Spirulina Market to reach USD 1,166 Million - Risk-adjusted numbers with COVID-19 analysis change scenario

The Global Spirulina Market Size accounted for USD 480 Million in 2021 and is projected to achieve a market size of USD 1,166 Million by 2030 rising at a CAGR of 10.4% from 2022 to 2030.

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Spirulina Market Dynamics

The growing demand for natural food supplements, as well as the wide applicability of spirulina in the food and beverage and biotechnology industries, is major factors accelerating the growth of the global spirulina market. Furthermore, major players' increased R&D activities for product development and the introduction of new solutions are factors anticipated to segment the target market's growth.

High production costs, as well as fluctuating raw material prices and availability, are expected to stymie the growth of the global spirulina market. Furthermore, the target market's growth is expected to be hampered by stringent government regulations governing product approval. However, increased investment by major players in product development and players' focus on tracking the untapped market are anticipated to create opportunities for spirulina market players. Furthermore, increasing collaboration and agreement in order to improve the distribution channel is expected to support the target market's revenue transaction.

Global Spirulina Market Business Strategies

• In 2020, Chr. Hansen A/S, a global bioscience company launched "FruitMax® blue". The spirulina-based products launch is expected to help the company to enhance the business and increase the revenue share.

• In 2018, Algama Foods, a food product manufacturing company is focused on re-launching its spirulina water after extensive product development to improve taste and stability. Springwave is made using a concentrated, dried blue spirulina extract that is high in phycocyanin, vitamins and minerals, creating an antioxidant-rich drink with revitalizing properties.

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Spirulina Market Segmentation

The global spirulina market is segmented into type, formulation, and application. The type segment is divided into arthrospira platensis and arthrospira maxima. The application segment is bifurcated into nutraceuticals, food & beverages, cosmetics, animal feed, and others. Based on formulation, the market is divided into powder, liquid, tablet & capsule, and granule & gelling agent.

Spirulina Equipment Market Share

According to our spirulina industry analysis, arthrospira platensis accounted for the majority of the market share in 2021 and is expected to maintain this trend from 2022 to 2030. Among application the food & beverages segment is expected to witness faster growth in the spirulina market. According to market forecasts for spirulina, the food & beverages component will have the largest share from 2022 to 2030. The spirulina powder segment is expected to be the largest product type in the spirulina market through 2030. Furthermore, this segment is expected to grow rapidly during the forecast timeframe.

Spirulina Market Regional Growth

The global Spirulina market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA).

Rising Demand for Healthy Supplements and Wide Applicability in Various End Use Industries Are Major Factors Expected To Drive the Growth of Global Spirulina Market

Because of rising consumer awareness about healthy food consumption, the market in North America is anticipated to account for a significant revenue share in the global spirulina market. Consumption of healthy foods by consumers is increasing. In 2019, consumers, businesses, and government agencies in the United States spent $1.77 trillion on beverages and food in grocery stores and other retailers, as well as on out-of-home meals and snacks. Consumer interest in dietary solutions that help them provide more unique nutrition and accomplish personal health goals is growing. The target market's growth is expected to be influenced by its massive spending capacity and changing lifestyle patterns. Functional food consumption is becoming more popular in the food service industry.

In February 2020, global fortified/functional food sales surpassed US$267 billion, while naturally healthy food sales surpassed US$259 billion; sales in the United States reached US$63 billion and US$42 billion, respectively. In 2019, 77% of adults in the United States used dietary supplements, an all-time high. Supplement sales in the United States are expected to reach $49.3 billion in 2019, a 6.2% increase from 2018.

The target market in Asia-Pacific is expected to grow faster due to rising trend for dietary supplements. The thriving food and beverage industry, as well as rising demand for products with high protein and antioxidant content, are expected to drive the spirulina market's growth. The presence of a lot of players operating in the country, as well as the introduction of novel solutions to attract new customers, are expected to drive regional market growth.

DIC Corporation, a global chemical manufacturer, released a liquid version of its "Linablue," a naturally derived blue food coloring, in 2020. The product launch is anticipated to assist the company improve its operations and increase its revenue share. The approach of major players to expanding their business in developing regions is expected to aid the expansion of the spirulina market.

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Spirulina Market Players

The major players involved in the spirulina market involve Cabassi & Giuriati SpA, Cyanotech Corporation, DIC Corporation, DÖHLER GmbH, Givaudan international SA, DDW, Echlorial, Prolgae Spirulina Supplies Pvt. Ltd., E.I.D. Parry Limited, and Dongtai City Spirulina Bio-engineering Co., Ltd.

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