Pune, India, Nov. 09, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Spirulina Protein Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Application, and Geography,” the spirulina protein market size accounted for approximately USD 450 Million in 2022 and is projected to register a CAGR of ~ 7% from 2022 to 2030 to reach 850 million in 2030. The report highlights key factors driving the market and prominent players along with their developments in the market.
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Spirulina is a type of blue-green algae that grows in fresh and salt water. It contains many nutrients such as protein, thiamin, riboflavin, niacin, and minerals such as Copper and iron. It is a rich source of essential amino acids, making it a popular ingredient in human nutrition. According to the United States Department of Agriculture (USDA), 1 tablespoon of dried spirulina or spirulina powder that is equivalent to 7 grams of spirulina consists of:
- 4 grams of protein
- 14% of Thiamin of the Daily Value (DV)
- 20% of Riboflavin of the DV
- 6% of Niacin of the DV
- 47% of Copper of the (DV)
- 11% of Iron of the DV
The rising awareness of the health benefits of spirulina is driving the global spirulina market. There is an increasing awareness of the environmental impacts of animal-derived protein across the globe. The livestock industry has significant carbon emissions and is also responsible for animal cruelty. People are taking steps to minimize the environmental impacts of the livestock industry and are seeking alternatives to animal protein. Microalgae, including spirulina, is one of the richest sources of non-animal protein and are generally marketed as superfoods due to their high bioactive content. The rising demand for sustainable protein sources is driving the growth of the spirulina protein market. Spirulina protein is widely available in powder form and is extensively used in dietary supplements due to its high nutritional value. Spirulina powder is used to make tablets, capsules, and gummies and is consumed in powder format. It is generally used as a functional ingredient in smoothies, salads, soups, stocks, snacks, and baked goods. Spirulina protein powder is used in personal care products as an anti-aging, brightening, and anti-acne agent. It has gained immense popularity in the skincare routines of celebrities. The rising demand for spirulina protein across various application areas significantly propels the spirulina market growth.
Some of the key players operating in the spirulina market include Algenol, Cyanotech Corporation, Allmicroalgae, Givaudan, Corbion NV, Medikonda Nutrients, DIC CORPORATION, Far East Microalgae Industries Co Ltd, and Bluetec Naturals Co.,Ltd, among others.
Impact of COVID-19 Pandemic on Spirulina Protein Market
Various industries such as food & beverages, personal care, and pharmaceuticals & nutraceuticals suffered from severe disruptions due to disturbances in supply chains and shutdowns of production plants amid the COVID-19 pandemic. The shutdown of various manufacturing plants and factories in regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa negatively impacted the supply chains, manufacturing, delivery schedules, and sales. Many businesses announced possible delays in product deliveries and slumps in their future sales. Thus, suspended operations in various industries negatively impacted the spirulina protein market growth.
However, the pandemic altered global consumer preferences as health became the top priority. The preference for all-natural, organic, and GMO-free ingredients increased as consumers perceived these products to be healthier than conventional ones. Moreover, the focus on immune health increased dramatically, which is expected to provide lucrative opportunities for immune-boosting ingredients such as spirulina. Also, as sustainability became one of the top priorities in the wake of the pandemic, people started consuming sustainable proteins and reduced animal-derived protein consumption. This factor created significant growth potential for the spirulina protein market. In 2020, the government imposed lockdowns and quarantines, and people were mandated to stay in their homes to curb the spread of SARS-CoV-2. Therefore, the global population began to spend more time on the Internet to escape boredom. This factor created awareness about the availability of healthier and sustainable products, which positively impacted the demand for spirulina protein, bolstering the spirulina protein market growth.
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Based on application, the spirulina protein market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The spirulina protein market in North America is further segmented into the US, Canada, and Mexico. The European market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The spirulina protein market in Asia Pacific is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The spirulina protein market in South & Central America market is categorized into Brazil, Argentina, and the Rest of South & Central America.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Spirulina Powder Market Size and Forecasts (2020 - 2030)
Spirulina Beverages Market Size and Forecasts (2020 - 2030)
Algae Protein Market Size and Forecasts (2020 - 2030)
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