Global Spirulina Market Research Report: Forecast (2024-2030)

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 & Analysis: Global Spirulina Market (2024-30)

The Global Spirulina Market is projected to grow at a CAGR of around 9.5% during the forecast period, i.e., 2024-30. 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. Spirulina helps enhance 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 2030.

Furthermore, 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.

Global Spirulina Market Driver:

Rising Application of Spirulina in the Food & Beverage Sector - As Spirulina exhibits high nutritional value and addresses & curbs health conditions like malnutrition among people, its demand is escalating swiftly across various countries worldwide, i.e., instigating manufacturers to expand their production & distribution capacities to cater to varied consumer requirements. As a result, several companies are now actively participating in introducing different food & beverages utilizing these supplements, which, in turn, is driving the Global Spirulina Market.

Global Spirulina Market Possible Restraint:

Limited Awareness of Spirulina and its Benefits among Consumers - A lack of knowledge among consumers about Spirulina's composition, cultivation methods, & potential applications, coupled with the availability of alternative dietary supplements & superfoods, hinder its adoption worldwide. Numerous products in the health & wellness industry contest for consumer attention, and Spirulina must compete with these alternatives to establish its market presence. Moreover, price sensitivity is another aspect that negatively impacts the demand for Spirulina, the cultivation & processing of which involve specific techniques & infrastructure and thus incur higher production costs than other dietary supplements. Hence, these aspects are projected to hamper the growth of the Spirulina Market during 2024-30.

Global Spirulina Market (2024-30): Segmentation Analysis

The Global Spirulina Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on Formulation:

• Powder
• Tablet
• Liquid

Amongst these three, Powder is anticipated to demonstrate the fastest growth in the Global Spirulina Market during 2024-30. It owes to the extensive utilization of the powdered spirulina in the food & beverage sector due to its high protein & vitamin content and easy application, which makes it an excellent dietary supplement for vegetarians or vegans.

Its growing application as a dietary supplement & in salads, desserts, drinks, etc., by nutraceutical & food manufacturers is also leading to its increasing demand in powdered form. Hence, several leading players are increasing their production & distribution capacities to offer spirulina to consumers through supermarkets, departmental stores, retailers, & online channels, which, in turn, is promoting the overall expansion of the global market.

Based on Application:

• Food & Beverage (Bakery, Confectionery, Other Processed Foods)
• Dietary Supplements
• Cosmetics & Personal Care
• Agriculture

Here, the Food & Beverages sector acquired the largest share in the Global Spirulina Market in previous years, and the same trend is likely during 2024-30. It owes principally to the growing demand for spirulina due to its natural color and extensive application as a dietary supplement in different food varieties, i.e., projecting its vast utilization as a dye in food & beverages. Besides, with growing concerns over health & fitness, the demand for spirulina is swiftly escalating in salads, breakfast meals, smoothies, juices, desserts, etc., and different supplements for weight reduction.

Moreover, growing consumer awareness about the easy & sustainable production of spirulina & its high nutritional value and bioactive properties are other crucial aspects stimulating its demand for food & beverage applications and, in turn, augmenting the overall market growth. In addition, the wide application of spirulina in candies, chewing gums, frostings, ice creams, frozen desserts, toppings, etc., is also expected to create profitable opportunities for the global market in the years to come.

Global Spirulina Market Regional Projection

Geographically, the Global Spirulina Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Of all regions globally, Asia-Pacific is anticipated to demonstrate the fastest market growth during 2024-30. It owes to the massive production & consumption of spirulina in different regional countries, coupled with favorable government policies for developing spirulina & its extracts, i.e., attracting the participation & substantial investments by various private players. Across the region, China is a prominent market for spirulina due to the escalating demand for natural & clean label colors in the food & beverage sector.

On the other hand, Europe is projected to witness substantial market growth over the forecast years. It attributes principally to rigorous R&D and production of spirulina across the region, coupled with its mounting demand in the food & beverage sector for producing minimally processed foods with enhanced aesthetic appeal, especially across countries like France & the UK.

Global Spirulina Industry Recent Developments 

• On 23 February 2023, ScotBio announced working with the University of Edinburgh, Robert Gordon University, and the Industrial Biotechnology Innovation Centre (IBioIC) to determine how waste molecules from spirulina can be extracted & used for their natural antiviral properties.
• On 11 November 2022, GNT secured the US FDA (Food and Drug Administration) approval for the use of spirulina extract in beverages, offering a clean label way of delivering not only vibrant blue shades but also an associated palette of navy blues & violets.

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