, increasing the demand for spirulina extracts.
The global spirulina extract market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2030, growing at a CAGR of 6.36% during the forecast period (2023-2030).