New York, US, April 05, 2023 (GLOBE NEWSWIRE) -- Spirulina Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Spirulina Market Information by Type, Application and Region - Forecast till 2030”, Spirulina Market could thrive at a rate of 9.28% between 2023 and 2030. The market size will reach around USD 1.14 Billion by the end of the year 2030
Market Synopsis
Spirulina is regarded as a superfood due to the high levels of various nutrients it contains because of the abundance of nutrients it provides, such as protein, beta-carotene, fatty acids, vitamins, copper, and iron. Because of the high demand for its natural ingredient, manufacturers have stepped up their output, and marketers have pushed the product harder than ever before and are the driver of the market. Spirulina has antioxidants, cleaning capabilities, and trace elements like selenium and zinc, which are important for skin health. The skin's suppleness and elasticity are enhanced as a bonus.
Plant-based food products are in high demand due to rising consumer awareness of artificial colorings' potentially harmful health effects. Spirulina has become widely used as a natural food colorant in many different food products, including smoothies, jellies, and drinks, thanks to the popularity of "clean labeling" and the rapid expansion of "minimally processed" foods. Other than this, the escalating inclination towards available Spirulina will further stimulate the industry's growth.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 1.14 Billion |
| CAGR | 9.28% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Wide Application in Food Products as Natural Colorant |
| growing health concerns among consumers |
Market Competitive Landscape:
The affluent companies in the Spirulina industry include
- D. Parry Limited (India)
- Jiangxi Alga Biotech
- DIC Corporation
- Tianjin Norland Biotech Co. Ltd.
- Cyanotech Corporation
- Hydrolina Biotech Private Limited
- DIC Corporation
August 2020
ScotBio, a biotech firm based in Scotland, had created a patented process for increasing the phycocyanin pigment level in Spirulina. Using this innovative approach, phycocyanin yields can be increased by a factor of five compared to those obtained using more traditional extraction methods.
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Market USP Covered:
Market Drivers:
The Spirulina industry can anticipate a significant expansion in the coming years due to a surge in product innovations and their introduction into the market. The emergence of entrepreneurs in the algae-based foods arena is driving Spirulina market expansion and innovation. To meet the needs of the expanding vegan community, these entrepreneurs are creating culinary products made from algae. Vegan chocolate bars and cookies made from Spirulina and its extracts were introduced in February 2019 by Prolgae, an Indian business.
Market Restraints:
The Spirulina market faces competition from cheaper synthetic colorants such as indigo carmine and dazzling blue. Synthetic food colorings have a higher extraction efficiency than Spirulina. In addition, phycocyanin extraction is both time-consuming and expensive compared to the production of synthetic food colors. Because of these challenges, the Spirulina industry has suffered.
COVID 19 Analysis
COVID-19’s impact has given way to numerous repercussions for people worldwide. The aftermath is linked with the significant social and economic burden on people worldwide. Around the world, Due to the compulsory breakdown of on-trade winemakers in several nations, including the United States, the United Kingdom, and India, to stop the virus' spread, the COVID-19 pandemic had a significant impact on the Spirulina industry.
Challenges such as decreased consumption and disturbed supply chains affect the companies that make consumer food and beverage goods. The candy market has suffered due to this situation, as consumers are cutting back on all but essential purchases. The procurement of necessities is further regulated by several laws and policies enacted by government agencies. Most shoppers are limiting their purchases to necessities, leading to a steep drop in the popularity of sweets. Nutritional products trade associations claim that a decline in Spirulina biomass consumption among end-users has slowed the expansion of the Spirulina market. This decline may be traced back to disruptions at various stages of the global supply chain for functional meals and dietary supplements.
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Market Segmentation
By Type
The Spirulina types in the market include Arthrospira platensis and Arthrospira maxima.
By Application
Food & Beverage, Dietary Supplements, Cosmetics, and Personal Care are the major distribution channels worldwide market.
Regional Insights
Asia-pacific countries, Spirulina is widely produced, including Korea, Indonesia, and China, which has led to a burgeoning industry in the region. In part, the market growth can be attributed to the widespread use of Spirulina in nutraceuticals to produce protein-rich dietary supplements. In addition to rising cosmetics industry demand, the regional Spirulina market is propelled by the growing interest in the health benefits of blue-green algae.
Europe has become a big market for natural food colors used in manufactured foods. As Spirulina's popularity rises in the food and drink industry, particularly in areas like baking and candy making, France and the UK present promising opportunities for expansion. Spirulina, like other clean-label nutrients, has seen a boost in popularity as consumer tastes shift towards more aesthetically pleasing, minimally processed foods.
North America's growth is expected to increase in the years to come. Because of the rising interest in natural food dyes, the United States and Canada have emerged as two of the world's most important markets. Manufacturers include Spirulina in various baked, dairy, and sweet items. Its market expansion is forecast to be fueled by the region's growing preference for products with transparent ingredient lists and all-natural formulas.
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