Spirulina Market Dynamics-New applications of Spirulina will create a robust demand for Spirulina in the coming years
Through 2026, North America’s spirulina market will be valued over US$ 570 Mn, exhibiting highest value CAGR of 11.5%. While Western Europe and the Asia-Pacific excluding Japan region will also witness lucrative growth in their spirulina markets, the Middle East and Africa region is projected to showcase a positive +84 BPS gain.
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US-based companies such as Cyanotech Corp., DDW Inc., Sensient Technologies Corp., GNC Holdings, Inc., Now Health Group Inc. are recognized as some of the leading manufacturers of spirulina in the world. Other key players profiled in the report include, GNT Holdings B.V., Fuqing King Dnarmsa Spirulina Co., Ltd., Dongtai City Spirulina Bio-Engineering Co. Ltd., DIC Corporation, and Chr. Hansen A/S.
The report reveals that regulatory bodies from around the globe are approving the use of spirulina in production of new food items & beverages. Leading foodmaker The Mars Inc.’s petition for approval of spirulina as a key ingredient in production of new products was conceded by the FDA, garnering attention of other prominent manufacturers of food & beverage products. Furthermore, commercial-scale production of spirulina has also become more feasible due to advent to technological advancements. Cost-effectiveness of such production procedures are guaranteeing higher profit margins for spirulina manufacturers, effectuating a significant rise in entry of new players in the market.
EFSA, the regulatory agency of EU countries for food safety has banned the use of synthetic colors in the products consumed in EU countries which is boosting the growth of the natural color market. The Blue Spirulina color has become the most attractive color globally due to its features and texture and is primarily used in the food and beverage industry. Spirulina holds anti-oxidants, hypolipidemic and anti-inflammatory properties due to which it is witnessing a high growth in demand among the food and beverage and cosmetics industries. Antioxidants protect the body from damage caused by harmful molecules (free radicals) which improves the health of a person.
Spirulina consists of Vitamin A, C and E and beta-carotene in large quantities with a minimal quantity of Lutein Zeaxanthin – all these are antioxidants that help in curing various diseases and medical conditions. Changing consumer preferences toward nutritious and healthy products is the new trend for which companies are launching innovative products to supplement the demands of the modern society. For example, Naked Juice launched their 100% juice range that consists of spirulina as a primary ingredient. Key trends identified in the global spirulina market are an increased production of ready-to-drink smoothies prepared from spirulina and the surging demand for spirulina in the bio-fuel industry, which is expected to boost the demand for spirulina during the forecast period.
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In 2016, sales of nearly 90 thousand tons of spirulina powder was recorded across the globe. Highlighting this, the report reveals that revenues from global sales of powdered spirulina will soar at the highest CAGR of 10.4%. Demand for spirulina in the form of tablets & capsules will also gain traction at a comparatively steady pace. Based on the applications, more than 250,000 tons of spirulina will be consumed globally for production of nutraceuticals by the end of 2026. Throughout the forecast period, the demand for spirulina will remain high in production of nutraceuticals, followed by food & beverages.
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