New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Market Size & Overview:
The spirulina market is anticipated to witness substantial expansion, demonstrating a value-based Compound Annual Growth Rate (CAGR) of 8.0%. The revenue is projected to rise from US$ 215.2 Mn to approximately US$ 465.2 Mn by the year 2033.
In the historical period, the global spirulina market experienced noteworthy growth, recording a CAGR of 6.2% and reaching a valuation of US$ 215.2 Mn in 2023. The market is poised for steady growth, driven by increasing awareness of the diverse applications and benefits of spirulina.
Spirulina, a biomass of cyanobacteria suitable for human and animal consumption, is primarily derived from two species: Arthrospira plantensis and Anthrospira maxima. Arthrospira is cultivated globally and finds application in dietary supplements, serving as a whole food available in tablet, capsule, flakes, powder, and liquid forms.
Additionally, spirulina is utilized as a feed supplement in aquariums, aquaculture, and poultry industries. The versatility and wide-ranging applications of spirulina contribute to its sustained growth in the market.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 215.2 million | |
| Estimated Revenue 2033 | US$ 465.2 million | |
| Growth Rate - CAGR | 8.0% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 486 Pages | |
| Market Segmentation | Nature, Form, End Use, Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled | Cyanotech Corp., Australian Spirulina, DDW Inc., DIC Corporation, Chr. Hansen A/S NUA Naturals Dongtai City Spirulina Bio-Engineering Co., Ltd., NB Laboratories Pvt. Ltd., Prolgae Spirulina Supplies Pvt. Ltd., Wellisen, Sami Direct General Trading L.L.C., Organic Herb | |
Spirulina market Consumption Analysis:
Dietary Supplements: Spirulina is widely consumed in the form of dietary supplements, catering to the increasing demand for natural and nutrient-rich options.
Available in convenient forms such as tablets, capsules, flakes, powder, and liquid, spirulina supplements are favoured by health-conscious consumers.
Whole Food Consumption: Arthrospira plantensis, a common spirulina species, is utilized as a whole food, indicating a shift towards incorporating natural and sustainable sources into daily diets.
Aquarium and Aquaculture Industries: Spirulina serves as a valuable feed supplement in the aquarium and aquaculture sectors, emphasizing its role in supporting the health and growth of aquatic life.
Poultry Industry: The poultry industry recognizes spirulina as an effective feed supplement, contributing to the nutritional requirements of poultry and enhancing the quality of poultry products.
Increasing Awareness: The steady market growth is attributed to rising awareness about the health benefits of spirulina, including its high protein content, essential vitamins, and minerals.
Global Cultivation: The global cultivation of Arthrospira, one of the main spirulina species, signifies its widespread availability for consumption on a global scale.
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Top 8 key trends in the Spirulina Market:
- Rising Demand for Natural and Plant-Based Products: Growing consumer awareness of health and wellness is driving a surge in demand for natural and plant-based products, positioning spirulina as a sought-after dietary supplement and food ingredient.
- Expanding Applications in Dietary Supplements: Spirulina's role as a key ingredient in dietary supplements continues to expand, driven by its rich nutritional content, including protein, vitamins, and minerals. Consumers are increasingly turning to spirulina supplements for enhanced nutrition.
- Increased Use in Aquaculture and Poultry Feed: The spirulina market is witnessing a rise in demand from the aquaculture and poultry industries, where spirulina serves as a valuable feed supplement. Its nutritional benefits contribute to the overall health and quality of aquatic and poultry products.
- Global Cultivation and Sustainable Sourcing: The emphasis on sustainability is driving global cultivation of spirulina, ensuring a stable and eco-friendly supply chain. Spirulina's adaptability to various climates and its efficient use of resources contribute to its sustainable image.
- Diversification of Product Forms: Manufacturers are diversifying the forms in which spirulina is available, including tablets, capsules, flakes, powder, and liquid. This diversification caters to different consumer preferences and allows for versatile usage in various industries.
- Technological Advancements in Production: Ongoing technological advancements in spirulina production processes are improving efficiency and scalability. Innovations in cultivation techniques and extraction methods contribute to increased production and product quality.
- Health and Wellness Trends Driving Market Growth: Spirulina aligns with prevailing health and wellness trends, making it a popular choice among consumers seeking natural, nutrient-dense options. Its potential health benefits, such as immune system support and antioxidant properties, contribute to its market growth.
- Regulatory Support and Standards: The spirulina market is benefiting from increasing regulatory support and the establishment of quality standards. This helps build consumer confidence, ensuring that spirulina products meet defined criteria for safety and quality.
Potential mergers and acquisitions in Spirulina Market:
Nutritional Supplement Companies Acquiring Spirulina Producers: Established nutritional supplement companies may consider acquiring spirulina producers to vertically integrate their supply chains and ensure a stable source of high-quality spirulina for their products. This type of merger could enhance product offerings and control production costs.
Food and Beverage Companies Expanding into Health and Wellness: Large food and beverage companies looking to expand their presence in the health and wellness sector may seek mergers or acquisitions with spirulina producers. This move could help diversify product portfolios and meet the growing consumer demand for natural, nutrient-rich ingredients.
Aquaculture and Animal Nutrition Companies Acquiring Spirulina Suppliers: Companies in the aquaculture and animal nutrition sectors may explore mergers with spirulina producers to secure a consistent supply of spirulina for feed supplements. This could enhance the nutritional profile of animal feed and contribute to the overall health of aquatic and poultry products.
Biotechnology and Agriculture Companies Integrating Spirulina Cultivation: Biotechnology and agriculture companies may consider mergers with spirulina cultivation specialists to leverage expertise in sustainable cultivation practices. This collaboration could lead to advancements in cultivation techniques, improving yields and reducing environmental impact.
Pharmaceutical Companies Exploring Spirulina for Medicinal Purposes: Pharmaceutical companies interested in the potential medicinal benefits of spirulina may explore mergers or partnerships with spirulina producers. This could lead to research and development efforts focused on incorporating spirulina into pharmaceutical products or exploring its therapeutic applications.
Investment from Sustainable and Impact-focused Companies: Spirulina's sustainable and eco-friendly image may attract investment or acquisition interest from companies with a strong focus on environmental sustainability and social impact. Such partnerships could support initiatives to promote responsible and ethical spirulina production.
Future Prospects:
The future prospects of the spirulina market appear promising, marked by sustained growth and expanding opportunities. As consumer awareness regarding health and wellness continues to rise, spirulina, with its rich nutritional profile and versatile applications, is well-positioned to meet evolving demands.
The anticipated increase in value-based Compound Annual Growth Rate (CAGR) at 8.0%, projecting a revenue surge from US$ 215.2 Mn to around US$ 465.2 Mn by 2033, underscores the market's resilience and potential. With spirulina finding its place in diverse sectors such as dietary supplements, aquaculture, poultry feed, and more, the market is set to benefit from strategic mergers, technological advancements, and collaborations.
As sustainability becomes a key focus, the global cultivation of spirulina and adherence to regulatory standards will likely contribute to its positive trajectory.
Overall, the future of the spirulina market is marked by a confluence of health-conscious consumer trends, sustainable practices, and strategic industry developments, pointing towards a robust and dynamic market landscape.
Some majors Players in the Spirulina Market:
- Cyanotech Corp.: Cyanotech Corp. is a leading player in the spirulina market, recognized for its commitment to producing high-quality spirulina products. The company employs advanced cultivation techniques to ensure optimal nutritional content in its spirulina offerings, catering to the growing demand for natural and nutrient-rich supplements.
- Australian Spirulina: Australian Spirulina is a key contributor to the spirulina market, leveraging the pristine environmental conditions of Australia for spirulina cultivation. With a focus on sustainable and organic practices, Australian Spirulina emphasizes the purity and quality of its products, appealing to consumers seeking premium and eco-friendly options.
- DDW Inc.: DDW Inc. plays a vital role in the spirulina market, specializing in natural color solutions derived from spirulina. The company's innovative approach aligns with the increasing demand for natural food colorants, contributing to the market's diversification by providing spirulina-based coloring options to the food and beverage industry.
- DIC Corporation: DIC Corporation is a prominent global player in various industries, including spirulina production. With a commitment to sustainability and technological advancements, DIC Corporation contributes to the spirulina market by integrating innovative solutions into cultivation practices, ensuring efficiency and quality in their spirulina products.
- Chr. Hansen A/S: Chr. Hansen A/S is recognized for its expertise in microbial solutions, including spirulina-based products. As a key player in the spirulina market, the company focuses on developing sustainable and natural solutions for various industries, contributing to the market's growth through research and innovation.
- NUA Naturals: NUA Naturals is a noteworthy participant in the spirulina market, emphasizing organic and ethically sourced spirulina products. The company's commitment to promoting health and well-being aligns with the increasing consumer preference for organic and responsibly produced spirulina supplements.
- Dongtai City Spirulina Bio-Engineering Co., Ltd.: Dongtai City Spirulina Bio-Engineering Co., Ltd. is a major spirulina producer, contributing significantly to the global spirulina supply. The company's cultivation practices and production capabilities make it a key player in meeting the growing demand for spirulina across various applications.
- NB Laboratories Pvt. Ltd.: NB Laboratories Pvt. Ltd. is a notable participant in the spirulina market, focusing on research and development to enhance the nutritional benefits of spirulina. The company's commitment to quality and innovation positions it as a key contributor to the market's evolution.
Spirulina market Segmentation:
By Nature:
Organic: Products classified as organic are derived from natural sources without the use of synthetic chemicals or pesticides. They are grown or produced following organic farming practices.
Conventional: Conventional products may involve the use of synthetic chemicals, pesticides, and conventional farming methods. They may not adhere to the strict standards of organic production.
By Form:
Powder: Products available in powdered form, which can be easily mixed with liquids or incorporated into various recipes for consumption.
Tablets & Capsules: These products are in solid form, often in the shape of tablets or capsules, providing a convenient and measured dosage.
Liquid: Products in a liquid state, allowing for easy consumption or incorporation into beverages or other liquid-based applications.
By End Use:
Nutraceutical: Products with health benefits, including supplements and fortified foods, designed to provide additional nutritional value beyond basic dietary requirements.
Food & Beverage Industry: Ingredients or products used in the manufacturing of food and beverages, contributing to flavor, nutrition, or other functional aspects.
Animal Feed: Products intended for consumption by animals to meet their nutritional needs, often in the form of pellets, powders, or liquids.
Cosmetics: Ingredients or products used in the formulation of cosmetics and personal care items, contributing to their texture, appearance, or functional properties.
By Region:
North America: Products or markets located in the North American region, encompassing the United States, Canada, and Mexico.
Latin America: Products or markets located in the Latin American region, covering countries in Central and South America.
Europe: Products or markets located in Europe, spanning countries within the European continent.
South Asia & Pacific: Products or markets located in South Asia and the Pacific region, including countries like India, Australia, and Southeast Asian nations.
East Asia: Products or markets located in East Asia, covering countries such as China, Japan, and South Korea.
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