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.
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.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|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.
Based on the Formulation:
Amongst these three, Powder is anticipated to demonstrate the fastest growth in the Global Spirulina Market during 2022-27. 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 the Application:
Here, the Food & Beverages sector acquired the largest share in the Global Spirulina Market in previous years, and the same trend is likely during 2022-27. 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.
Geographically, the Global Spirulina Market expands across:
Amongst all regions globally, Asia-Pacific is anticipated to demonstrate the fastest market growth during 2022-27. 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.
Key Driver: High Nutritional Content in Spirulina & its Rising Application in Food & Beverage Industry
As Spirulina exhibits high nutritional value and addresses & curbs health conditions like malnutrition among people, its demand is escalating swiftly across various countries worldwide and instigating the leading manufacturers to expand their production & distribution capacities. 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.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Spirulina Market is projected to grow at a CAGR of around 9.5% during 2022-27.
A. The extensive application of Spirulina across different sectors entwined with its high nutritional content are the prominent aspects stimulating its demand worldwide and driving the Global Spirulina Market through 2027.
A. The growing population of vegetarians & vegans worldwide & their swift inclination toward plant-based supplements like Spirulina is a key trend in the Global Spirulina Market.
A. The food & beverages sector is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Spirulina Market over the forecast years.