Spirulina Market to Grow at 10.3% CAGR by 2030
Increasing consumption of spirulina owing to several health benefits and supportive government initiatives to increase its production are expected to drive the growth of spirulina industry during the forecast period.
The Spirulina Market is expected to grow at a CAGR of 10.3% from 2020-2030, according to a new research report by Next Move Strategy Consulting
Spirulina is a blue green algae with high nutrient content, usually consumed by human & animals. Spirulina is obtained from three species of blue green algae named as Arthrospirafusiformis, A. platensis, and A. Maxima. Spirulina is widely used in dietary supplements or in whole fooddue to its several health benefits. It is also used as a complementary diet ingredient in aquaculture & poultry feeds owing to the presence of high protein & vitamin content.
According to the report, growth in health consciousness among people and the rising demand for dietary supplements are major factors driving the spirulina market growth. Unhealthy food habit among large population is leading to the deficiency of various necessary nutrients in the body. In order to manage such deficiencies, there has been significant rise in the consumption of neutraceuticals. Also, acknowledging several health benefits linked with the consumption of spirulina, government in many countries are promoting the production of spirulina a large scale. Moreover, changing consumer preferences and launch of new spirulina derived products in the market with high antioxidants & vitamin content are also expected to support the market growth. Additionally, high penetration of spirulina in industries such as cosmetics and pharmaceutical owing to the advantageous properties such as anti-aging, anti-wrinkles and othersare bringing changes in market tends.
However, low stability & poor sustainability of spirulina derived colours is expected to restrict the market growth.Moreover, growth in research & development activities followed by untapped market opportunities in developing economies are anticipated to provide numerous opportunities to the market players in the coming few years.
On the basis of type, spirulina market share is segmented into Arthrospira Platensis and Arthrospira Maxima. Arthrospira Maxima dominates the global Spirulina market and will be the dominant throughout the forecasted period.
On the basis of application, the Spirulina market is categorised into Nutraceuticals, Food & Beverages, Cosmetics, Animal Feed, and Others.Food & Beverages segment is likely to develop significantly over the period of time owing to fast growing food & beverage industry.
On the basis of drug formulation, the spirulina market is bifurcated into Powder, Tablet & Capsule, Liquid, and Granule & Gelling Agent. Powder segment is expected to account for the major market share & dominate the market growth over the forecast period.
North America dominates the spirulina market in terms of market size&share over the forecast period, owing to rising health consciousness among people. Such health consciousness has created demand for Nutraceuticals& dietary supplements owing to their several health benefits.Europe holds the second leading position in the spirulina market in terms of market size. Asia Pacific is expected to be the fastest developing region in the spirulina market, majorly driven by the rising demand of spirulina from various industries such as cosmetics, food & beverage and others. Moreover, supportive government initiatives to increase local spirulina production and rapid development in food processing industry are also expected to boost the market growth.
According to the report, some the key players in the spirulina market are DIC Corporation, Cyanotech Corporation, Chr. Hansen Holding A/S, Algenol Biofuels Inc., Dongtai City Spirulina Bio-engineering Co., Ltd., Prolgae, Parry Neutraceuticals, Sensient Technologies Corporation, DDW Inc., Algatec and Naturex S.A.
Browse key industry insights from the report, “https://www.nextmsc.com/report/spirulina-market” in detail along with the table of contents:
Key Insights from the Spirulina Market Report:
- Asia Pacific is the fastest growing region in Spirulina market owing to the rising demand of spirulina from various industries such as cosmetics, food &beverages, healthcare and others and government initiatives to promote local spirulina production.
- The Food & Beverages segment dominates the market in terms of application and is expected to grow at a significant CAGR to maintain the lead till 2030.
- Some of the major players in the market are DIC Corporation, Cyanotech Corporation, Chr. Hansen Holding A/S, Algenol Biofuels Inc., Dongtai City Spirulina Bio-engineering Co., Ltd., Prolgae, Parry Neutraceuticals, Sensient Technologies Corporation, DDW Inc., Algatec and Naturex S.A.
The report Spirulina market – segmented by type, application, drug formulation and geography
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