The size of the Europe spirulina extracts market is expected to be worth USD 162.85 million in 2024 and grow at a CAGR of 6.28% from 2024 to 2029 to achieve USD 220.78 million by 2029.
Spirulina extract is made with vitamins, minerals, and natural herbs to boost energy levels and provide antioxidant protection. Spirulina contains phycocyanin, making it the best natural blue color used in food. It is used as a naturally derived ingredient in food, colorants, biofertilizers, nutraceuticals, cosmetics, animal feed, and fine chemicals. Spirulina extract is mainly found in three colors: red, blue, and yellow. Blue spirulina extract is used to create different colors. Using chemical-free food coloring is essential in many areas. Increasing awareness of the health benefits of consuming spirulina extract is one of the key factors expected to drive the growth in the Europe spirulina extract market during the forecast period.
The paradigm shift of key giants and product delivery strategies has been driven by artificial colors and safety concerns about long-term adverse health effects. Many processed food manufacturers have also started offering foods made with natural food colors. It is also a factor that is estimated to further drive the adoption and sales of spirulina extract, along with the growth of e-commerce websites, the high preference for shopping on online platforms and the availability of retail products in line. This is a significant proportion as the demand for and adoption of organic products, especially edible products for end-use and home-use industries, is increasing rapidly.
Increased applications, higher nutritional value, regulatory authority approvals for the use in the food and beverages, augmented demand due to profitability, favorable government initiatives, improved release of natural color from new produced varieties are the major factor supporting the Europe Spirulina Extract Market. The growth of the European market is accelerating as the health benefits associated with making it a superfood become known. The rising need for clean, natural label colors has reinvented the demand for spirulina extract. The natural food coloring segment is expected to grow twice as fast as synthetic products in the Europe Spirulina Extract market. This trend is expected to provide strong growth in spirulina extract sales in the Europe Spirulina Extract market. The growing demand for clean-label foods and strict government regulations on the use of artificial colors are driving the growth of the global spirulina extract market. Also, innovation in packaging and the development of food color extraction supposed are expected to drive the growth of the Europe Spirulina Extract market in the coming years. Rich in nutrients such as vitamins, fatty acids, and amino acids, spirulina extract helps tone skin and promotes cell regeneration to provide an improved complexion.
Also, the increasing popularity of natural food colorants and the introduction of organic pigments by manufacturers is an estimated factor to support the growth of the Europe Spirulina Extract market in the coming years. European countries have banned the manufacture of synthetic pigments and have also banned the import of synthetic pigments from other countries. This has led to an increase in Spirulina Extract market demand in the region. Other factors driving the growth of the Europe Spirulina Extract market are the demand for clean label products and favorable government regulation. The growth of the Europe Spirulina Extract market is accelerating as consumer awareness of natural foods versus synthetic foods is increasing combined with the health promoting properties of natural food colors. The growth of the Europe Spirulina Extract market is hampered by the higher costs associated with the production of natural colors compared to synthetic colors. Also, various spirulina extracts are less stable than synthetic pigments because they easily discolor under the influence of light.
The high production cost of spirulina extract and related products is a factor that slows the growth of the Europe spirulina extract market to some extent. Furthermore, the availability of other organic or natural colorants and counterfeit products offered at reasonable prices by local players are other factors that can hinder the Europe Spirulina Extract market growth. Also, spirulina extract is less stable to light. This factor is also believed to have a negative impact on the European market.
The coronavirus pandemic (COVID-19) has destroyed the global food supply chain. Market demand has declined due to the impact of the epidemic on the food system. The Europe Spirulina Extract industry is also facing difficulties due to restrictions on transportation. Social distancing and home maintenance orders negatively impact the European market by further closing restaurants and food chains.
The dietary supplements and nutraceutical segment is likely to record significant growth in the local Spirulina Extract market during the outlook period. This may be because the growing demand for natural products among people in developed countries is supposed to drive growth in the segment.
The Europe Spirulina Extract market is estimated to record a significant revenue share in the global market palce and is predicted to continue to dominate over the conjecture period. This growth may be due to an increased awareness of the health benefits associated with herbal products in countries such as the UK, Italy, Spain and France in the area. It is also envisioned to support the growth of the European market by increasing the adoption of botanical ingredients in cosmetics and personal care products and increasing the call for natural cosmetic products.
Major Key Players in the Europe Spirulina Extract Market are Sensient Technologies Corp, Chr. Hansen A/S, Cyanotech Corp, Parry Nutraceuticals Limited, GNC Holdings, Inc, DIC Corporation, Dongtai City Spirulina Bio-Engineering Co, DDW Inc, Fuqing King Dnarmsa Spirulina Co, Now Health Group Inc, Fraken Biochem Co. Ltd, Döhler GmbH, Naturex SA, and Far East Bio-Tec Co., Ltd
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