Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The spirulina market size has experienced significant growth in recent years due to rising awareness of its potential health benefits and increasing demand for natural, plant-based sources of nutrients. Spirulina, blue-green algae rich in protein, vitamins, minerals, and antioxidants, is recognized for its role in supporting immune function, aiding in weight management, and providing a sustainable protein source.
The market's expansion can be attributed to the growing adoption of healthy lifestyles, a surge in vegan and vegetarian diets, and the incorporation of Spirulina into various food and beverage products, including supplements, energy bars, and functional beverages. Additionally, spirulina's sustainable cultivation methods, efficient resource utilization, and potential for addressing malnutrition in developing regions have further fueled its market growth. As consumer preferences continue to shift towards sustainable and nutrient-rich options, the Spirulina market is anticipated to maintain its upward trajectory.
The global spirulina market size is projected to expand speedily owing to the potential benefits of spirulina for COVID-19 patients, finds Fortune Business Insights™ in its report, titled “Spirulina Market, 2023-2030”.
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List of Key Players Covered in the Spirulina Market Report:
- Chr. Hansen Holding A/S.
- Sensient Technologies Corporation
- Parry Nutraceuticals Ltd.
- Cyanotech Corporation
- DIC Corporation
- Naturex S.A.
- Algenol Biofuels Inc.
- Prolgae Spirulina Supplies Pvt. Ltd.
- Dongtai City Spirulina Bio-engineering Co.
- Fuqing King Dnarmsa Spirulina Co. Ltd.
- Fraken Biochem Co. Ltd.
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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Market Growth:
The Spirulina market is undergoing a remarkable growth phase, propelled by escalating consumer interest in holistic well-being and environmentally conscious choices. This burgeoning market is fueled by spirulina's exceptional nutritional profile, encompassing high protein content, essential vitamins, minerals, and antioxidants. As health-conscious consumers increasingly seek out natural alternatives to conventional dietary sources, spirulina has emerged as a potent contender, credited with immunity enhancement, weight management support, and a host of other health benefits. Its integration into an array of products, ranging from health supplements to functional foods, has amplified its market presence. Moreover, the sustainability quotient of spirulina's cultivation, along with its potential to address nutritional challenges on a global scale, augments its growth trajectory. With a synergy of health, sustainability, and versatility, the spirulina market is poised for sustained expansion.
Market Segmentation:
In terms of type, the market has been segmented into Arthrospira platensis and Arthrospira maxima. Based on form, the market has been divided into powder, tablet, and liquid. By application, the market has been clubbed into food & beverage, dietary supplements, cosmetics, and personal care. On the basis of region, the market has been analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Market Segments:
In terms of type, the market has been segmented into:
- Arthrospira platensis
- Arthrospira maxima.
Based on form, the market has been divided into:
- Powder
- Tablet
- liquid
By application, the market has been clubbed into:
- food & beverage
- Dietary supplements
- Cosmetics
- personal care
On the basis of region, the market has been analyzed across:
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa.
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What Does the Report Offer?
The report offers an accurate computation of market figures and supplies a comprehensive analysis of the factors, trends, and restraints shaping the size, share, and growth of the market. In addition, the report encapsulates a careful study of market segments and provides a detailed examination of the regional dynamics and competitive milieu of the market.
Driving Factor
Spirulina-based Innovations by Startups to Drive Market
The emergence of startups in the algae-based foods domain is driving innovation and fueling the spirulina market growth. These startups are focused on developing algae-based food items, with an aim to cater to the demands of the growing vegan population. For example, in February 2019, Prolgae, a startup based in India, created vegan chocolate bars and cookies formulated from spirulina and its extracts. Furthermore, this species of algae is also seen as a potential instrument against malnutrition, according to the Food and Agriculture Organization (FAO), prompting a few companies to produce algae-based food items and make them accessible to all. In October 2018, for instance, Proalgae announced its plans to produce high-quality, sun-dried spirulina to fight malnutrition in India and Africa. Some other startups intend to popularize this alga’s super-food status. For example, SNACK Brand, a startup launched in January 2021, will be developing farm-fresh versions of this alga in the form of clusters and powders and combine them nutrient-dense ingredients, such as flax seeds and dry fruits.
Regional Insights
Widespread Production of Spirulina to Propel the Asia Pacific Market Growth
Asia Pacific is anticipated to command the spirulina market share during the forecast period owing to the high production of the algae in Korea, China, and Indonesia. The increasing blending of this algal species with nutraceuticals in non-dairy products is expected to further support the regional market growth. The market in Europe will be majorly driven by the soaring demand for natural food colors in the continent. In countries such as France and the UK, the rising adoption of veganism and growing demand for natural, nutrient-rich ingredients in the food industry will also aid the regional market. Similar trends are foreseen in North America as well, where the preference for clean-label food and beverage products is steadily increasing.
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Competitive Landscape
Advancements in Food Formulation Technologies to Energize the Market
The dynamics of this market are being steered and shaped by the sophistication in food formulation technologies heralded by research institutions and private companies. The advent of spirulina in the food industry has opened multiple avenues of innovation in this market and key players are tapping these opportunities by stepping up their investments in research & development activities, thereby cementing their position in the market.
Industry Development:
- August 2019: ScotBio announced the development of a novel technique of augmenting the amount of phycocyanin, the blue pigment found in spirulina algae. According to the company, the innovation will allow indoor-cultivated varieties of this alga a cost-effective option for food companies.
- In July 2019, GNT developed a range of blue powders derived from spirulina that will deliver significantly higher colour intensity that can be incorporated in various foods as additives.
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