Dubai, UAE, Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to the latest report by Kings Research, the global Spirulina Powder Market is expected to grow from USD 457.87 million in 2022 to USD 812.21 million by 2030, recording a CAGR of 7.70% through the projection period of 2023-2030. The market is witnessing substantial expansion, primarily attributed to the surging recognition of the health advantages associated with the consumption of spirulina.
Spirulina powder, sourced from blue-green algae, is renowned for its exceptional nutritional value, boasting a wealth of protein, vitamins, minerals, and antioxidants. This nutrient-packed powder is gaining popularity among health-conscious consumers. Furthermore, the increasing preference for natural and plant-based ingredients within the food and beverage sector is a driving force behind the market's robust growth.
Moreover, the surging rates of chronic conditions such as obesity and diabetes propels the market, with spirulina powder often suggested as a dietary aid for weight management and blood sugar control. Additionally, the growing vegan demographic has fueled demand due to spirulina's plant-based, nutrient-rich profile. As sustainability gains prominence, the spirulina powder market is poised for exceptional growth in the future.
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In 2023, Ancient Nutrition, a superfood brand, unveiled a complete superfood green line-up that featured a variety of organic greens, including spirulina, chlorella, kale, spinach, and broccoli. This product range contains 25+ superfoods, including certified organic greens, expertly formulated for detoxification, pH balance, increased energy, and enhanced nutrition.
Global Spirulina Powder Market Snapshot:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
| Market Value (2022) | USD 457.87 Million |
| Forecasted Value (2030) | USD 812.21 Million |
| CAGR | 7.70% |
| No. of Pages | 120 |
| Segments Covered | Type, Application, Distribution Channel, and Region |
| Drivers | Emergence of E-commerce Platforms to Boost Demand for Online Retail Stores |
| Widespread Use of Spirulina in Food & Beverage Application to Drive Product Demand | |
| Opportunity | Burgeoning Health Awareness of Spirulina to Boost Product Adoption |
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The global Spirulina Powder Market is segmented as:
By Distribution Channel
- Department Stores
- Grocery
- Online Retailers
- Others
Emergence of E-commerce Platforms to Boost Demand for Online Retail Stores
In terms of distribution channels, the online retail stores segment dominated the global spirulina market in 2022 due to the emergence of e-commerce platforms and the convenience they offer. As a result, consumers show a greater inclination to purchase spirulina powder through these online retailers. The availability of price comparisons and customer reviews makes it simpler for consumers to make informed decisions and complete their purchases, ultimately contributing to the growth of this segment.
By Application
- Food and Beverages
- Nutraceuticals
- Cosmetics & Personal Care
- Feed
- Pharmaceutical
Widespread Use of Spirulina in Food & Beverage Application to Drive Product Demand
Based on applications, the food and beverage segment led the global spirulina powder market in 2022. This segmental growth is attributable to its wide application as a natural food coloring agent and as a nutritional supplement.
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Burgeoning Health Awareness of Spirulina to Boost Product Adoption
The burgeoning awareness of the health benefits of spirulina, its rich nutritional profile, and the demand for natural, plant-based ingredients in the food and beverage industry are driving factors behind the significant growth in the global spirulina powder market. Additionally, the market's expansion is further fueled by the rising prevalence of chronic diseases, such as obesity and diabetes, where spirulina powder is recommended as a dietary supplement. Furthermore, the growing vegan population is seeking plant-based sources of essential nutrients, which is contributing to the market's growth. As sustainability and eco-friendliness gain prominence, the spirulina powder market is poised for substantial expansion in the years ahead.
North America to Lead the Spirulina Powder Market Due to Rising Investments in R&D Activities
North America is anticipated to lead the market over the review period due to substantial investments in R&D activities. These investments have led to significant progress in spirulina cultivation techniques and quality control measures, resulting in a high-quality product with global appeal. The region's growing preference for health and wellness products, coupled with the well-established infrastructure for dietary supplement production and distribution, enables it to meet the increasing demand for spirulina powder.
APAC to Witness Fastest Market Growth Owing to Favorable Climatic Conditions
Asia-Pacific is the fastest-growing region in the spirulina powder market due to its strong agricultural foundation and favorable climate for spirulina cultivation. Furthermore, countries such as China, India, and Japan have a rich tradition of using spirulina for both dietary supplementation and traditional medicine. This cultural familiarity and acceptance have significantly bolstered product demand in the region. Moreover, the increasing health consciousness and the rising popularity of plant-based protein sources in Asia-Pacific have further propelled domestic market growth.
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Competitive Landscape
Leading players in the global spirulina powder market are implementing various strategic approaches, including partnerships, mergers and acquisitions, product innovations, and joint ventures, with the aim of broadening their product offerings.
For instance, in August 2021, Proalgae unveiled a new product line in Chennai, featuring sweet spirulina powder and protein bars. These products are tailored for the vegan consumer segment and are highly acclaimed as superfoods.
Major participants profiled in the global spirulina powder market include:
- Cyanotech Corporation
- SePRO Corporation
- BioSafe Systems, LLC
- Yunnan Green A Biological Project Co., Ltd
- Inner Mongolia Rejuve Biotech Co. Ltd.
- DIC Corporation
- Botanic Healthcare
- Qingdao Haizhijiao Biotechnology Co., Ltd
- I.D. – Parry (India) Limited
- BASF SE
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Key Points from TOC:
Chapter 1 Introduction of the Global Spirulina Powder Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Spirulina Powder Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Spirulina Powder Market, By Type
Chapter 7 Global Spirulina Powder Market, By Application
Chapter 8 Global Spirulina Powder Market, By Distribution Channel
Chapter 9 Global Spirulina Powder Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Spirulina Powder Market Competitive Landscape
Chapter 16 Company Profiles
Browse Complete TOC: https://www.kingsresearch.com/toc/spirulina-powder-market-245
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