According to a new report published by Allied Market Research, titled, "Spirulina Market by Type, Application, and Formulation: Global Opportunity Analysis and Industry Forecast, 2020–2027. the global spirulina market size was valued at $0.39 billion in 2019, and is projected to reach $0.89 billion by 2027, registering a CAGR of 10.5% from 2020 to 2027.
Spirulina is a filamentous and microscopic cyanobacterium and the name is derived from its spiral or helical filamentous structure. This alga has been used as a source of protein and vitamin supplement in humans without any significant side-effects. It has high content of protein of more than 70% along with vitamins, provitamin A, and minerals, especially iron. Spirulina comprises high antioxidant, hypolipidemic, beta-carotene, and anti-inflammatory properties. Owing to exceptional properties, spirulina offers health benefits including reduced cholesterol and blood pressure.
The global spirulina market size has witnessed significant growth in the past few years. The growth in awareness regarding the health benefits of spirulina superfood among consumers and a wide variety of natural colors produced by spirulina contribute toward the market growth. In addition, governments of countries such as India and South Africa are promoting the production of spirulina considering its health benefits. This is further expected to boost the growth of the spirulina market during the forecast period. However, lower stability and poor sustainability of natural colors derived from spirulina as compared to synthetic colors and stringent government regulations are projected to hamper the market growth during the forecast period. Conversely, untapped markets in the developing countries are expected to offer remunerative opportunities for the market players in the near future.
By product type, the market is bifurcated into Arthrospira Platensis and Arthrospira Platensis. The Arthrospira Platensis segment held a dominant market share in 2019 and is anticipated to maintain its position during the forecast period, owing to different factors such as surge in healthcare awareness and incorporation of spirulina in diets as super food globally.
Among the different applications where spirulina can be used, nutraceuticals sector accounted for the substantial market share in 2019. This is attributable to the rise in concern regarding nutrition and health and increase in preference for natural alternatives to traditional pharmaceutical products. Spirulina is also largely used in the food & beverage sector as it has a high content of natural pigments that impart blue color and is combined with other colors to obtain new customized colors such as lavender, violet, and green. Spirulina also finds its major application in the cosmetic & personal care industry. It is mainly used in cosmetic & personal care products especially for the anti-aging products.
North America is expected to remain dominant throughout the forecast period due to its well-developed healthcare industry, presence of leading manufacturers in the region, high adoption rate of spirulina, and increase in demand for naturally derived food coloring agents in the region. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, as it offers lucrative opportunities for the market players due to significant growth of the food processing industry in the region.
The report provides a comprehensive analysis of the key players operating in the global spirulina market. These players include Cyanotech Corporation, DIC Corporation, , Dongtai City Spirulina Bio-engineering Co., Ltd., Algenol Biofuels Inc., Prolgae, Sensient Technologies Corporation, Parry Neutraceuticals, DDW Inc., Naturex S.A., and Algatec.
The other players operating in the global spirulina market include GNC Holdings, Inc., Now Health Group Inc, Fuqing King Dnarmsa Spirulina Co., Fraken Biochem Co., Ltd., and Far East Bio-Tec Co. Ltd.
Key Findings Of The Study
- By Type, the arthrospira platensis segment dominated the market in 2019.
- By Application, the others segment is the fastest growing during the forecast period which includes agricultural sector for phytoremediation in water treatment plants, biofuel, and pharmaceutical sector.
- By region, North America occupied substantial revenue share of the spirulina market in 2019, whereas Asia-Pacific is anticipated to grow with the highest CAGR during the forecast period.