Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
Many factors determine the market size for spirulina, which ultimately influences its dynamics and growth trend. One of the main reasons why the market is expanding is because people keep coming to know about how nutritious spirulina is when consumed by humans. Another major factor in the market is malnutrition, especially in developing countries. By 2030, the Spirulina market is estimated to register a CAGR of 9.28%, reaching a value of USD 1.14 billion. In emerging markets, such as Asia-Pacific and Latin America, blue-green filamentous microalgae, known as spirulina, are being used increasingly as an additional nutrient component in poultry diets for animals like hens and chickens. Additionally, it is increasingly being recognized as a source of protein and micronutrients for fish.
Another important factor influencing the market competitiveness of spirulina is its versatility across different applications. It has also been found to be used in various animal feedstock, including poultry and fish feeds, other than just supplements for human use only. The shift towards natural and organic products is another major driver for Spirulina market conditions across the globe today. Being a natural product based on which natural food colors can be derived positions it well in the market. The global outbreak of COVID-19 has also influenced market dynamics. Health awareness has increased among consumers due to the pandemic, making them want products that contribute to their general well-being. As a result of these functional properties that improve immunity levels, there has been a growing demand for spirulina.
Environmentally conscious customers now look at sustainable features and eco-friendliness during the selection processes of any goods they intend to purchase related to spirulina farming practices, which are becoming indispensable environmental factors customers take into consideration when buying these products. There are environmental benefits related to this type of farming compared to traditional agriculture since land needn't be used extensively, and neither does water. Other factors include advanced technologies employed during the cultivation and processing of spirulina. Such innovations as photobioreactors, closed-loop systems, etc., have been responsible for increased productivity and product quality. Government initiatives and policies are also very important in shaping the Spirulina market in respective countries. Market factors also include constraints facing the Spirulina industry. Problems such as variations in quality, potential contamination, and the need for consistent regulations to maintain product standardization and guarantee safety surround the use of this stuff. These issues should be overcome to ensure that the market is constantly rising as well as customers' trust in its products.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 0.56 Billion |
| Growth Rate | 9.28% (2022-2030) |
Spirulina Market Highlights:
Global Spirulina Market Overview
Spirulina Market Size was valued at USD 0.48 Billion in 2022. The Spirulina industry is projected to grow from USD 0.56 Billion in 2023 to USD 1.14 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.28% during the forecast period (2023 - 2030). Spirulina is one of the most eco-friendly and nutritious food compounds derived from the base of nature and then processed. The presence of hypoglycemic and hypolipidemic makes the compound a perfect functional agent for its anti-inflammatory and antioxidant effects.
The Spirulina Market is drawn by factors like heavy consumption due to the appropriate composition of minerals, vitamins and amino acids, phenolics, and other pigments. The major factors driving the market are the demand for its natural ingredient. The production and promotion of the market are what drive the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Spirulina Market Trends
- Wide Application in Food Products as Natural Colorant to boost the market growth
The growing health concerns among consumers and the negative health impact of artificial food colorings have led to an increased demand for plant-based food products. Clean labeling and robust growth of minimally processed foods have led to the broad incorporation of spirulina as a natural food colorant in various food products such as smoothies, jellies, and drinks. The manufacturers are developing new enhanced techniques for extracting more amount of phycocyanins from spirulina for commercial use.
Additionally, The robust availability of other synthetic colorants in the market like indigo carmine and brilliant blue is a significant restraint for the market of spirulina. The extraction efficiency of synthetic food colors is comparatively more than that of spirulina. Moreover, the phycocyanin extraction procedure is time-consuming and costly as compared to synthetic food colors. These factors have negatively impacted the spirulina market.
Segment Insights
Spirulina Type Insights
The Spirulina market segmentation, based on type, includes Arthrospira platensis, as well as, Arthrospira Maxima. The Arthrospira platensis market segment registered a good scale and emerged as one of the highest contributors in revenue collection in the historic year 2020.
Spirulina Application Insights
Based on Application, the Spirulina market segmentation includes the food and beverage industry, agriculture sector, feed, cosmetic brands, as well as, nutraceuticals, amongst others. There is a high demand for the use of natural pigments in the market of different kinds like green, lavender, as well as violet. The personal care and cosmetic industry are further gaining momentum for targeting the exact customers by providing products like anti-aging creams.
Figure 2: Spirulina Market, by Distribution Channels, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Spirulina Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific is witnessing significant market growth due to the abundant production of spirulina in countries like Korea, Indonesia, and China. The wide incorporation of spirulina in nutraceuticals for the manufacturing of protein-rich dietary supplements has aided in market expansion. The increasing demand from the cosmeceutical industries is also driving the spirulina market in the region
Figure 3: SPIRULINA MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe is one of the leading markets owing to its growing demand from manufacturers for natural food colors in processed foods. France and the United Kingdom are the potential markets for spirulina due to the increasing demand from the food and beverages sector, such as bakery and confectionery. The consumers' preferences are shifting towards minimally processed foods with enhanced aesthetic appeal – such trends have benefitted the market performance of clean-label ingredients including spirulina.
North America is anticipated to witness significant growth in the forthcoming years. The U.S. is one of the leading countries followed by Canada due to the increasing demand for natural food colorings. The U.S. is also one of the major consumers and exporters of spirulina due to its broadened application spectrum. The manufacturers are incorporating spirulina in bakery, dairy, and confectionery products. The rising trend of clean-label and natural ingredients in the region is expected to propel its market growth.
Spirulina Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Spirulina market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Spirulina industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Spirulina. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Spirulina industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Spirulina industry to benefit customers and expand the market sector. The Spirulina market has recently given medicine some of the most important advantages. Major hair care product market players, including I.D. Parry Limited (India), Jiangxi Alga Biotech, DIC Corporation, Tianjin Norland Biotech Co. Ltd., and others, are attempting to increase market demand by funding R&D initiatives.
Parry's Organic Spirulina is the Flagship product developed through intense research and development in the field of microalgae technology over more than 2 decades. Parry's Spirulina is one of the richest sources of Phyto pigments, Proteins, and other essential nutrients.
Also, Tianjin Norland Biotech Co., Ltd is a professional manufacturer of algae products in China. We built up six standard algae farms and a processing plant in Erdos Lake of North China with 350,000㎡ farms, and more than 1000 greenhouses to cultivate Spirulina, Chlorella as well as Haematococcus pluvialis, they own good technologies for algae harvesting, drying, and sterilizing. Now, Tianjin Norland becomes the leading supplier of algae products in the world.
Key Companies in the Spirulina market include
- D. Parry Limited (India)
- Jiangxi Alga Biotech
- DIC Corporation
- Tianjin Norland Biotech Co. Ltd.
- Cyanotech Corporation
- Hydrolina Biotech Private Limited
- DIC Corporation
Spirulina Industry Developments
In 2020, some of the major key players of the industry, like Cyanotech Corporation, DIC Corporation, and Nature S.A., have come together to form a collaboration that will not only help with the low-cost and budget-efficient properties of the production of the same. Similarly, the liquid form of the product makes its usage a biomass-based production leading to the wide consumption of the product.
In 2020, the Fuquing King Dnarsma also collaborated with the Bio-Engineering Co and, as a result, had its part in witnessing impacts on market production.
Spirulina Market Segmentation
Spirulina Type Outlook
- Arthrospira platensis
- Arthrospira maxima
Spirulina Application Outlook
- Food & Beverage
- Dietary Supplements
- Cosmetics and Personal Care
Spirulina Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
