Worldwide Spirulina Market Size, Share, Growth, Top Key Players and CAGR of 8.02% by Foresight to 2023

Spirulina Market research report includes various topics like total market size, key market drivers, challenges, growth opportunities, Industry share, growth, demand, outlook etc. Furthermore it covers key market updates, the impact of regulations and technological updates in. The report addresses the need to stay updated in this competitive market conditions and this provides and comprehensive data for making strategies and decision so as to stimulate the market growth and profitability.

Market Overview:
Spirulina is a multicellular and filamentous blue-green microalgae. It is used as a human food supplement and to overcome malnutrition since it is a rich source of protein, vitamins, minerals, carotenoids, and antioxidants. Spirulina grows in fresh water and is also grown artificially based on its nutritional value. It is further procured using various methods and is ultimately dried and powdered. From the last few decades, Spirulina has gained its popularity based on its diverse applications in food industry (majorly nutraceuticals) and as a potential protein supplement.

The food and beverages industry have slowly started phasing out artificial colors due to the rising safety concerns and growing demand for natural colors. Spirulina is considered to be one of the popular natural food color among the food & beverages manufacturers. The primary pigment in spirulina is a protein called phycocyanin that n. It imparts a vibrant blue color. Additionally, it can be combined with other colors to make customized colors of such as green and lavender or violet shades, which makes it. Thus, making it ideal for using in various food and beverages products. Spirulina also finds its major application in the cosmetic & personal care industry.

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Spirulina mainly used in cosmetic & personal care products especially for the anti-aging cream. Spirulina is considered to be effective as one gram per day is sufficient enough to correct severe malnutrition in a child within in a few weeks. New studies suggest that spirulina capable of improvising the physical development as well as cognitive performance. Spirulina is considered to be of high quality natural feed additives which can be used in animal and poultry nutrition. It also plays an important role in aquaculture, especially in the aquatic farming and hatchery. One of the significant reason of the increasing growth of global spirulina market is rising demand of clean label products. Clean label trend has evolved beyond ingredients and indicates that the food is prepared by the natural color. The increasing consumer awareness on health and wellness and their growing interest to adopt spirulina as a natural food color instead of synthetic colors.

Major Key Players:
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launch by spirulina market players. It further includes product portfolios and developments of leading players, which includes

D. Parry (India) Limited (India)
Tianjin Norland Biotech Co. Ltd (China)
Hydrolina Biotech Private Limited (India)
Cyanotech Corporation (Hawaii)
DIC Corporation (Japan)
Jiangxi Alga Biotech (China) and
Synergy Natural Products Pty Ltd. (Australia)

The market players have increased investment in research and development to identify right formulation and to improve product functionality to capture maximum share and to create brand recognition in spirulina market. Most of the companies operating in this market are focusing on expanding their operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.

Key Findings:
Spirulina manufacturers find massive opportunity in the U.S. owing to the huge demand of natural color in the food & beverages.
Asia Pacific is estimated to retain its dominance throughout the forecast period and to grow at a substantial CAGR of 8.45%. Among the Asia Pacific country, China is projected to witness a substantial growth of 9.30% during the forecast period of 2017-2023.

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Industry Segments:
The global spirulina market has been segmented on the basis of form such as powder, capsule & tablet, liquid, and gelling agent. The powder segment is projected to account maximum market proportion and projected to grow at CAGR of 8.23% during the forecast period. On the basis of applications, the global spirulina market is segmented into nutraceuticals, food & beverages, pharmaceuticals, cosmetic & personal care, and others. Among all the applications, nutraceutical segment is estimated to witness the highest growth at a CAGR of 8.34% during the forecast period of 2017-2023.

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This release was published on openPR.