Redding, California, April 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Spirulina Market by Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin), Distribution Channel (Business Channel, Consumer Channel), Application (Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics, Agriculture) - Global Forecast to 2030,’ In terms of value, the spirulina market is expected to reach $1.1 billion by 2030, at a CAGR of 9.4% from 2023 to 2030, while in terms of volume, the market is expected to reach $102,381.3 tons by 2030, at a CAGR of 8.0% from 2023 to 2030.
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Spirulina is a spiral-shaped microalga that grows naturally in the wild in warm and freshwater lakes. It is a blue-green alga. Spirulina contains approximately 60-70% protein, Vitamin A, B, and K. Spirulina has multiple health benefits; it has powerful anti-oxidant, anti-cancer, and anti-inflammatory properties. It is also effective against anemia and high blood sugar levels. Owing to these, spirulina is considered a superfood.
The major factors driving the growth of the spirulina market include the increasing health & wellness trends and dietary supplements industry, rising demand for natural food colors, growing vegetarianism, positive impact on the environment with spirulina cultivation, strict regulations regarding the inclusion of synthetic colors and flavors, growing preference for spirulina-sourced products, increasing use of spirulina in aquaculture, and growing investments from natural-color manufacturers.
Furthermore, the emergence of new application areas, growing demand for phycocyanin, rising demand for spirulina from bio-refineries, and increasing demand for fresh/frozen spirulina are expected to provide significant opportunities for the growth of this market. However, the low awareness of the benefits of spirulina, the complex production of algae products, and the risk of contamination restrain the growth of this market.
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The spirulina market is segmented by type, distribution channel, application, and geography.
Based on product type, the spirulina market is segmented into powder, tablets, capsules, flakes, phycocyanin, and frozen spirulina. In 2023, the powder segment is expected to account for the largest share of the spirulina market. The large market share of this segment is attributed to its rising demand from nutraceutical manufacturers due to the growing health consciousness among consumers, the increasing use of spirulina powder as an ingredient in various food & beverage products, the growing popularity of the vegan diet, and adoption of herbal ingredients in cosmetic products.
However, the phycocyanin segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly driven by the increased adoption of phycocyanin in the manufacturing of therapeutic & nutritional products, growing reluctance toward synthetic colors, rising demand for natural blue colorants, and investments from leading color houses in the phycocyanin space.
Based on distribution channel, the spirulina market is segmented into business channel and consumer channel. In 2023, the business channel segment is expected to account for the larger share of the spirulina market. The large market share of this segment is attributed to the direct purchase of bulk spirulina in large quantities by various manufacturers, such as nutraceuticals, food & beverages, and animal feed, among others, for further product development.
Based on application, the spirulina market is segmented into nutraceuticals, food & beverage, animal feed, cosmetics, and agriculture. In 2023, the nutraceuticals segment is expected to account for the largest share of the spirulina market. However, the food & beverage segment is expected to witness significant growth during the forecast period. Spirulina is gaining worldwide acceptance as a food ingredient due to its availability and sustainability of production, high nutritional and bioactive properties, and suitable functional properties. Moreover, the Food and Drug Administration (FDA) has approved spirulina extract as a natural blue coloring ingredient in food & beverage applications. The rapid growth of this segment is mainly driven by the growing demand for spirulina as a natural food color in confectionery products (including candy and chewing gum), frostings, ice cream and frozen desserts, dessert coatings and toppings, beverage mixes and powders, yogurts, custards, puddings, cottage cheese, gelatin, breadcrumbs, and ready-to-eat cereals.
Based on geography, in 2023, North America is expected to account for the largest share of the spirulina market. North America’s major market share is attributed to the growing awareness among consumers for natural food products, rising strict regulations against synthetic colors, growing demand for nutraceuticals, growth of subsidiary industries, such as cosmetics and biofertilizers, increasing preference for natural protein sources, and presence of key spirulina manufacturers with huge production capacities, especially in the U.S.
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However, the market in Europe is slated to register the fastest growth rate during the forecast period. The growth of this regional market is driven by the scientific and technological advances in microalgae research for health food and dietary supplement applications, rising consumer awareness regarding the benefits of natural food products, growing reluctance towards the usage of synthetic colors, the increased adoption of phycocyanin in the manufacturing of therapeutic & nutritional products, rising demand for natural blue colorants, and investments from leading color houses in the phycocyanin space.
The key players operating in the spirulina market are Clos Sainte Aurore (France), Spirulina Viva (Mexico), SPIFORM (France), Spirulina La Capitelle (France), Aurospirul (India), Far East Microalgae Industries, Co., Ltd. (Taiwan), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), DIC Corporation (Japan), E.I.D. - Parry (India) Limited (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-engineering Co., Ltd (China), Yunnan Green A Biological Project Co., Ltd. (a Subsidiary of Yunnan Spirin Biotechnology Co. Ltd) (China), Jiangshan Comp Spirulina Co., Ltd (China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals Co., Ltd. (China), Taiwan Chlorella Manufacturing Company (TCMC) (Taiwan), Roquette Klötze GmbH & Co. KG (Germany), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech Co., Ltd. (China), Allmicroalgae Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), Taiwan Wilson Enterprise Inc. (Taiwan), Algalimento SL (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou Ouqi Food Co., Ltd. (China), JUNE Spirulina (a Part of JUNE Group of Companies) (Myanmar), Ordos Xinyuli Spirulina Industry Group Co., Ltd. (China), Qingdao Haizhijiao Biotechnology Co., Ltd. (China), BlueBioTech Group (Germany), Sea & Sun Organic GmbH (subsidiary of Sea & Sun Technology GmbH) (Germany), Pond Technologies Inc. (Canada), Far East Bio-Tec. Co., Ltd. (FEBICO) (Taiwan), Givaudan SA (Switzerland), Nutragreenlife Biotechnology Co. Ltd. (branch of Greenlife Biotechnology Co., Ltd.) (China), Xi’an Fengzu Biological Technology Co., Ltd. (FZBIOTECH) (China), and Necton S.A. (Portugal).
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Scope of the Report:
Spirulina Market, by Product Type
- Powder
- Tablets
- Capsules
- Flakes
- Phycocyanin
- Frozen Spirulina
Spirulina Market, by Distribution Channel
- Business Channel
- Consumer Channel
Spirulina Market, by Application
- Nutraceuticals
- Food & Beverage
- Animal Feed
- Cosmetics
- Agriculture
Spirulina Market, by Geography
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- U.K.
- Italy
- Spain
- Netherlands
- Denmark
- Sweden
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- India
- Japan
- Australia
- Thailand
- Rest of Asia-Pacific (RoAPAC)
- Latin America (LATAM)
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa (MEA)
- Egypt
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East & Africa (RoMEA)
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