Spirulina Market Worth $968.6 Million by 2028, Growing at a CAGR of 13.2% From 2021 - Exclusive Report by Meticulous Research® & EABA
Meticulous Market Research Pvt. Ltd.
7 min read
Spirulina Market by Distribution Channel (Consumer Channel, Business Channel), Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin Extract), Application (Nutraceuticals, Food and Beverages, Agriculture, Animal Feed) - Global Forecast to 2028
Pune, India, June 22, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Spirulina Market by Distribution Channel (Consumer Channel, Business Channel), Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin Extract), Application (Nutraceuticals, Food and Beverages, Agriculture, Animal Feed) - Global Forecast to 2028”, published by Meticulous Research®, the spirulina market is expected to grow at a CAGR of 13.2% from 2021 to 2028 to reach $968.6 million by 2028. In terms of volume, the spirulina market is expected to register a CAGR of 18.1% from 2021 to 2028 to reach 98,768.5 tons by 2028.
The growth of this market is mainly attributed to the rising health & wellness trends and dietary supplements industry; growing demand for natural food colors; increasing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; growing malnutrition; increasing preference for spirulina sourced products, especially omega-3 fatty acids; growing use of spirulina in aquaculture; rising investments from leading color houses; and increasing number of products that include spirulina as ingredient. However, low awareness about the benefits of spirulina and challenges associated with spirulina production is expected to hinder the growth of the global spirulina market to some extent.
The spirulina market studied in this report is majorly segmented by distribution channel (business and consumer channel), product type (powder, tablets, capsules, flakes, phycocyanin extract, and frozen spirulina), and application (nutraceuticals, food & beverages, animal feed, cosmetics, and agriculture), and geography (Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country level.
Based on the distribution channel, the spirulina market is mainly segmented into consumer and business channels. In terms of value and volume, in 2021, the business channel segment is estimated to account for the largest share of the overall spirulina market. The large share of this segment is mainly attributed to the direct purchase of bulk spirulina in large quantities by various manufacturers such as nutraceuticals, food and beverages, and animal feed, among others, for further product development.
Based on the product type, the spirulina market is mainly segmented into powder, tablets, capsules, flakes, phycocyanin extracts, and frozen spirulina. In terms of value, in 2021, the spirulina powder segment is estimated to account for the largest share of the overall spirulina market. The large share of this segment is mainly attributed to its rising demand from nutraceutical manufacturers due to the growing health consciousness among consumers and the increasing use of spirulina powder as an ingredient in various F&B products.
Based on application, the spirulina market is mainly divided into nutraceuticals, food and beverages, agriculture, animal feed, and cosmetics. In terms of value, in 2021, the nutraceuticals segment is estimated to account for the largest share of the overall spirulina market. The large share of this segment is mainly attributed to the booming nutraceuticals sector, growing health concerns of the aging population in various countries, growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health. However, the food & beverages segment is expected to grow at the fastest CAGR during the forecast period, owing to the growing demand for spirulina natural food color in confectionery products (including candy and chewing gum), frostings, ice cream and frozen desserts, dessert coatings and toppings, beverage mixes and powders, yogurts, custards, puddings, cottage cheese, gelatin, breadcrumbs, and ready-to-eat cereals.
Based on geography, the global spirulina market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In terms of value, North America is estimated to account for the largest share of the global spirulina market in 2021, followed by the Asia-Pacific, and Europe, owing to the huge consumption of health supplements; strict regulations against the use of synthetic colors; growth of subsidiary industries like cosmetics and biofertilizers; increasing preference for natural protein sources; and presence of key spirulina manufacturers with huge production capacities, especially in the U.S. However, Europe is expected to witness significant growth during the forecast period, mainly due to the increased adoption of phycocyanin in the manufacturing of therapeutic & nutritional products, growing reluctance towards the usage of synthetic colors, rising demand for natural blue colorants, and investments from leading color houses in the phycocyanin space.
The key players operating in the global spirulina market are Earthrise Nutritional, LLC (U.S.), DIC Corporation (Japan), Yunnan Green A Bio-engineering Co., Ltd (China), Algene Biotech (India), Tianjin Norland Biotech Co., Ltd. (China), Cyanotech Corporation (U.S.), E.I.D. Parry (I) Ltd. (India), Far East Biotech Co. Ltd., (China), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Dongtai City Spirulina Bio-engineering Co., Ltd. (China), and Australian Spirulina (Australia).
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