Spirulina Market to Reach Valuation of USD 868.8 Million by 2028 – Health Benefits of Spirulina Superfood Drives the Market

In terms of revenue, the Global Spirulina Market is expected to reach USD 868.8 Million by 2028, growing at a CAGR (Compound Annual Growth Rate) of 9.60% from 2022 to 2028.

The market is expanding primarily due to rising consumer knowledge of the multiple health benefits of Spirulina in reducing the risk of several chronic illnesses, such as cardiac arrest, allergic rhinitis, cancer, renal disorders, etc. Additionally, the growing nutraceutical industry has augmented the broad availability of Spirulina in powder, pills and capsules, gels, liquid, etc. Additionally, as veganism has become more popular, people are eschewing meat-based proteins in favor of vegan substitutes like Spirulina, which has a high protein concentration. In addition, Spirulina is widely used in the pharmaceutical industry to make a variety of medications that stop the replication of viruses. Furthermore, the need for Spirulina-based products to help those suffering from extreme hunger during humanitarian disaster assistance and military conflict scenarios is also expanding, boosting the market's expansion. Furthermore, the market is increasing due to the shift from chemical-based feed additives to organic alternatives in the aquaculture and animal husbandry industries. Additionally, Spirulina's growing use as a feed ingredient for promoting animal growth and productivity further ignites the global market.

Key Highlights from the Report:

• Based on Types, the Arthrospira Platensis segment dominates the Spirulina market with the maximum market share and will continue its dominance in the forecast period. Arthrospira platensis is being used more widely because of its growing health benefits and the rise in the use of Spirulina foods, often known as superfoods, in diets.
• Among Formulations, the Powder segment accounted for the highest CAGR in the forecast period. The advantages of Spirulina powder for digestion, nutrient absorption, better immune response, anti-aging qualities, and detoxification are major factors in its adoption.
• In terms of region, North America holds the significant market share within the Spirulina market. This is attributable to the existence of a developed and well-established healthcare sector.

Market Dynamics

The Spirulina market is anticipated to grow during the forecast period due to increasing consumer awareness of the health benefits of this superfood and the wide variety of natural colors that Spirulina produces. Future years are projected to see increased demand for cyanobacteria because of their role in weight loss and an increase in the number of health clubs and workout facilities. Because of its health benefits, cyanobacteria is now used in desserts, smoothies, drinks, salads, and breakfast foods. Additionally, the market is growing due to the rising demand for Spirulina-based products to battle hunger during humanitarian disaster assistance and military conflicts. The global market is also rising due to the expanding use of Spirulina as a feed ingredient for rapid animal development and growth. The industry is also being fueled by a shift in the animal husbandry and aquaculture sectors toward organic feed additives and away from chemical-based feed additives.

Throughout the forecast period, the Spirulina market is anticipated to be driven by factors such as the development of new varieties of natural food colors derived from Spirulina, the superfood's inherent health advantages, and various government initiatives related to Spirulina production. Additionally, several governments have started to encourage the production of Spirulina to expand the market and give rural residents a sustainable source of income. Many governments, like those in India, Ghana, and Angola, are aggressively promoting the domestic Spirulina industry and building a solid foundation for its expansion. This superfood has the potential to change the way that humans eat as a race.

Spirulina powder is highly sought after in the skin and hair care sector as a component in many treatments, including anti-aging, wrinkles, grey hair, hair loss, and allergies. Spirulina powder is used in many therapeutic procedures and pharmaceutical products in the medical industry. In addition, governments in nations like India and South Africa are promoting Spirulina production because of its health benefits, which help the Spirulina market grow.

However, the Spirulina-based natural colors are less stable and sustainable than synthetic colors, and over the projection period, stringent government regulations are anticipated to restrain market expansion. Untapped markets in developing countries are also expected to offer market players lucrative opportunities.

Geographically, North America is expected to experience rapid expansion in the years to come. Due to the rising demand for natural food colorings, the U.S. is one of the top-producing nations, followed by Canada. Due to the wide range of uses for Spirulina, the United States is also one of its top importers and exporters. Manufacturers are using Spirulina in baking, dairy, and confectionery items. The region's market expansion is anticipated to be fueled by the emerging trend of clean-label and natural components.

The Global Spirulina Market is Segmented as follows

• Types
  • Arthrospira Platensis
  • Arthrospira Maxima
• Applications
  • Nutraceuticals
  • Food & Beverages
  • Cosmetics
  • Animal Feed
  • Other Applications
• Formulations
  • Powder
  • Tablet & Capsule
  • Liquid
  • Granule & Gelling Agent
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Spirulina Market is

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.)

The Global Spirulina Market Scope can be Tabulated as below