Market Definition
Spirulina is a blue-green algae and is considered a super-food today, principally due to its nutrient-rich profile & extensive application across different sectors. Spirulina exhibits beta carotene, protein, fatty acids, copper, vitamins, & iron and is mainly of two types, viz., Arthrospira Platensis & Arthrospira Maxima.
Market Insights
The Global Spirulina Market is projected to grow at a CAGR of around 9.5% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the mounting awareness about the benefits of Spirulina with antioxidants & cleansing properties and its high effectiveness on skin health owing to trace elements like selenium & zinc.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR | 9.5% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, The UK, France, Italy, Spain, Rest of Europe | |
| Asia-Pacific: China, India, Japan, Australia, Rest of Asia Pacific | |
| South America: Brazil, Argentina | |
| Middle East & Africa: Turkey, Saudi Arabia, South Africa, Rest of Middle East & Africa | |
| Key Companies Profiled | Algenol Biofuels Inc., Chr. Hansen Holding A/S., Cyanotech Corporation, Dongtai City Spirulina Bio-engineering Co., Fuqing King Dnarmsa Spirulina Co., Ltd., Fraken Biochem Co., Ltd., Naturex S.A., Now Foods, Parry Nutraceuticals Ltd., Prolgae Spirulina Supplies Pvt. Ltd., Sensient Technologies Corporation |
| Unit Denominations | USD Million/Billion |
Moreover, it also enhances skin firmness & elasticity, owing to its phycocyanin content that helps detoxify & hydrate skin. As a result, its burgeoning demand across the cosmetic & personal care sector is also augmenting the overall market growth.
Moreover, growing concerns over health & fitness among people is another prominent aspect propelling the demand for Spirulina owing to its natural color and benefits like clean labeling, sustainable production, plant-based food products, etc. It, in turn, is instigating the leading market players to develop new & enhanced techniques for the greater extraction of phycocyanins from Spirulina for commercial uses.
In addition, other perks like low-cost & high-efficiency biomass production and easy incorporation in beverages & food are also expected to create significant growth prospects for the global market through 2027.
Impact of Covid-19 on the Global Spirulina Market
The advent of Covid-19 in 2020 had a decelerating impact on most industries worldwide, where the Global Spirulina Market was no exception. Governments of different countries imposed stringent movement restrictions & lockdowns to curb the spread of this dreadful disease, which led to the suspension of non-essential operations.
The leading market players had to shut down their production units and put a temporary hold on the research & development associated with spirulina. Besides, the affected supply chain restrained the market growth by limiting the transportation of raw materials & pre-produced goods across places, which caused massive financial losses for the leading companies in the industry.
However, on the other hand, growing concerns among people over health and the surging need to boost immunity infused the adoption of natural ingredients, i.e., replacing synthetic or chemical-based goods, and portrayed a growing demand for spirulina amidst the crisis.
Moreover, the rising awareness among people about the various health benefits of spirulina for maintaining the immune system and attaining plant & algae protein was another aspect that contributed to the market growth in 2020.
Additionally, the paradigm shift of the retail sector and the leading spirulina producers toward online platforms to attract a massive consumer base and expand their reach further led to the significant growth of the global market in the previous few years.
