LOS ANGELES, June 22, 2021 (GLOBE NEWSWIRE) -- The Global Spirulina Market is anticipated to grow at a CAGR of around 10.3% during the forecast period 2020 to 2027 and to reach around US$ 856 Mn by 2027.
Rising demand for healthy supplements and wide applicability in various end use industries are major factors expected to drive the growth of global spirulina market.
The market in North America is expected to account for major revenue share in the global spirulina market due to rising awareness among consumer related to healthy food consumption. Consumer spending on consumption of healthy food is increasing. In 2019, U.S. consumers, businesses, and government entities spent US$1.77 trillion on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks. Consumer inclination towards dietary solutions that help them in providing more unique nutrition and achieve personal health goals is gaining traction. With the high spending capacity and changing lifestyle pattern is expected to impact the growth of target market. Functional food consumption is gaining importance in food service sector.
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Globally, fortified/functional food sales topped US$267 billion, and naturally healthy food sales were US$259 billion in February 2020; U.S. sales reached US$63 billion and US$42 billion, respectively. In 2019, 77% of U.S. adults used dietary supplements, an all-time high. U.S. supplement sales are estimated to have reached US$49.3 Bn in 2019, up 6.2%.
The market in Asia Pacific is expected to witness faster growth in the target market due to rising demand for dietary supplements. Flourishing food & beverage industry and rising demand for products that have high source of protein and antioxidants this is expected to augment the growth of target market. Presence of large number of players operating in the country and introduction of innovative solutions in order to attract new customers is expected to boost the regional market growth.
In 2020, DIC Corporation, a global chemical manufacturer company launched liquid version of its “Linablue” a naturally derived blue food coloring. The product launch is expected to help the company to enhance the business and increase the revenue share. Major players approach towards enhancing the business in developing region is expected to support the growth of spirulina market.
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Increasing demand for food supplements with natural ingredients and wide applicability of spirulina in food & beverage, biotechnology industry are major factors expedited to drive the growth of global spirulina market. In addition, increasing R&D activities by major players for product development and introduction of innovative solutions are factors expected to segment the growth of target market.
- In 2020, Chr. Hansen A/S, a global bioscience company launched “FruitMax® blue”. The spirulina-based products launch is expected to help the company to enhance the business and increase the revenue share.
- In 2018, Algama Foods, a food product manufacturing company is focused on re-launching its spirulina water after extensive product development to improve taste and stability. Springwave is made using a concentrated, dried blue spirulina extract that is high in phycocyanin, vitamins and minerals, creating an antioxidant-rich drink with revitalizing properties.
Factors such as high cost associated to production and fluctuating price and availability of raw materials are expected to hamper the growth of global spirulina market. In addition, stringent government regulations related to product approval is expected to challenge the growth of target market. However, increasing investment by major players for product development and players focus towards tracking the untapped market are factors expected to create new opportunities for players operating in the spirulina market. In addition, increasing partnership and agreement in order to strengthen the distribution channel is expected to support the revenue transaction of target market.
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The global spirulina market is segmented into type, formulation, and application. The type segment is divided into arthrospira platensis and arthrospira maxima. The application segment is bifurcated into nutraceuticals, food & beverages, cosmetics, animal feed, and others. Among application the food & beverages segment is expected to witness faster growth in the spirulina market.
Players operating in the global spirulina market are Cyanotech Corporation DIC Corporation, Cabassi & Giuriati SpA, DDW, DÖHLER GmbH, Dongtai City Spirulina Bio-engineering Co., Ltd., Echlorial, E.I.D. Parry Limited, Givaudan international SA, Prolgae Spirulina Supplies Pvt. Ltd., and Dongtai City Spirulina Bio-engineering Co., Ltd. The market is highly competitive due to presence of large number of players operating on global level.
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