ASIA-PACIFIC SPIRULINA EXTRACT MARKET – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 – 2027)
Asia-Pacific Spirulina Extract Market is segmented by Application (Nutraceuticals, Food, Cosmetics, Feed, and Others); and by Geography.
APAC Spirulina Extract Market Analysis
Asia-Pacific spirulina extract market is projected to grow at a CAGR of 6.1% during the forecast period (2020 – 2025).
The growing demand for natural and clean label colors has recreated a demand for spirulina extracts. The spirulina extract market is dynamic and competitive, with the strong presence of key players, such as Royal DSM, Sensient Technologies Corporation, Chr. Hansen A/S, and Naturex SA.
Government policies for the development of spirulina extract is very conducive and enabling, and this has attracted regional players to enter intothe spirulina extract industry.
Spirulina extract is increasingly utilized as a preferable colorant in the variety of confections. The FDA approval for its utilization in gums and candies has prompted manufacturers to opt for spirulina, especially as a natural blue colorant.
Scope of the Report
Asia-Pacific spirulina extract market is segmented by application and geography. The market by application is further segmented into nutraceuticals, food, cosmetics, feed, and others. By geography, the market is segmented into India, China, Japan, Australia, and rest of Asia-Pacific. The report also provides the competitive analysis of prominent
players along with their key strategies and product offerings in the respective market.
Robust Demand Across Industries
The primary factor driving the growth of the spirulina extract market is its strong demand spanning across different sectors, such as agriculture, bio-diesel, nutraceuticals, bio-fertilizers, fine chemicals, and cosmetics.
The food and beverage industry, in particular, is one of the leading application areas – the APAC marketplace has witnessed a surge in the demand for spirulina extract, mainly as a natural colorant amidst tightening regulatory grip over synthetic additives.
Spirulina extract is increasingly utilized as a preferable colorant in the variety of confections – the FDA approval for its utilization in gums and candies has prompted manufacturers to opt for spirulina, especially as a natural blue colorant.
Nutraceuticals Forms a Significant Application Segment
Nutraceuticals industry is incresingly using spirulina extracts in the supplements as it is rich in protein, vitamins, minerals, and many biologically active substances. Spirulina capsules have proved effective in lowering blood lipid level, and in improving immunological function.
The antioxidants in spirulina prevent oxidative stress; spirulina-based functional foods are increasingly consumed to tackle stress and depression. Spirulina-based supplements are known to offer adequate level of gamma-linolenic acid (GLA), a “good fat” that is vital for the health and functioning of the brain, heart, and other body organs and systems.
APAC Spirulina Extract Market Competitive Analysis
Some of the major key players in Asia-Pacific spirulina extract market are Sensient Technologies Corporation, Chr. Hansen A/S, Naturex S.A, Dohler Group, and BASF SE. The key strategies adopted by the companies include product innovations, expansions, and mergers and acquisitions. Companies are increasing their investments in research and development (R&D) and marketing, and expanding their distribution channels to maintain their leading position in the market.
source : www.mordorintelligence.com
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