The spirulina market size was nearly US$ 420 Mn in the year 2021 that expects a strong, double-digit growth rate through the next few years. The report would provide close examination of how the market growth will unfold.
Market Analysis in Brief
The primary factor propelling the spirulina market expansion is the growing consumer knowledge of the multiple health benefits of spirulina in reducing the risk of certain chronic diseases, such as cancers, allergic rhinitis, cardiac arrest, and renal diseases, among others. Spirulina is also widely available in powder, tablets, capsules, gels, liquid, and other forms thanks to the burgeoning nutraceuticals industry. The popularity of veganism has caused a movement away from a meat-based protein diet to vegan, plant-based protein alternatives like spirulina. Dietary supplements have penetrated people’s lives deeper and faster as they choose to adopt healthier lifestyles to have a preventative approach toward life-threatening health issues including cancers, and heart diseases. This remains one of the primary growth drivers for the global spirulina market.
Key Report Findings
An Expanding Base of Application
Spirulina is a widely used algae in the pharmaceutical industry to create a variety of medications that prevent viral reproduction. The need for spirulina-based products to help those suffering from extreme hunger during humanitarian disaster assistance and military conflict scenarios is also expanding, boosting the spirulina market expansion.
Spirulina has been witnessing greater traction as a feed ingredient that further works to the advantage of the market. The spirulina market is expanding because of the shift away from chemical-based animal feed additives, and towards organic alternatives in the aquaculture, and animal husbandry industries.
Dietary Supplement Trends, and Growing Health and Wellness Sector
The market for vitamins, minerals, nutritional supplements, and herbal remedies (VMHS) is growing steadily and consistently on a global scale. The main reasons propelling the growth of the supplements sector are the ageing population, an increase in self-directed consumers, the proliferation of channels, greater consumer knowledge of preventative healthcare, and the change from ingredient-focused messaging to broader brand positioning.
With its numerous health advantages, spirulina is one such component of a healthy lifestyle that has become popular. For vitality, nutritional security, weight management, and cleaning, many people utilize spirulina as a self-care method. Medical researchers are paying more attention to spirulina as a nutraceutical and its use as a food supplement to treat nutritional deficiencies.
The capability of spirulina to alter immunological processes and display anti-inflammatory qualities, the National Aeronautics and Space Administration (NASA) also has employed it as a food supplement for astronauts on space missions. Spirulina is thus garnering increasing attention from health enthusiasts worldwide due to its diversified nutritional nature as well as its antioxidant and protective health advantages, thus fuelling the expansion of the worldwide spirulina market.
Rising Trend of Vegetarianism
Foods with nutrients or other components derived from plants are consumed by vegetarians. As a result, Spirulina has started to get these clients' full attention. Spirulina’s solid nutrition profile comprises rich amounts of potassium, niacin, calcium, magnesium, iron, vitamin B group, according to the US FDA.
Furthermore, spirulina dietary supplements are popular among vegetarians and vegans due to the high content of full vegetable protein and the numerous B vitamins, calcium, and iron. It also contains necessary amino acids (compounds that are the building blocks of proteins). For instance, studies have revealed that dried spirulina has a protein content of 70% by weight, which is about three times more than beef.
As a result, combined with the growing vegetarianism trend, it is projected that the demand for spirulina as a leading source of algae protein would increase considerably in the next years.
Overview of Key Segments
Food and Beverages Category to Dominate
In the global spirulina market, the food and beverages segment has been outperforming the other segments in terms of revenue share. Spirulina is gaining popularity as a dietary ingredient on a global scale thanks to its accessibility and sustainable production, exceptional nutritional and bioactive qualities, and useful functional qualities.
In addition, the US FDA’s approval for spirulina extract as a natural blue colourant for food and beverage applications strengthens the case for the market. Increased consumer awareness of the benefits of natural food over artificial food and the health-promoting qualities of natural food colours are driving growing demand for spirulina natural food colour. Their applications are expanding to include frostings, ice cream and frozen desserts, dessert coatings and toppings, beverage mixes and powders, yoghurts, custards, puddings, cottage cheese, gelatine, breadcrumbs, and ready-to-eat cereals.
Increased Demand from Nutraceuticals Industry Drives Spirulina Powder Sales
In the forecast period, the powder segment held the largest market share, and it is anticipated that it will continue to rule the spirulina market during the forecast period. Spirulina powder is increasingly in demand on the global market, where it is used in a variety of recipes for salads, breakfast dishes, desserts, and other meals as well as utilized as a dietary supplement. Producers of nutraceuticals and culinary products are driving this demand.
Additionally, spirulina powder is added to beverages like water, juice, and smoothies. It is also sold worldwide through various supermarkets, department stores, retailers, and online distribution channels. One of the most nutrient-dense supplements on the market is spirulina powder. NASA has even accepted it as a viable food source. Studies have confirmed its nutritional worth, anti-inflammatory and antioxidant properties, and natural cardiovascular health benefits.
Growth Opportunities Across Regions
North America to Dominate
The North American spirulina market will account for the largest revenue share of the global industry pie. A rising level of health consciousness among people is one of the reasons for the rise of the spirulina market. Additionally, people are drawn to spirulina supplement powders because of the increased incidence of diseases including breast cancer, obesity, diabetes, and heart attacks.
However, accumulating gym memberships is probably going to encourage growth. Furthermore, a large portion of the US population is turning vegan because of the fact that eating meat increases the carbon footprint of the world. Consumers are switching more frequently from meat to plant-based sources of protein to maintain their health.
The Asia Pacific spirulina market is anticipated to experience stable revenue growth throughout the forecast period. The main drivers of the spirulina industry’s expansion are predicted to be the existence of local and regional players, the expanding dietary supplement industry, the growing urgency to end malnutrition, good climatic conditions, and cheaper production costs. The development of the market in the Asia Pacific region is also fuelled by several government programs to encourage the usage of spirulina, and continuous research exploring different applications of spirulina.
Furthermore, these regions also have a sizable aquaculture sector, which is one of the key drivers of the spirulina market expansion over the coming years. According to the Food and Agriculture Organization's 2018 report, the entire aquaculture production of 4.43 million tonnes was worth US$3.5 Bn, with carp accounting for 4.18 million tonnes of that total. Therefore, all these factors above will aid in market expansion in the upcoming years.
Global Spirulina Market: Competitive Landscape
A few of the players in the spirulina market include Algenol Biofuels Inc., Cabassi & Giuriati Spa, Cyanotech Corporation, DDW Inc., Dic Corporation, Döhler Gmbh, Dongtai City Spirulina Bio-Engineering Co, Ltd., Echlorial, E.I.D. Givaudan International Sa, Parry Limited, Prolgae Spirulina Supplies Pvt. Ltd., Sensient Technologies Corporation, and Pond Technologies Inc.
Regional Classification of the Global Spirulina Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Spirulina Market
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