PersistenceMarketResearch states that the global spirulina extract market will grow at the rate of 8.4% between 2020 and 2030.
The applications of spirulina extracts include cheese, flavoured dairy products, processed vegetables and fruits, dairy based desserts, baking mixes, baked goods, beverage bases, non-alcoholic and alcoholic beverages, cocoa products, breakfast cereals, sauces and gravies, egg products, spices and herbs, soup mixes, condiments, and confectionery products (inclusive of hard and soft chewing gum and candy).
As far as regulatory approvals are concerned, spirulina extract has been exempted from certifications in the US and is likely to be used on safe grounds for imparting shades to color infections (inclusive of chewing gum and candy), ice-creams, frostings, dessert coatings, frozen desserts, toppings, beverage powders and mixes, custards, yoghurts, cottage cheese, puddings, breadcrumbs, gelatin, ready-to-eat cereals, hard-boiled eggs’ shells, and coating formulations for dietary supplement tablets as well as capsules adhering to GMP.
In the European Union, spirulina extract is looked upon as a coloring food (and not as additive food color). It needs to be noted that spirulina extract comes in 3 colors – blue, yellow, and red. The blue color could be used for making the other colors. Spirulina is endowed with phycocyanin. This renders it the finest natural blue color for usage in food. In countries like Japan, it’s mandatory to use food colors but devoid of chemicals.
Europe and North America hold the largest market share with respect to exports. Also, the demand for natural and clean label ingredients is increasing day after day. The Asia-Pacific is expected to start with ringing the cash registers in the forecast period with growing inclination towards natural colorants.
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The key market participants include Sensient Technologies Corp, ChrHansen A/S., Far East Bio-Tec Co., Ltd. (ALGAPHARMA BIOTECH CORP.), Dohler GmbH, Naturex S.A., Fraken Biochem Co., Ltd., Parry Nutraceuticals Ltd., Fuqing King Dnarmsa Spirulina Co., Now Health Group Inc., Dongtai City Spirulina Bio-Engineering Co., DDW Inc., GNC Holdings, Inc., DIC Corporation, and Cyanotech Corp.