Spirulina Market Expected to Secure Notable Revenue Share During 2021-2030

The Global Spirulina Market size is estimated to be USD 0.38 billion in 2019 and is predicted to reach USD 1.12 billion by 2030 with a CAGR of 10.3% from 2020-2030.

Spirulina is blue-green micro algae which easily grows in alkaline waters of river, lakes ponds. These microalgae are harvested as they are high in micro and macro nutrients and can be processed easily. Spirulina is high in protein and it is widely consumed as protein supplement or human health food. Over the period of time it has gained popularity on a global level which has increased the consumption of spirulina as compared to previous years.

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Top Companies: DIC Corporation, Cyanotech Corporation, Chr. Hansen Holding A/S, Algenol Biofuels Inc., Dongtai City Spirulina Bio-engineering Co., Ltd., Prolgae, Parry Neutraceuticals, Sensient Technologies Corporation, DDW Inc., Algatec and Naturex S.A.

Market Dynamics and Trends

The improving and modernizing healthcare infrastructure with increase in health concerns and increased use of Nutraceuticals are expected to drive the market growth. Furthermore, increase technological advancement with increasing deficiency of vitamin, minerals and others nutrients owing to the changing food habits are further expected to support the growth of spirulina market over the forecast period.

The other factors include wide application of the spirulina for human, animal feeds and others coupled with various health benefits and increased demand of dietary supplements are also expected to fuel the market growth. However, poor sustainability of spirulina derived colors with low stability are expected to inhibit the growth of spirulina market. Moreover, untapped opportunities from the developing economies and increase in research and development are expected to create lucrative opportunities in the spirulina market.

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Market Segmentations and Scope of the Study:

The global spirulina market share is analyzed on the basis of type, application, drug formulation and geography. On the basis of type, the market is segmented into Arthrospira Platensis and Arthrospira Maxima. Based on application, the market is fragmented into Nutraceuticals, Food & Beverages, Cosmetics, Animal Feed, and Others. On the basis of drug formulation, the market is divided into Powder, Tablet & Capsule, Liquid, and Granule & Gelling Agent. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America denotes a higher adoption of the spirulina and is anticipated hold the highest market share during the forecast period. This is attributable to the factors including presence of well-established healthcare facilities, increased demand of Nutraceuticals and increased public awareness with technological advancements.

It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to increase in health concerns with wide application and health benefits of spirulina. Furthermore, increased consumption of spirulina in shakes, dessert and increased use of spirulina in various treatments and cosmetics products are also expected to propel the growth of spirulina market in the near future.

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