New York, Jan. 30, 2024 (GLOBE NEWSWIRE) -- According to Market.us, The Spirulina Market size was valued at USD 511.4 Million and is expected to reach USD 1,338.4 Million in 2032 Between 2023 and 2032, this market is estimated to register a CAGR of 10.1%.
Spirulina is a type of blue-green algae that is rich in nutrients and often used as a dietary supplement. It is considered a superfood due to its high protein content, vitamins, and minerals. Spirulina is cultivated in both fresh and saltwater and is known for its potential health benefits, including immune system support and antioxidant properties.
It is available in various forms, such as powder, capsules, and flakes, and is commonly used in smoothies, food products, and nutritional supplements. The market for spirulina has seen growth due to increasing awareness of its nutritional value and potential health benefits.
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Important Revelation:
- Market Growth: Spirulina market, valued at USD 511.4 million in 2022, anticipates a 10.1% CAGR (2023-2032).
- Global Distribution: Commercial production spans nations like Thailand, India, Taiwan, China, Pakistan, and Myanmar.
- Nutraceutical Powerhouse: Spirulina, a leader in nutraceuticals (51.7% market share in 2022), offers therapeutic qualities and essential nutrients.
- Form Popularity: Spirulina powder leads with a 66.3% market share in 2022, favored for versatility, ease, cost-effectiveness, and shelf life.
- Regional Dominance: North America leads in 2022 due to heightened dietary supplement consumption among health-conscious consumers.
Factors Affecting the Growth of the Global Spirulina Market
- Increasing Health Consciousness: Growing awareness of Spirulina's nutritional benefits, including vitamins and proteins, drives consumer interest in health-centric products.
- Rising Popularity as a Superfood: Spirulina's recognition as a superfood amplifies its demand, with consumers seeking natural and nutrient-dense dietary options.
- Expanding Application in Nutraceuticals: Spirulina's prominence in nutraceuticals, attributed to its therapeutic qualities, contributes significantly to market growth.
- Versatility in Forms: Spirulina's adaptability, particularly in popular forms like powder, enhances consumer convenience, contributing to market expansion.
- Environmental Sustainability: Spirulina's role in biofuel production aligns with the global push for sustainable and eco-friendly practices, driving market growth.
- Increasing Dietary Supplement Consumption: Spirulina's prevalence in dietary supplements boosts its market, especially in regions with a rising trend of health-oriented consumers.
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Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include:
- Cyanotech Corporation
- Givaudan
- Koninklijke DSM N.V.
- Sensient Technologies Corporation
- DIC Corporation
- eChlorial
- Giuriati Group
- Algenol Biotech
- Pond Technologies Inc.
- I.D. – Parry (India) Limited
- Life vision Healthcare
- NB Laboratories Pvt Ltd
- Other Key Players
Report Segmentation
By Form Analysis
In 2022, Spirulina's powder segment dominated the market, capturing a substantial 66.3% share and projecting an estimated 11.2% CAGR. Renowned for its versatility, ease of use, and cost-effectiveness, Spirulina powder seamlessly integrates into various culinary applications, from smoothies to baked goods. Its personalized dosing allows tailored nutrient intake, enhancing absorption efficiency. The powder's simplicity and compatibility with busy lifestyles make it a preferred choice, reflecting its market prominence and ability to cater to diverse consumer preferences.
By Type Analysis
The Spirulina platensis segment dominates the global market, attributed to its well-established reputation for nutritional potency, versatile applications, and recognized health benefits. Among Spirulina types, Spirulina platensis secured the largest market share in 2022. Widely accessible and prevalent, Platensis is integral to research and public health, thriving in aquatic habitats with convenient cultivation methods. Its significance extends to serving as a vital protein source in various African countries and gaining popularity in human health food sectors, especially as a protein supplement in Asia. Additionally, Platensis finds utility in poultry and aquafeeds, emphasizing its versatility in animal nutrition.
By Distribution Channel
In 2022, the Direct Sales/B2B segment dominated the Spirulina market, playing a pivotal role in supplying substantial volumes to diverse sectors like food, nutraceuticals, and cosmetics. Direct sales, outperforming indirect sales, excels in catering to industries by facilitating bulk procurement and tailored orders. This approach ensures efficient supply to manufacturers, eliminating intermediaries and optimizing costs. Moreover, direct sales foster enduring partnerships, collaborations, and joint ventures between Spirulina producers and industries, contributing to innovation and sustained growth.
By Application
In 2022, Spirulina's nutraceuticals segment dominated the market, holding a substantial 51.7% share. Renowned for its exceptional nutritional benefits, Spirulina serves as a versatile "Superfood," offering potential remedies for oxidative stress-related ailments, cholesterol reduction, immune system reinforcement, and more.
Its adaptability extends to weight loss formulations and overcoming drug dependencies. Spirulina's robust nutritional composition, suitable for capsule-form space sustenance, positions it as a holistic source of nourishment, positively impacting the global market.
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Key Market Segments
Based on Form
- Powder
- Tablet & Capsule
- Liquid
- Granules
Based on Type
- Spirulina platensis
- Spirulina Maxima
Distribution Channel
- Direct Sales/B2B
- Indirect Sales/B2C
- Supermarkets/Hypermarkets
- Specialty Stores
- Online Retail
- Others
Application
- Nutraceuticals
- Food & Beverages
- Cosmetics
- Animal Feed
- Others
Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 563 Million |
| Forecast Revenue 2032 | USD 1,338.4 Million |
| CAGR (2023 to 2032) | 10.1% |
| North America Revenue Share | 35.2% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2023 to 2032 |
Regional Analysis
In 2022, North America dominated the Spirulina market with a 35.2% share, driven by a surge in health consciousness and the demand for natural nutritional supplements. Spirulina's nutrient-rich profile aligns with consumers' well-being goals, especially in bolstering immunity and protein intake.
Stringent regulatory controls in Europe and the Asia Pacific enhance Spirulina's appeal as a natural colorant and flavor enhancer, aligning with the clean label trend. The competitive landscape sees industry leaders employing innovative strategies, while Europe and Asia Pacific's established health and wellness framework further contributes to market growth.
By Geography
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
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