Market Definition
The Spirulina Market was valued at USD 429.34 million in 2021 and is predicted to reach USD1,039.91 million by 2030, registering a CAGR of 10.6% from 2022 to 2030.
Spirulina is an ediblemulticellular algamade fromblue-green microalgae orcyanobacteria that are also known as arthrospira platensis. These microbeslive in lakes, ponds, rivers, and saltwater bodies. Themicroalgae are harvested and easily processeddue to their rich nutritional value such as proteins, provitamins, minerals, amino acids, and pigments. The rich nutrients and eco-friendly factor of spirulina make it consumable for vegans, vegetarians, and even for some animal species. In addition, spirulina has various health benefits that include improved digestion, boosted energy levels, and enhanced weight management, coupled with mental clarity and increased immune functionality. It is considered as a superfood due to its high protein content, which is further used as a source of protein supplement for bodybuilders and athletes.
Market Dynamics and Trends
The increasing demand for spirulina is due to its high nutritional value along with risingmalnutrition problems among individuals thatcauseserious concerns across the globe. Also, the National Aeronautics and Space Administration (NASA) uses spirulina products as dietary supplements for astronauts on space missionsto adjust immune functions and as ananti-inflammatory supplement, which has been driving the growth of the market. Moreover, the growing industry of spirulina market is widely diversifiedin dietary supplements, health & wellness, agriculture, food industry, colors, pharmaceutics, and perfumery, which is further expected to propel the growth of the market.
For instance, according to the European Commission,spirulina-based fertilizers are highly efficient protein-rich biofertilizers for increasing agricultural yield and crop quality traits enhancement. In the same study, the Spanish agro-biotechnology JaroInnovaciones presentedagroCYAN ECO, a liquid biofertilizer,which when applied to plants, thecrop yields are increased up to 33% and the quality traits of the harvested products significantly improved.
Theavailability of other synthetic colorantscoupled with low awareness about the uses and benefits of spirulina hindersthe market growth. On the contrary, spirulina-based natural food color has a high potential to replace synthetic food color, which isexpected to create ample growth opportunities for the market in the coming years.
Market Segmentations and Scope of the Study
The spirulina market is segmented based on nature, type, form, application, distribution channel, and geography.On the basis of nature, the market is bifurcated into organic and conventional. On the basis of type, it is segmented into arthrospira platensis and arthrospira maxima. On the basis of form, the market is divided into capsules, tablets, powder, gelling agent, and liquid. On the basis of application, the market is categorized intonutraceuticals, food & beverages, cosmetics, spa treatment, animal feed, and biofuels. On the basis of distribution channel, the market is classified into consumer channel and business channel. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America heldthe lion’s share inthe spirulina market in 2021 and is expected to maintain its lead throughout the forecast period. This is attributed to the factors such as theU.S. being the leading countrythat is followed by Canada for heighteneddemand for natural food colorings. In 2019, the Food and Drug Association (FDA) approved Phycocyanin, a water-based spirulina extract food-safe blue dye. Phycocyaninis mainly used in a wide array of applications such as sweets, chocolate coverages, and beverages among others.The U.S. is the major consumer and exporter of spirulina in terms of its wide application spectrum in bakery and confectionery products.
Also, the presence of major players in the region that are involved in various innovations and product launches,including Cyanotech Corporation, Aim Grow Biotech Co. Ltd.,and Earthrise Nutritionalsboosts the market growth in this region.
For instance, in October 2020, Cyanotech Corporation launched BioAstin Astaxanthin in powder form;it is similar to other plant-based proteins but can be blended with various flavor profiles to reach the desired taste. Astaxanthin powder offers an alternative for consumers that avoidswallowing supplements in pill form. In addition, BioAstin 1% and 2% powders are gluten-free and Koshercertified.
Asia-Pacific is expected to witnesssteady growthin the spirulina market during the forecast period,owing to the presence of prominent exporters in this region which includes India, China, and Malaysia that export spirulina products to the countries such as the United States, Vietnam, and Peru. Moreover, the high demand forspirulina extract in sectors such as bio-fertilizers, cosmetics, and nutraceuticals.
For instance, in the nutraceutical industry,spirulina-based products promote natural immunity and bioactive compounds such as angiotensin-converting enzyme (ACE) inhibitor peptides, sulfated polysaccharides, phycobiliproteins, and calcium-spirulina also served as antiviral factorsto enhanceimmunity. Also, the rise in the demand for naturally extracted colorants in several other products such as gums and candies along with the popularity of spirulina products for coping with malnutrition boosts the market growth in the region.
Competitive Landscape
The spirulina market comprises various market players such asChr. Hansen A/S,DIC Corporation, ScotBio, GNC Holdings LLC,Dongtai City Spirulina Bio-Engineering Co., Ltd.,Fuqing King Dnarmsa Spirulina Co., Ltd.,E.I.D -Parry (India) Limited, Cyanotech Corporation, NOW Foods,Naturya, Aim Grow Biotech Co. Ltd, Algenol Biotech, DDW Inc., Echlorial, and Givaudan, among others. These market players are adopting various strategies including product launches, joint venture strategies, and planning expansion of business across various regions to maintain their dominance in the spirulina market.
For instance, in August 2021, Prolgae Spirulina Supplies Pvt Ltdlaunched a sweet spirulina powder and protein bar that is 100% vegan to help consumers stay healthy and boost their immunity.Moreover,in June 2020, DIC Corporation launcheda liquid version of spirulina-derived natural food coloringin ano-drip bottle with outstanding oxygen-barrier properties andavivid blue sky-like color.
KEY BENEFITS
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The spirulina market report provides aquantitative analysis of the current market and estimations through 2022-2030 that assists in identifying the prevailing market opportunities to capitalize on.
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The study comprises a deep dive analysis of the spirulina market trend including the current and future trends for depicting the prevalent investment pockets in the market.
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The information related to key drivers, restraints, and opportunities and their impact on the spirulina market is provided in the report.
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The competitive analysis of the market players along with their market share in the spirulina market
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The SWOT analysis and Porter’s Five Forces model areelaborated in the study.
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Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
KEY MARKET SEGMENTS
By Nature
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Organic
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Convention
By Type
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Arthrospira Platensis
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Arthrospira Maxima
By Form
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Capsules
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Tablets
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Powder
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Gelling Agent
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Liquid
By Application
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Nutraceuticals
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Food & Beverages
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Cosmetics
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Spa Treatment
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Animal Feed
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Biofuels
By Geography
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North America
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U.S.
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Canada
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Mexico
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Europe
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UK
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Germany
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France
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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India
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Japan
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South Korea
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Australia
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Rest of Asia-Pacific
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RoW
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UAE
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Saudi Arabia
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South Africa
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Brazil
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Remaining countries
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