WASHINGTON, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The Global Spirulina Market is valued at USD 495.8 Million in 2021 and is projected to reach a value of USD 868.8 Million by 2028 at a CAGR (Compound Annual Growth Rate) of 9.8% over the forecast period 2022-2028.
Market Overview
The main market expansion factors are the rise in demand for natural ingredients and R&D expenditures on industrial Spirulina products. Additionally, government support for Spirulina production spurs market expansion.
We forecast that the powder category in Spirulina market sales will account for more than 29% of total sales by 2028. Spirulina is a protein-rich algal powder with antioxidants, B vitamins, and other nutrients. Cooking with Spirulina powder makes the dish healthier. Spirulina powder is one of the most nutrient-dense supplements available.
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Market Dynamics
Expanding Vegetarianism Fosters Market Expansion
Vegetarians eat foods that have ingredients or other components that come from plants. Spirulina has consequently begun to draw the serious attention of these customers. Spirulina can be ingested by a bigger section of the consumer population than conventional whey or casein-based protein powders, in addition to being an environmentally friendly option. As a result, the demand for Spirulina as a top source of protein is anticipated to rise dramatically in the next years, along with the expanding vegetarianism trend.
Potential of Spirulina to Produce Natural Color Drives the Market Growth
Spirulina has been used to create several natural hues, and many more to follow. The FDA granted Spirulina Blue, a green-blue Spirulina color produced naturally, certification in 2013, creating a new market for Spirulina products. Spirulina's natural blue and green color products are in high demand, and the market has grown significantly over the past two years.
Top Players in the Global Spirulina Market
- Algenol Biofuels Inc. (United States)
- Cabassi & Giuriati SPA (Italy)
- Cyanotech Corporation (United States)
- DDW INC. (United States)
- DIC Corporation (Japan)
- Döhler GmbH (Germany)
- Dongtai City Spirulina Bio-Engineering Co. Ltd. (China)
- ECHLORIAL (France)
- E.I.D. PARRY LIMITED (India)
- GIVAUDAN INTERNATIONAL SA (Switzerland)
- Prolgae Spirulina Supplies Pvt. Ltd. (India)
- Pond Technologies Inc. (Canada)
- Sensient Technologies Corporation (United States)
For Additional Information on Spirulina Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Spirulina Market
- One trend that Vantage Market Research (VMR) expects to see in the Spirulina industry is the growing health & wellness industry. The market for nutritional, herbal, and vitamin supplements (VMHS) is expanding steadily and consistently globally. The main reasons propelling the expansion of the supplements sector are the aging population, greater consumer knowledge of preventative healthcare, a rise in self-directed customers, channel proliferation, and a move from ingredient-focused messaging to broader brand positioning.
- Another trend that VMR predicts will continue in the Spirulina industry is increased demand from various end-use industries. The rising demand for natural food supplements and the widespread use of Spirulina in the food and beverage and biotechnology industries are driving the global Spirulina market forward.
Top Report Findings
- Based on Types, most of the Spirulina market's revenue is controlled by the Arthrospira Platensis category. This is linked to several factors, including an increase in healthcare awareness and the inclusion of Spirulina as a superfood in diets worldwide.
- Based on Applications, most of the Spirulina market's revenue is controlled by the nutraceuticals category. This can be attributed to growing interest in natural alternatives to conventional pharmaceuticals and rising nutrition and health concerns.
- Based on Formulations, most of the Spirulina market's revenue is controlled by the powder category. Manufacturers of nutraceuticals and culinary items are driving increased demand for Spirulina powder on the international market. It is used in various recipes for salads, desserts, breakfast foods, and other foods as used as a dietary supplement.
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Recent Developments in the Global Spirulina Market
- 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.
Nutraceuticals Category in Spirulina Market to Generate Over 25% Revenue
Vantage Market Research has analyzed the market for Spirulina to understand its current state and potential future growth factors. For better understanding, based on the Sources, the Spirulina market is divided into Nutraceuticals, Food & Beverages, Cosmetics, Animal Feed, and Other Sources.
During the forecast period, the market for Spirulina is expected to experience the highest CAGR for the nutraceuticals category. Nutraceuticals also referred to as functional foods, are dietary items used as part of a regular diet to offer advantages above and above the bare minimum nutritional needs. Nutraceuticals are categorized according to their purpose, food source, and bioactive ingredients. Most fall under one of two categories: Functional Foods or Dietary Supplements.
On the other hand, the food & beverages category is anticipated to grow significantly throughout the forecast period. Due to its accessibility, sustainable production, exceptional nutritional and bioactive characteristics, and acceptable functional properties, Spirulina is becoming increasingly popular as a food ingredient. The USFDA also authorized Spirulina extract as a natural blue coloring agent in food and beverage applications.
North America Region in Spirulina Market to Generate More 36% Revenue
North America dominates the market for Spirulina throughout the projection period because of the region's highly developed healthcare sector, the presence of top manufacturers there, the high rate of Spirulina acceptance, and the rising need for organically derived food coloring agents there.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Spirulina Market Forecast Report (2022-2028).
Global Spirulina Market Segmentation
By Types
- Arthrospira Platensis
- Arthrospira Maxima
By Applications
- Nutraceuticals
- Food & Beverages
- Cosmetics
- Animal Feed
- Other Applications
By Formulations
- Powder
- Tablet & Capsule
- Liquid
- Granule & Gelling Agent
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 495.8 Billion |
| Revenue Forecast by 2028 | USD 868.8 Billion |
| CAGR | 9.8% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Algenol Biofuels Inc., Cabassi & Giuriati SPA, Cyanotech Corporation, DDW Inc., DIC Corporation, DÖHLER GmbH, Bio-Engineering Co. Ltd., ECHLORIAL, E.I.D. Parry Limited, Givaudan International SA, Pond Technologies Inc., Sensient Technologies Corporation |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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