Spirulina Market

The global Spirulina Market is valued at USD 542.52 Million in 2022 and is projected to reach a value of USD 1129.55 Million by 2030 at a CAGR of 9.60% over the forecast period.

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Spirulina is a cyanobacterium or blue-green algae. Spirillum can be termed a super-food as it provides a higher protein-rich profile. They often contain proteins, beta-carotene, fatty acids, vitamins, copper, and iron. Rising demands for natural ingredient-based protein diets and increasing investments in the R&D department of various market leaders are expected to play a pivotal role in developing the Spirulina market during the forecast period.

Additionally, the promotion of Spirulina production by various government agencies across the globe is expected to witness a surge in sales during the forecast period. Another primary driver for revenue growth in the Spirulina market is recognizing untapped markets such as the Middle East and North African regions. These regions have seen a surge in Spirulina sales due to aggressive campaigns by the market leaders. Increased product availability and a widening consumer base inclining towards a healthier life outlook are expected to play an important role in market sustainability. The ongoing pandemic of COVID-19 further augments the growth of nutrient supplements and vitamins as a potential remedy. These factors are expected to contribute towards healthy market growth.

The increasing vegan population on a global scale is responsible for the adoption of Spirulina-based products as a main source of protein. A wellness and fitness trend and expanding supplement industry are expected to support strong market growth and widen its presence. Ongoing demand for natural food colors and growing malnutrition across the globe will contribute to the Spirulina market growth during the forecast period. The increasing number of stringent regulations on including synthetic colors within the food & beverage industry will also support this growth.

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Pigments and omega-3 fatty acids and the increasing usage of Spirulina as the main ingredients in aquaculture-based diets are expected to increase the footprint of the global Spirulina market during the forecast period. Factors such as the rising launching of new products of natural food colors produced from Spirulina, an increasing list of natural health benefits, and rising promotional strategies from market leaders will propel market growth. However, the Spirulina market is expected to hamper to a certain extent due to reduced production due to climate change. Additionally, a higher production cost and the robust availability of other synthetic coloring products, including indigo carmine and brilliant blue, will further constrain the growth of the Spirulina market.

Top Market Trends

1. Increasing Government Initiatives to Boost Production: The EU government has imposed a wide range of regulations on synthetic colors in various utilization in the food & beverage sector. This will prompt increased growth in the global Spirulina market during the forecast period.

2. Rising Application to Benefit Market: Market leaders produce natural food colors extracted from Spirulina. The increasing population of vegan-based and vegetarian-based diets will lead to a surge in sales.

3. Improving Utilization in the Personal Care & Cosmetics Industry: Spirulina possesses antioxidants and various cleansing properties with trace elements, including selenium and zinc. These elements are necessary for providing healthier skin health. They further improve the firmness and elasticity of the skin. Skin hydration is further provided with increased usage. This utilization has led to integrating the Spirulina market into the personal care & cosmetics industry during the forecast period.

4. Increasing Health Concerns Among General Population: The forecast period is expected to witness an ongoing trend of rising health concerns and awareness against the negative health of artificial food coloring. Clean labeling and robust growth of minimally-processed food have led to the increased utilization of Spirulina in natural foods.

5. Rising Commercial Availability: The global Spirulina market can be attributed to the mixture of vitamins, proteins, antioxidants, and minerals for the working-class population or people who are acclimated to the vegan or vegetarian diet. They are also found in pills, capsules, and powdered versions, which will play a crucial role in the adoption rate.

6. Inclusion of Various Bioactive Components: Studies have revealed that Spirulina contains a wide variety of nutritious and eco-friendly supplements that contain antihypertensive, hypolipidemic, and hypoglycaemic properties. Additionally, they contain phenolics, phycocyanins, and polysaccharides, which have antioxidant, anti-inflammatory, and immunostimulant properties, and play a crucial role in the global Spirulina market.

Market Segmentation

The global Spirulina market can be categorized by Types, Applications, Formulations, and Region. The market can be divided based on Types into Arthrospores Platensis and Arthrospores Maxima. Based on the Applications segment, the market can break down into Nutraceuticals, Food & Beverages, Cosmetics, Animal Feeds, and Other Applications. Furthermore, based on the Formulations, the market can be segmented into Powder, Tablet & Capsule, Liquid, and Granule & Gelling Agents. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Types

Arthrospira Platensis to Dominate Market Growth Owing to Rising Utilization in Supplementary Diets

The Arthrospira Platensis segment is expected to dominate the global Spirulina market in revenue and sales. Arthrospira Platensis is being utilized on a wider scale owing to increasing health benefits and the rising incorporation of Spirulina in diets as superfoods. According to a study conducted by the USFDA, Arthrospores Platensis contains calcium, niacin, potassium, magnesium, B vitamins, and iron. The Arthrospira Maxima is expected to grow with the fastest-growing CAGR as it provides liveliness, nutritional security, weight reduction, and cleaning properties when consumed regularly.

Based on Applications

Food & Beverage to Occupy Largest Market Share Owing to Increasing Utilization as part of a Regular Diet

The Food & Beverage segment is expected to witness the largest market share during the forecast period. These products provide excellent nutritional and bioactive properties and a wide range of suitable properties. Additionally, many government agencies, such as the USFDA, have approved the usage of Spirulina extract as a natural blue coloring ingredient for the food & beverage sector. This will propel an increased growth rate for the global Spirulina market. Nutraceuticals will grow with the fastest growing CAGR during the forecast period owing to increasing awareness of health benefits and the rising population inclining towards a healthier outlook.

Based on Formulations

Powder Segment to Register the Largest Market Share Owing to Increased Demand from Nutraceutical & Food Manufacturers

Due to increased demand from nutraceutical & food manufacturers, the Powder segment will account for the largest market share in terms of Formulations. However, it is expected to grow with the fastest-growing CAGR during the forecast period. Increasing demand for Spirulina powder from various end-users, such as nutraceutical and food manufacturers, will propel demand. These products can be used in supplement form in many food recipes such as salads, breakfast meals, desserts, and other food products. Spirulina powder can also be used by mixing with drinks such as water, juices, and smoothies. This increased utilization of a wide range of food products will navigate a higher market growth.

Based on Region

North America to Reign Dominance Owing to Increased Rate of Spirulina & a Well-Developed Healthcare Infrastructure

The Spirulina market is extremely popular in North America due to the presence of a well-developed and established healthcare industry. Additionally, the region is home to many market leaders. This prompts a higher adoption rate of Spirulina. The region also enables a higher adoption rate for naturally derived food coloring agents. Manufacturers in the region have begun including Spirulina in the bakery, confectionery, and dairy-based products, leading to extended market growth. The United States is one of the leading countries that is a major importer and exporters of Spirulina due to its widening application. The region's ongoing clean-label and natural ingredients trend will enable sustainable market growth.

Asia Pacific will grow with the fastest-growing CAGR during the forecast period due to increased demand from emerging economies, including China, India, and Japan. Additionally, numerous regional and local players will fuel market growth. An increasing need to eradicate malnutrition and favorable climatic conditions for sustainable production will prompt increased growth.

Competitive Landscape

The prominent leaders in the global Spirulina market are facing intensive competition as they engage in constant mergers & acquisitions, product developments, and partnerships. These increase the consumer base and widen the scope of the respective players. Increased spending on research and development and a constant upgrade to their current product portfolio enables an increased market performance boost.

The key market players in the global Spirulina market are Algenol Biofuels Inc. (U.S.), Cabassi & Giuriati SPA (Italy), Cyanotech Corporation (U.S.), DDW Inc. (U.S.), DIC Corporation (Japan), DÖHLER GmbH (Germany), Dongtai City Bio-Engineering Co. Ltd. (China), ECHLORIAL (France) , E.I.D. Parry Limited (India), Givaudan International SA (Switzerland), Prolgae {{keyword}} Supplies Pvt. Ltd. (China), Pond Technologies Inc. (Canada), Sensient Technologies Corporation (U.S.), to note a few.

Recent Market Developments

· August 2019: ScotBio, a Scottish biotech company, announced developing a patent-protected method for enhancing the phycocyanin pigment content within Spirulina. The increased phycocyanin will be produced by integrating a new method yielding more than five times production compared to traditional extraction.

· July 2019: GNT announced developing a wide range of blue powders derived from Spirulina to deliver a higher color-intensive product. This product is expected to be incorporated into various foods as additivities.

· March 2019: Naturex announced that they developed an extraction line called "Vegemite Ultimate Spirulina" collection. This product is expected to offer a range of natural blues and greens in various concentrations and will be available in powder and liquid forms.

Segmentation of the Global Spirulina Market