Spirulina Powder Market Size, Industry Analysis Report, Regional Outlook - 2024
It is rich in vitamin A, B & K, iron, protein and helps in maintaining good health. Number of vegetarians has increased with recent vegan trend that in turn has amplified demand and expected to propel spirulina powder market. Rise in government initiatives to boost production of spirulina and support to local manufacturers has spurred the growth of product.
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These are used to produce natural food colour and with ban on synthetic food colours, its demand has enhanced. Use of herbal ingredients in cosmetic products is on the rise. Spirulina powder has antioxidants, anti-inflammatory and hypolipidemic properties and finds application in hair and skin care products. Their utilization in bio fuel and bio fertilizers industry has further boosted spirulina powder market.
Spirulina are dietary supplement obtained from biomass of cyanobacteria or blue-green algae. Cynobacteria are found in ponds, freshwater lakes and rivers. These are classified into two types namely arthrospira platensis and arthrospira maxima. The algae are rich in protein, vitamins, amino acids and minerals. These are available in powder, flake & tablet form and can be consumed by humans and other animals.
The arthrospira may be used either as dietary supplement or whole food. Further these find application in aquarium, aquaculture and poultry industries as feed supplement. Their demand in healthcare segment has increased for treatment of cancer, cardiovascular diseases, and improving digestive & immune system.
Major factor that restricts growth of spirulina powder market is its availability. Its sources are scarce as these are extracted from fresh water and available in very few regions. Cynobacteria if contaminated produces toxins such as microcystins that may lead to gastrointestinal disturbance and liver damage. Some supplements can contain harmful elements such as lead, mercury and arsenic. Such factors may confine spirulina powder market growth.
Based on application market is classified into food, medicine and cosmetic industry. Food industry has major share owing to its use as dietary supplement and natural colour. Demand for cynobacteria has grown with increase in fitness centres and health clubs as it helps in weight reduction. Its use in breakfast meals, salads, juices, smooties and deserts has inflated due to health benefits. Global supplement industry was valued at USD 132.8 billion and is expected to grow at around 8 % in next five years that in turn may enhance spirulina powder market. Its requirement in medical industry has surged with use in pharmaceutical products and medicines for treatment of various diseases. Skin and hair care industry has seen a rise with its application for treatment of allergies, hair loss, grey hairs, wrinkles and anti-aging.
Based on distribution channel, spirulina powder market is classified into super stores, department stores, grocery and online retailers. The super stores have major share as urban and semi urban population prefer these owing to ease in availability of product. There has been considerable increase in number of stores with major players such as Walmart. Online sales have grown by around 10% with increase in online platforms, discount offers and easy delivery. Department and grocery stores have moderate share owing to their local presence.
North America led by U.S. has key share in global spirulina powder market with growing obesity problems and ageing population. Consumers have shifted towards food supplements as diet alternative. Further, NASA’s (National Aeronautics and Space Administration) ongoing research for its use as primary food in long term space missions has boosted its consumption.
Asia Pacific has substantial share in product market owing to growing awareness about dietary supplements benefit and availability. Its demand is anticipated to enhance with increase in disposable income, use of health care products, and growing vegan population. Europe has moderate share with consumers switching towards a healthy life style. Additionally, European Space Agency (ESA) is working on with NASA research. Latin America and Middle East & Africa have shown substantial growth with rising urban population and increasing retail channels.
Major players of spirulina powder market are NOW Foods, Naturya, Algene Biotech, Earthrise Nutritionals, Bardakci Group, Arwind Enterprise, Penn Herb, Sari Food, AK Biotech to name a few. Companies are launching new products to enhance their share. NOW foods have come up with liquid shots with various flavours to attract customers.
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