Spirulina Market Overview:
Spirulina Market Size was valued at USD 0.48 Billion in 2021. The Spirulina market industry is projected to grow from USD 0.56 Billion in 2022 to USD 1.14 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.28% during the forecast period (2022 - 2030) The health & wellness industry's expansion, rising demand for natural food colors, rising vegetarianism, and rising malnutrition are the primary factors driving the growth of the Spirulina Market. The increasing preference for spirulina-sourced products, particularly those with pigments and omega-3 fatty acids, the expanding use of spirulina in aquaculture diets, and the rise in the number of products containing spirulina as an ingredient around the world are additional factors that contribute to the market's expansion.
The COVID-19 epidemic has harmed several economies worldwide. Lockdowns and quarantines that were implemented countrywide as part of the government's response to the COVID-19 epidemic had a detrimental effect on several industries. Most food product firms in the F&B industry are still impacted by COVID-19. Numerous businesses have had to shut their doors due to social exclusion, self-isolation, and city-wide lockdowns in nations throughout Asia, the U.S., Europe, and the rest of the world. Consumer food and beverage product businesses face issues including drastically decreased consumption and disturbed supply chains. Due to the lockdowns that have been implemented in numerous nations, the food and beverage industry has experienced a little dip.
Key Players:
Some of the Spirulina Market Companies are Algenol Biofuels Inc., Cabassi & Giuriati Spa, Cyanotech Corporation, Ddw Inc., Dic Corporation, Döhler Gmbh, Dongtai City Spirulina Bio-Engineering Co, Ltd., Echlorial, E.I.D. Parry Limited, Givaudan International Sa, Prolgae Spirulina Supplies Pvt. Ltd., Pond Technologies Inc., and Sensient Technologies Corporation.
Regional Analysis:
The North American Spirulina Market dominated the worldwide spirulina market in 2021 as a result of growing consumer awareness of the benefits of eating nutritious foods. Consumers are eating healthier meals at higher rates. In 2019, grocery stores, other retailers, corporations, and governmental organizations in the United States spent $1.77 trillion on food and drinks and takeaways and snacks. Consumer interest in dietary products that enable them to give more distinctive nutrition and achieve individual health objectives is rising. The target market's enormous purchasing power and evolving lifestyle trends are anticipated to have an impact on its growth.
The rising demand for dietary supplements will likely cause the Asia-Pacific’s target market to expand more quickly. The booming food and beverage sector is anticipated to fuel the market's expansion, as will the rising demand for goods with high levels of protein and antioxidants. The proliferation of businesses operating in the region and developing novel solutions to attract new clients are anticipated to fuel market expansion. In 2020, the international chemical firm DIC Corporation made its blue food coloring "Linablue," which is produced from plants, and available in liquid form. The product launch is anticipated to help the business expand and boost its revenue share.
Market Segmentation:
The global Spirulina Industry Segment on the basics of type, application, and product.
The market has been segmented based on type into Arthrospira platensis and Arthrospira maxima. Due to its improved ability to produce biomass and affordability, the Arthrospira platensis species of spirulina is being utilized extensively in a range of end-use applications and dominated the market in 2021. Arthrospira maxima use is also likely to grow over the course of the projected period at a moderate rate due to its rising uses in the food industry.
Based on application, the market has been segmented into nutraceuticals, food & beverages, cosmetics, animal feed, and others. The food & beverages segment dominated the market in 2021. Due to its accessibility, sustainable production, exceptional nutritional and bioactive characteristics, and acceptable functional properties, spirulina is becoming increasingly popular as a food ingredient. The USFDA also authorized the use of spirulina extract as a natural blue coloring agent in food and beverage applications. The increased consumer preference for natural food over synthetic food, combined with the health-promoting qualities of natural food colors, is driving greater demand for spirulina natural food color.
Based on the product, the market has been segmented into powder, tablet & capsule, liquid, and granule & gelling agent. The spirulina market's largest product category in 2021 was spirulina powder. Manufacturers of nutraceuticals and culinary items are driving increased demand for spirulina powder on the international market, where it is used in a variety of recipes for salads, breakfast foods, desserts, and other foods as well as used as a dietary supplement. Additionally, spirulina powder is added to beverages like water, juice, and smoothies. It is sold worldwide through various supermarkets, department stores, retailers, and online distribution channels.
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