BEIJING, Oct. 18, 2022 (GLOBE NEWSWIRE) — The Global Spirulina Market Size accounted for USD 480 Million in 2021 and is projected to realize a market dimension of USD 1,166 Million by 2030 rising at a CAGR of 10.4% from 2022 to 2030.
Spirulina Market Statistics
- Global spirulina market worth was USD 480 Million in 2021 and anticipated to develop at CAGR of 10.4% from 2022 to 2030
- North America spirulina market income gathered over 35% market share in 2021
- Asia-Pacific spirulina market development will file noteworthy CAGR through the forecast timeframe from 2022 to 2030
- According to the current statistics, there are nearly 80 million vegans on the earth and rising
- Among sort, arthrospira platensis phase accounted for over 60% of the general market share in 2021
- Growing variety of vegans is a major driver for Spirulina market development
- Surging demand for contemporary/frozen spirulina is a well-liked spirulina market pattern
Spirulina Market Growth Factors
- Growing demand for pure components
- Stringent tips for the utilization of artificial colours and flavors
- Increasing use of spirulina in aquaculture
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Spirulina Market Report Coverage:
| Market | Spirulina Market | |
| Spirulina Market Size 2021 | USD 480 Million | |
| Spirulina Market Forecast 2030 | USD 1,166 Million | |
| Spirulina Market CAGR During 2022 – 2030 | 10.4% | |
| Spirulina Market Analysis Period | 2018 – 2030 | |
| Spirulina Market Base Year | 2021 | |
| Spirulina Market Forecast Data | 2022 – 2030 | |
| Segments Covered | By Type, By Application, By Formulation, And By Geography | |
| Spirulina Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Cyanotech Corporation DIC Corporation, Cabassi & Giuriati SpA, DDW, DÖHLER GmbH, Echlorial, E.I.D. Parry Limited, Givaudan worldwide SA, Prolgae Spirulina Supplies Pvt. Ltd., and Dongtai City Spirulina Bio-engineering Co., Ltd. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Spirulina Market Dynamics
The rising demand for pure meals dietary supplements, in addition to the large applicability of spirulina within the meals and beverage and biotechnology industries, is main elements accelerating the expansion of the worldwide spirulina market. Furthermore, main gamers’ elevated R&D actions for product improvement and the introduction of latest options are elements anticipated to phase the goal market’s development.
High manufacturing prices, in addition to fluctuating uncooked materials costs and availability, are anticipated to stymie the expansion of the worldwide spirulina market. Furthermore, the goal market’s development is predicted to be hampered by stringent authorities laws governing product approval. However, elevated funding by main gamers in product improvement and gamers’ give attention to monitoring the untapped market are anticipated to create alternatives for spirulina market gamers. Furthermore, rising collaboration and settlement to be able to enhance the distribution channel is predicted to assist the goal market’s income transaction.
Global Spirulina Market Business Strategies
- In 2020, Chr. Hansen A/S, a worldwide bioscience firm launched “FruitMax® blue”. The spirulina-based merchandise launch is predicted to assist the corporate to boost the business and enhance the income share.
- In 2018, Algama Foods, a meals product manufacturing firm is concentrated on re-launching its spirulina water after intensive product improvement to enhance style and stability. Springwave is made utilizing a concentrated, dried blue spirulina extract that’s excessive in phycocyanin, nutritional vitamins and minerals, creating an antioxidant-rich drink with revitalizing properties.
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Spirulina Market Segmentation
The international spirulina market is segmented into sort, formulation, and utility. The sort phase is split into arthrospira platensis and arthrospira maxima. The utility phase is bifurcated into nutraceuticals, meals & drinks, cosmetics, animal feed, and others. Based on formulation, the market is split into powder, liquid, pill & capsule, and granule & gelling agent.
Spirulina Equipment Market Share
According to our spirulina trade evaluation, arthrospira platensis accounted for almost all of the market share in 2021 and is predicted to keep up this pattern from 2022 to 2030. Among utility the meals & drinks phase is predicted to witness sooner development within the spirulina market. According to market forecasts for spirulina, the meals & drinks element can have the biggest share from 2022 to 2030. The spirulina powder phase is predicted to be the biggest product sort within the spirulina market by means of 2030. Furthermore, this phase is predicted to develop quickly through the forecast timeframe.
Spirulina Market Regional Growth
The international Spirulina market is split into 5 areas: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA).
Rising Demand for Healthy Supplements and Wide Applicability in Various End Use Industries Are Major Factors Expected To Drive the Growth of Global Spirulina Market
Because of rising client consciousness about wholesome meals consumption, the market in North America is anticipated to account for a big income share within the international spirulina market. Consumption of wholesome meals by shoppers is rising. In 2019, shoppers, companies, and authorities companies within the United States spent $1.77 trillion on drinks and meals in grocery shops and different retailers, in addition to on out-of-home meals and snacks. Consumer curiosity in dietary options that assist them present extra distinctive diet and achieve private well being targets is rising. The goal market’s development is predicted to be influenced by its huge spending capability and altering life-style patterns. Functional meals consumption is rising in popularity within the meals service trade.
In February 2020, international fortified/purposeful meals gross sales surpassed US$267 billion, whereas naturally wholesome meals gross sales surpassed US$259 billion; gross sales within the United States reached US$63 billion and US$42 billion, respectively. In 2019, 77% of adults within the United States used dietary dietary supplements, an all-time excessive. Supplement gross sales within the United States are anticipated to achieve $49.3 billion in 2019, a 6.2% enhance from 2018.
The goal market in Asia-Pacific is predicted to develop sooner because of rising pattern for dietary dietary supplements. The thriving meals and beverage trade, in addition to rising demand for merchandise with excessive protein and antioxidant content material, are anticipated to drive the spirulina market’s development. The presence of numerous gamers working within the nation, in addition to the introduction of novel options to draw new prospects, are anticipated to drive regional market development.
DIC Corporation, a worldwide chemical producer, launched a liquid model of its “Linablue,” a naturally derived blue meals coloring, in 2020. The product launch is anticipated to help the corporate enhance its operations and enhance its income share. The strategy of main gamers to increasing their business in growing areas is predicted to help the growth of the spirulina market.
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Spirulina Market Players
The main gamers concerned within the spirulina market contain Cabassi & Giuriati SpA, Cyanotech Corporation, DIC Corporation, DÖHLER GmbH, Givaudan worldwide SA, DDW, Echlorial, Prolgae Spirulina Supplies Pvt. Ltd., E.I.D. Parry Limited, and Dongtai City Spirulina Bio-engineering Co., Ltd.
Questions Answered By This Report
- What was the market dimension of Spirulina Market in 2021?
- What would be the CAGR of Spirulina Market through the forecast interval from 2022 to 2030?
- Who are the key gamers in Global Spirulina Market?
- Which area held the biggest share in Spirulina Market in 2021?
- What are the important thing market drivers of Spirulina Market?
- Who is the biggest finish consumer Spirulina Market?
- What would be the Spirulina Market worth in 2030?
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