London, June 15, 2020 (GLOBE NEWSWIRE) -- According to the recently published report titled “Spirulina Market by Distribution Channel (Consumer Channel, Business Channel), Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin Extract), and Application (Nutraceuticals, Food and Beverages, Agriculture, Animal Feed) - Global Forecast to 2025”, by Meticulous Research® in collaboration with the European Algae Biomass Association (EABA), the spirulina market is expected to grow at a CAGR of 9.4% from 2019 to reach $629.6 million by 2025; whereas, in terms of volume, this market is expected to grow at a CAGR of 13.6% from 2019 to reach 68,025.2 tons by 2025.
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The global spirulina market report extensively covers the following information:
- Demand analysis of spirulina (in terms of value and volume) by channel, product type, application, and countries
- Pricing analysis of spirulina at manufacturer, distributor, wholesaler, and retailer level
- Value Chain Analysis
- Force field analysis of spirulina industry
- List of more than 500 potential spirulina buyers as per region across food and beverages, nutraceutical, agriculture, animal feed, and cosmetics applications
- Region wise key success factors for spirulina business development or penetration
- Detailed analysis of spirulina producers operating across the globe as per their production capacity
- Key spirulina distributors
- Analysis on spirulina dosage formulation
- List of micro, medium scale, and large spirulina producers as per country
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The global spirulina market is driven by factors such as growing health & wellness trends and dietary supplements industry; growing demand for natural food colors; increasing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; growing malnutrition; increasing preference for spirulina sourced products, especially omega-3 fatty acids; growing use of spirulina in aquaculture; and growing demand for products that include spirulina as ingredient across the globe. Growing extraction of phycocyanin, rising demand of spirulina from biorefineries, increasing demand for fresh/frozen spirulina, and emergence of new application areas are providing opportunities to the stakeholders in the global spirulina market.
The global spirulina market is mainly segmented by distribution channel (consumer channel, business channel), product type (powder, tablets, capsules, flakes, and phycocyanin powder), application (nutraceuticals, food & beverages, animal feed, cosmetics, and agriculture), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa).
Based on distribution channel, spirulina market is segmented into consumer and business channel. In terms of value, the business channel segment commanded the largest share of the overall spirulina market, by distribution channel, in 2019. The largest share of this segment is mainly due to huge purchase of bulk spirulina by various manufacturers such as nutraceutical, food and beverages, and animal feed, among others for further product development.
Based on product type, spirulina market is segmented into powder, tablets, capsules, flakes, and phycocyanin extract. Spirulina powder was the leading product type of the spirulina in 2019. The largest share of this segment is mainly attributed to its large demand from nutraceutical market owing to growing health consciousness among consumers as well as growing use as an ingredient in variety of food and beverages products.
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Based on application, spirulina market is segmented into nutraceuticals, food & beverages, animal feed, cosmetics, and agriculture. Nutraceuticals segment commanded the largest share of the overall spirulina market in 2019, owing to the growing health concerns of aging population in various countries, a growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health.
Based on geography, spirulina market is divided into North America, Europe, Asia pacific, Latin America, and the Middle East and Africa. In terms of value, North America region commanded the largest share of global spirulina market in 2019, followed by Asia-Pacific region. The large share of this region is mainly attributed to growing awareness among consumers for natural food products, huge consumption of health supplements, strict regulations against the use of synthetic colors, growth of subsidiary industries like cosmetics and bio fertilizers, increasing preference for natural protein sources, and presence of key spirulina manufacturers with huge production, especially in the U.S. However, Asia-Pacific region is expected to witness significant growth during the forecast period, mainly due to the presence of many local and regional players in this region, growing need to eradicate malnutrition, various government initiatives to promote the use of spirulina, and ongoing research on exploring the various application areas for spirulina. Also, the growing demand of spirulina by nutraceutical industry is the major driver for the growth of spirulina market in the Asia-Pacific region.
The global spirulina market is fragmented with the presence of many local and regional players. The key players operating in the global spirulina market are Earthrise Nutritional, LLC (U.S.), DIC Corporation (Japan) [Earthrise Nutritionals, LLC. (U.S.) and Hainan-DIC Microalgae Co. Ltd. (China)], Yunnan Green A Bio-engineering Co., Ltd (China), Algene Biotech (India), Tianjin Norland Biotech Co. Ltd. (China), Cyanotech Corporation (U.S.), E.I.D. Parry (I) Ltd. (India), Far East Bio-Tec Co. Ltd.(China), Fuqing King Dnarmsa Spirulina Co. Ltd. (China), Dongtai City Spirulina Bio-engineering Co. Ltd. (China), and Australian Spirulina (Australia), among many other local and regional players.
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