Dublin, Aug. 22, 2019 (GLOBE NEWSWIRE) -- The "Spirulina Market by Type, Application, and Drug Formulation: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
The global spirulina market generated $346 million in 2018, and is projected to reach $779 million by 2026, growing at a CAGR of 10.6% from 2019 to 2026.
The global spirulina market size has witnessed significant growth in the past few years. The growth in awareness regarding the health benefits of spirulina superfood among consumers and a wide variety of natural colors produced by spirulina contribute toward the market growth. In addition, government of countries such as India and South Africa is promoting the production of spirulina considering its health benefits, which is further expected to boost the spirulina market growth during the forecast period.
However, lower stability and poor sustainability of natural colors derived from spirulina as compared to synthetic colors and stringent government regulations are projected to hamper the market growth during the forecast period. Conversely, untapped markets in the developing countries are expected to offer remunerative opportunities for the market players in the near future.
Based on product type, the market is bifurcated into Arthrospira Platensis and Arthrospira Platensis. The Arthrospira Platensis segment had dominant market share in 2018 and is anticipated to remain its position during the forecast period, owing to different factors such as surge in healthcare awareness and incorporation of spirulina in diets as super food globally.
Among the different application where spirulina can be used, nutraceuticals sector accounts for the substantial market share and is estimated to lead the overall market in the coming years. This is attributable to the rise in concern regarding nutrition and health and increase in preference for natural alternatives to traditional pharmaceutical products. Spirulina is also largely used in food & beverage sector as it has a high content of natural pigments that impart blue color and is combined with other colors to obtain new customized colors such as lavender, violet, and green. Spirulina also finds its major application in the cosmetic & personal care industry. It is mainly used in cosmetic & personal care products especially for the anti-aging cream.
North America is expected to remain dominant throughout the forecast period due to its well-developed healthcare industry, presence of leading manufacturers in the region, high adoption rate of spirulina, and increase in demand for naturally derived food coloring agents in the region. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, as it offers lucrative opportunities for the market players due to significant growth of the food processing industry in the region.
The report provides a comprehensive analysis of the key players operating in the global Spirulina market, namely, Advanced Spirulina, Inc., CAS Medical Systems, Inc., Compumedics Ltd., General Electric Company (GE Healthcare), Koninklijke Philips N.V. (Philips Healthcare), Medtronic Plc., Natus Medical Incorporated, Neural Analytics, Inc., and Siemens AG.
The other players in the value chain include GNC Holdings, Inc., Now Health Group Inc, Fuqing King Dnarmsa Spirulina Co., Fraken Biochem Co., Ltd., and Far East Bio-Tec Co. Ltd.
Key Findings
- Based on type, the Arthrospira Maxima segment is expected to experience rapid growth in the market and is projected to grow from 2019 to 2026.
- Depending on application, the Nutraceuticals segment holds the highest share in 2018, and is anticipated to continue this trend during the forecast period.
- By drug formulation, the powder segment was the major revenue contributor in 2018, and is anticipated to continue this trend during the forecast period.
- U.S. generated the highest revenue in the global spirulina market in 2018, accounting for more than one fourth of the global market in 2018.
- Asia-Pacific region is estimated to grow at the highest CAGR during the forecast period.
Key Topics Covered
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Parent Market Overview
3.3. Key Forces Shaping Spirulina Market
3.3.1. Low-to-high bargaining power of suppliers
3.3.2. Moderate-to-high threat of new entrants
3.3.3. Moderate threat of substitutes
3.3.4. Moderate intensity of rivalry
3.3.5. Low-to-moderate bargaining power of buyers
3.4. Pricing Analysis
3.4.1. Pricing Analysis, By Region, 2018 & 2025
3.5. Value Chain Analysis
3.6. Impact of government regulations on global spirulina market
3.7. Industry Pain point analysis
3.8. Patent Analysis
3.8.1. By Region (2016-2018)
3.8.2. By Applicant
3.9. Case Studies
3.9.1. Case Study 01
3.10. Market dynamics
3.10.1. Drivers
3.10.1.1. Rise in demand for natural ingredient
3.10.1.2. Promotion of the production of spirulina by government
3.10.1.3. R&D of spirulina as commercial products
3.10.2. Restraints
3.10.2.1. Impact on spirulina production due to climate change
3.10.3. Opportunities
3.10.3.1. Untapped markets in the developing countries
3.10.3.2. Easy to cultivate due to development in cultivation technology
CHAPTER 4: SPIRULINA MARKET, BY TYPE
4.1. Overview
4.2. Arthrospira Platensis
4.3. Arthrospira Maxima
CHAPTER 5: SPIRULINA MARKET, BY APPLICATION
5.1. Overview
5.2. Nutraceuticals
5.3. Cosmetics
5.4. Food and Beverages
5.5. Animal Feed
5.6. Other applications
CHAPTER 6: SPIRULINA MARKET, BY DRUG FORMULATION
6.1. Overview
6.2. Powder
6.3. Tablet & Capsule
6.4. Liquid
6.5. Granule & Gelling Agent
CHAPTER 7: SPIRULINA MARKET, BY REGION
7.1. Overview
7.2. North America
7.3. Europe
7.4. Asia-Pacific
7.5. LAMEA
CHAPTER 8: COMPANY PROFILES
8.1. Algenol Biofuels Inc.
8.2. Dongtai City Spirulina Bio-Engineering Co. Ltd.
8.3. Chr. Hansen Holding A/S
8.4. Cyanotech Corporation
8.5. DDW Inc.
8.6. DIC Corporation
8.7. Dohler GmbH
8.8. FMC Corporation
8.9. Givaudan International S.A.
8.10. Koninklijke DSM N.V.
8.11. Prolgae
8.12. Sensient Technologies Corporation
8.13. E.I.D. Parry Limited
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