Press release
Spirulina Market to be Worth $1.1 Billion by 2030 | Meticulous Research
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The market's growth is primarily driven by increasing trends in health and wellness, along with the expanding dietary supplements industry. Spirulina's rising demand as a natural food colorant, coupled with the global shift towards vegetarianism, is fueling this growth. Additionally, the environmental benefits of spirulina cultivation, coupled with stringent regulations regarding synthetic colors and flavors, are contributing to the market's positive trajectory. The growing preference for products sourced from spirulina, the increasing use of spirulina in aquaculture, and significant investments from natural-color manufacturers are further propelling the market.
Moreover, new application areas, a growing demand for phycocyanin, the rise of spirulina demand from biorefineries, and an increasing interest in fresh or frozen spirulina are creating significant opportunities for market players. However, challenges such as low consumer awareness about spirulina's benefits, the complexity of algae product production, and potential contamination risks could restrain market growth. A notable trend in this market is the adoption of advanced production technologies like photobioreactors.
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The report also segments the spirulina market by product type, distribution channel, application, and geography. By product type, the market is categorized into powder, tablets, capsules, flakes, phycocyanin, and frozen spirulina. In 2023, the powder segment is anticipated to hold the largest market share due to its rising demand among nutraceutical manufacturers. This is attributed to growing consumer health consciousness, the increasing incorporation of spirulina powder in various food and beverage products, the popularity of veganism, and the use of herbal ingredients in cosmetics.
The phycocyanin segment is expected to exhibit significant growth during the forecast period, driven by its increased adoption in therapeutic and nutritional products, a shift away from synthetic colors, growing demand for natural blue colorants, and investment from leading color houses in the phycocyanin sector.
In terms of distribution channels, the spirulina market is divided into business channels and consumer channels. The business channel segment is expected to dominate the market in 2023, largely due to the bulk purchasing of spirulina by manufacturers in the nutraceuticals, food and beverage, and animal feed sectors for product development.
The application segment of the market includes nutraceuticals, food and beverage, animal feed, cosmetics, and agriculture. The nutraceuticals segment is projected to hold the largest share in 2023, driven by the booming nutraceuticals sector, rising health concerns among the aging population, the desire for natural alternatives to traditional pharmaceuticals, and increased consumer awareness about the link between nutrition and health.
Geographically, North America is expected to lead the spirulina market in 2023. The region's dominance is attributed to growing consumer awareness of natural food products, strict regulations against synthetic colors, rising demand for nutraceuticals, the growth of related industries like cosmetics and biofertilizers, increasing preference for natural protein sources, and the presence of key spirulina manufacturers with significant production capacities, especially in the U.S.
Key Players
The key players operating in the spirulina market include Clos Sainte Aurore (France), Spirulina Viva (Mexico), SPIFORM (France), Spirulina La Capitelle (France), Aurospirul (India), Far East Microalgae Industries, Co., Ltd. (Taiwan), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), DIC Corporation (Japan), E.I.D. - Parry (India) Limited (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-engineering Co., Ltd (China), Yunnan Green A Biological Project Co., Ltd. (a Subsidiary of Yunnan Spirin Biotechnology Co. Ltd) (China), Jiangshan Comp Spirulina Co., Ltd (China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals Co., Ltd. (China), Taiwan Chlorella Manufacturing Company (TCMC) (Taiwan), Roquette Klötze GmbH & Co. KG (Germany), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech Co., Ltd. (China), Allmicroalgae Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), Taiwan Wilson Enterprise Inc. (Taiwan), Algalimento SL (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou Ouqi Food Co., Ltd. (China), JUNE Spirulina (a Part of JUNE Group of Companies) (Myanmar), Ordos Xinyuli Spirulina Industry Group Co., Ltd. (China), Qingdao Haizhijiao Biotechnology Co., Ltd. (China), BlueBioTech Group (Germany), Sea & Sun Organic GmbH (subsidiary of Sea & Sun Technology GmbH) (Germany), Pond Technologies Inc. (Canada), Far East Bio-Tec. Co., Ltd. (FEBICO) (Taiwan), Givaudan SA (Switzerland), Nutragreenlife Biotechnology Co. Ltd. (branch of Greenlife Biotechnology Co., Ltd.) (China), Xi'an Fengzu Biological Technology Co., Ltd. (FZBIOTECH) (China), and Necton S.A. (Portugal).
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Key Questions Answered in the Report:
• Which are the high-growth market segments in terms of product type, distribution channel, application, and geography?
• What is the historical market size for spirulina across the globe?
• What are the market forecasts and estimates for the period 2023-2030?
• What are the major drivers, restraints, opportunities, and trends in the spirulina market?
• Who are the major players in the market, and what are their market shares?
• Who are the major players in various countries, and what are their market shares?
• How is the competitive landscape for the spirulina market?
• What are the different strategies adopted by the major players in the spirulina market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the spirulina market, and how do they compete with other players?
Related Reports :
South East Asia Spirulina Market : https://www.meticulousresearch.com/product/south-east-asia-spirulina-market-5676
Asia-Pacific Spirulina Market : https://www.meticulousresearch.com/product/asia-pacific-spirulina-market-5575
Europe Spirulina Market : https://www.meticulousresearch.com/product/europe-spirulina-market-5499
Algae Products Market : https://www.meticulousresearch.com/product/algae-products-market-3579
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