Spirulina Market

Spirulina Market Overview:

The global spirulina market was valued at $393.6 million in 2019, and is projected to reach $897.61 million by 2027, registering a CAGR of 10.5% from 2020 to 2027.  

The highly nutritional and ecofriendly Spirulina (Arthrospira platensis) has hypolipidemic, hypoglycemic, and antihypertensive properties. Spirulina contains functional compounds, such as phenolics, phycocyanins, and polysaccharides, with antioxidant, anti-inflammatory, and immunostimulating effects. In addition, Spirulina processing products are employed in agriculture, food industry, pharmaceutics, perfumery, and medicine. The use of spirulina in food can bring benefits to human health owing to its chemical composition, since it has high levels of vitamins, minerals, phenolics, essential fatty acids, amino acids, and pigments. Thus, spirulina plays an important role in this scenario.

Increase in demand for natural ingredient and R&D investments in commercial spirulina products are the major factors that drive the market growth. Further, promotion of the production of spirulina by government boosts the market growth. However, impact on spirulina production due to climate change hampers the growth of the market. Nevertheless, untapped markets in the developing countries and ease of spirulina cultivation due to technology development are the factors expected to foster the market growth during the forecast period.  

The COVID-19 has fostered the growth of the spirulina market attributed to the need of nutritional attention and vitamins as a potential remedy against the COVID-19 virus. Thus, researchers have drawn attention toward possible role of algae in delaying the onset of COVID-19. In addition, seaweed’s potential to fight COVID-19 is recognized in many research studies carried out by the organizations such as the World Health Organization (WHO), thereby creating ample room to rebalance the seaweed industry.

Global Spirulina Market Segmentation  

The spirulina market is segmented into type, application, formulation, and region. By type, the market is bifurcated into Arthrospira Platensis and Arthrospira Platensis. By application, it is categorized into nutraceuticals, cosmetics, food & beverages, agriculture, feed, and others. By drug formulation, it is categorized into powder, tablet & capsule, liquid, and granule & gelling agent. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Segment Review

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. This is attributed to different factors such as surge in healthcare awareness and incorporation of spirulina in diets as super food globally.

By application, the 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.

By region, 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.

Prominent players operating in the global spirulina market include Cyanotech Corporation DIC Corporation, Cabassi & Giuriati SpA, DDW, DÖHLER GmbH, Dongtai City Spirulina Bio-engineering Co., Ltd., Echlorial, E.I.D. Parry Limited, Givaudan international SA, Prolgae Spirulina Supplies Pvt. Ltd., Dongtai City Spirulina Bio-engineering Co., Ltd., Algenol Biofuels Inc., Pond Technologies Inc, and Sensient Technologies Corporation. These players are adopting growth strategies such as product launches, mergers & acquisitions, product developments, and partnerships & collaborations to gain competitive advantage in the market.

Key Benefits For Stakeholders

• This report entails a detailed quantitative analysis along with the current and future global spirulina market trends from 2019 to 2027 to identify the prevailing opportunities along with strategic assessment.
• The spirulina market forecast is studied from 2020 to 2027. 
• The spirulina market size and estimations are based on a comprehensive analysis of key developments in the industry.
• Qualitative analysis based on innovative products facilitates strategic business planning.
• The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the spirulina market.

 Spirulina Market Report Highlights