North America Spirulina Extract Market - Growth, Trends, and Forecast (2018-2023)

North America Spirulina Extract Market - Growth, Trends, and Forecast (2018-2023)

Market Insights

The North American spirulina extract market is expected to grow at a CAGR of 2.6% during the forecast period (2018-2023). Its high nutritional content makes spirulina extract a suitable health supplement with antioxidants, especially Phycocyanin, which is only found in spirulina. Health benefits of spirulina include pH regulation, energy boosting abilities, and high concentration of protein and essential fatty acids. Spirulina as a health supplement is very popular among people seeking a good source of protein, especially among vegans and vegetarians.

Market Dynamics

Major factors driving the North American spirulina extract market include growing awareness among consumers for natural food products, rising regulations against synthetic colors, growth of subsidiary industries like cosmetics and bio-fertilizers, and increasing preference for plant protein sources. Application in the sports drinks industry, dye markets, and expansion in niche markets of developing countries are some of the potential opportunities that exist in this market. Bans on various synthetic colors in food items in the United States are fueling this market in this region. The United States has made it mandatory to use food colors that have no chemicals. The FDA has approved the use of spirulina-based Lina Blue to be used in candy as an alternative to synthetic colors.

Market Segmentation

The North American spirulina extract market is segmented by application and geographies. The major segments by geography include the United States, Canada, Mexico, and others. The major segments by application include nutraceuticals and dietary supplements, natural food colorant for confectionery, cosmetics, bio-fertilizers, aquaculture feed, and others.

Regional Analysis

North America constitutes 34% of the global spirulina extract market share. North America is expected to be the fastest growing region for this market, with the United States leading the demand. The rising disposable incomes, demand for convenience foods, and increasing awareness of nutrition-enabled products are expected to drive the market.

Key Developments

  • July 2015 - BASF and Solazyme have declared the take-off of the first marketable surfactant derived from microalgae oil under the brand name of Dehyton AO 45.
  • July 2013 - National Prawn Company of Saudi Arabia and BASF are collaborating for the development of unique algae technology for use in food, beverages, and dietary supplements.

Reasons to Purchase this Report
  • Analyzing outlook of the market with the recent trends and Porters five forces analysis
  • Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
  • Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
  • Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
  • Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet (in excel)
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1. Introduction
1.1 Report Description
1.2 Research Methodology
1.3 Definition of Market
1.4 Executive Summary
2. Key Findings of Study
3. Market Overview
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Porters Five Force Analysis
3.4.1 Bargaining Power of Buyers
3.4.2 Bargaining Powers of Suppliers
3.4.3 Degree of Competition
3.4.4 Threat of New Entrants
3.4.5 Threat of Substitutes
3.5 Industry Value Chain Analysis
4. Market Segmentation and Analysis
4.1 By Application
4.1.1 Nutraceuticals and Dietary Supplements
4.1.2 Natural Food Colorant for Confectionery
4.1.3 Cosmetics
4.1.4 Biofertilizers
4.1.5 Aquaculture Feed
4.1.6 Others
4.2 By Geography
4.2.1 US
4.2.2 Canada
4.2.3 Mexico
4.2.4 Rest of North America
5. Competitive landscapes
5.1 Most Active Companies
5.2 Most Adopted Strategies
5.3 Market Share Analysis
6. Company Profiles
6.1 BASF
6.2 Chr. Hansen A/S
6.3 Cyanotech Corporation
6.4 DDW -the Color House
6.3 DIC Corporation- Earthrise Nutritionals
6.4 Dohler group
6.5 FMC Corporation
6.6 Naturex S.A
6.7 Royal DSM
6.8 Sensient Technologies Corporation
6.9 Solix Biofuels
7. Appendix
7.1 Disclaimer

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