Press release
Spirulina Market to Show Promising Growth on Account of Rising Demand for Natural Food Colors and Shift Towards Vegetarianism and Veganism
Spirulina Market Size, Share 2023
According to SNS Insider, the spirulina market reached a valuation of USD 533.90 million in 2022 and is projected to expand to USD 1.20 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.7% during the forecast period of 2023-2030.
Spirulina is a type of blue-green algae that is known for its exceptional nutritional content and potential health benefits. It is classified as a cyanobacteria, a group of organisms that can perform photosynthesis like plants. Spirulina has been consumed for centuries by various cultures around the world and is now gaining popularity as a superfood due to its rich nutrient profile.
Market Analysis
The spirulina market is experiencing significant growth due to a multitude of factors that are shaping the industry landscape. The increasing focus on health and wellness trends has sparked a surge in demand for dietary supplements, and spirulina has emerged as a popular choice among health-conscious individuals. This blue-green algae is known for its rich nutritional profile, including high protein content, essential amino acids, vitamins, and minerals. As people become more conscious of their dietary choices, spirulina has gained traction as a natural and sustainable source of nutrition.
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Key Players Covered in Spirulina market report are:
Yanotech 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.
Impact of Recession
A recession can have a significant impact on the spirulina market. Decreased consumer purchasing power, a shift towards lower-cost alternatives, reduced investment and expansion opportunities, supply chain disruptions, and challenges in marketing and pricing strategies are some of the effects that can be observed during economic downturns. However, it's worth noting that the specific impact may vary depending on the severity and duration of the recession, as well as the overall resilience and adaptability of the spirulina industry.
Segmentation Analysis
The spirulina market has witnessed remarkable growth, with Arthrospira Platensis and Powder segments leading the way. Arthrospira Platensis, known for its rich nutritional profile and adaptability, has become a favored choice among health-conscious consumers. On the other hand, spirulina powder's versatility and convenience have propelled its market dominance, finding application across various food and beverage products.
Spirulina Market Segmentation as Follows:
By Type:
Arthrospira Platensis
Arthrospira Maxima
By Application:
Nutraceuticals
Food & Beverages
Cosmetics
Animal Feed
Others
By Formulation:
Powder
Tablet & Capsule
Liquid
Granule & Gelling Agent
Segmented by Region/Country:
North America
Europe
China
Japan
Asia Other
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Regional Status & Analysis
The large spirulina market share in North America can be attributed to several factors including growing consumer awareness for natural food products, stricter regulations against synthetic colors, rising demand for nutraceuticals, the growth of subsidiary industries such as cosmetics and biofertilizers, increasing preference for natural protein sources, and the presence of key spirulina manufacturers with substantial production capacities, especially in the United States. These factors collectively contribute to the region's dominance in the market and its continuous expansion in response to evolving consumer preferences.
Conclusion
The market is expected to witness positive growth prospects in the future, driven by the increasing demand for nutritional supplements, expanding application range, sustainable production practices, health and wellness trends, and growing research and development activities.
Frequently Asked Questions about this Industry Report
Q1. What is the projected outlook for spirulina market growth?
ANS: It is projected that the market could reach a value of USD 1.20 billion by 2030.
Q2. What are the major factors influencing the spirulina market?
ANS: The increasing focus on health and wellness, rising demand for natural food colors, growing vegetarianism contributing to the market's expansion.
Q3. Who are the leading players in the spirulina market?
ANS: Yanotech Corporation, E.I.D. Parry Limited DÖHLER Gmbh, Echlorial, , Givaudan International SA, , DIC Corporation, Cabassi & Giuriati Spa, Prolgae Spirulina Supplies Pvt. Ltd.
Table of Content - Analysis of Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Spirulina Market Segmentation, By Type
9. Spirulina Market Segmentation, By Application
10. Spirulina Market Segmentation, By Formulation
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
Continued…
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info@snsinsider.com
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