Global Spirulina Market was valued US$ 345 Mn in 2017 and is expected to reach US$ 810 Mn by 2026, at CAGR of 11.26% during forecast period.
The global spirulina market size is expected to grow during the forecast period, owing to growing awareness regarding the health benefits of spirulina superfood among consumers and an inclusive variety of natural colours produced by spirulina. Rise in the demand for cyanobacteria because of their contribution to weight reduction and an increasing number of health clubs and fitness centres are expected to drive the growth of the spirulina market share in the coming years. Health benefits of cyanobacteria have helped them to find usage in desserts, smoothies, juices, salads, and breakfast meals. The skin and hair care market demands spirulina powder as an inclusion in various treatments, including anti-ageing, wrinkles, grey hair, hair loss, and allergies. In the medical industry, spirulina powder is used in a range of treatments along with a number of pharmaceutical products.
In addition, the government across the nations such as India and South Africa are promoting the production of spirulina, considering its health benefits, which helps to boost the spirulina market growth. At the same time, lower stability and poor sustainability of natural colours derived from spirulina as compared to synthetic colours and stringent government regulations are expected to hinder the market growth during the forecast period. Equally, untapped markets in developing countries are projected to provide profitable opportunities for market players.
In terms of application, the spirulina market is categorized into nutraceuticals, cosmetics, food & beverages, agriculture, feed, and others. Nutraceuticals sector accounts for the highest market share and is expected to lead the overall spirulina market during the forecast period. This is attributable to the rise in concern regarding nutrition and health and an increase in preference for natural alternatives to traditional pharmaceutical products. Spirulina is also largely used in food & beverage sector as it has a high content of natural pigments that imparts blue colour and is combined with other colours in order to obtain new customized colours such as lavender, violet, and green. It also finds its major application in the cosmetic & personal care industry. Furthermore, it is mainly used in cosmetic & personal care products, especially for the anti-ageing cream.
From a geographical point of view, North America held the largest market share of the global spirulina market in 2017 and is expected to remain dominant during the forecast period, on account of increasing demand for naturally derived food colouring agents in this region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period, as it offers profitable opportunities for the market players due to the robust growth of the food processing industry in the region. Moreover, growing demand for spirulina powder among vegetarian consumers is another factor that fuels the growth of this market, as spirulina is a 100% vegetarian dietary supplement.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the Global Spirulina Market dynamics, structure by identifying and analysing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Spirulina Market.
Scope of Global Spirulina Market:
Global Spirulina Market, By Type:
- ArthrospiraPlatensis
- Arthrospira Maxima
Global Spirulina Market, By Drug Formulation:
- Powder
- Tablet & Capsule
- Liquid
- Granule & Gelling Agent
Global Spirulina Market, By Application:
- Food & beverages
- Nutraceutical
- Animal and Aquaculture Feed
- Pharmaceutical
- Veterinary
- Cosmetic
- Others
Global Spirulina Market, By Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Key Players Operated in Market Include:
- Sensient Technologies Corp.
- Parry Nutraceuticals Limited
- Now Health Group Inc.
- Naturex S.A.
- Naturalin Bio-Resources Co., Ltd
- GNT Holding B.V.
- GNC Holdings, Inc.
- Fuqing King DnarmsaSpirulina Co., Ltd.
- FrakenBiochem Co., Ltd.
- Far East Bio-Tec Co., Ltd. (ALGAPHARMA BIOTECH CORP.)
- Dongtai City Spirulina Bio-Engineering Co., Ltd.
- Dhler GmbH
- DIC Corporation
- DDW Inc.
- Cyanotech Corp
- Chr. Hansen Holding A/S
This Report Is Submitted By @Global Market Research Company
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