Global Spirulina Market Share Is Expected To Grow At A CAGR Of 11.1% By 2028

30-Sep-2022 | Facts and Factors

According to Facts and Factors, the global spirulina market size was worth around USD 410.2 million in 2021 and is predicted to grow to around USD 989.6 million by 2028 with a compound annual growth rate (CAGR) of roughly 11.1% between 2022 and 2028.

Spirulina is a type of blue-green algae, which is also considered as a superfood due to its nutritional content and potential health benefits. It is highly nutritional in nature and offers some superior characteristics properties including antihypertensive, hypoglycemic, and hypolipidemic. As per the United States Department of Agriculture (USDA), dried spirulina contains calories, protein, carbohydrates, calcium, iron, magnesium, phosphorous, potassium, sodium, and vitamin C. Further, ingredients in spirulina prevent the small intestine from absorbing as much fat thereby helping in reducing weight. Animal studies indicate that spirulina may support gut health as it preserves healthy gut bacteria during the aging process.

Browse the full “Spirulina Market Size, Share, Growth Analysis Report By Type (Arthrospira platensis, and Arthrospira maxima), By Form (Powder, Tablet & Capsule, Liquid, and Gelling Agent & Granules), By Application (Nutraceutical, Food & Beverage, Animal Feed, Cosmetics & Spa Treatment, and Bio-fuel), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/spirulina-market

Additionally, spirulina helps in reducing blood pressure as well as reduces blood sugar levels. Most of the toxicological researches have proven the safety of using Spirulina. Spirulina substance is also listed by the US Food and Drug Administration under the category generally recognized as Safe (GRAS). Spirulina is comparatively easy to nurture under controlled conditions. Some of the countries across the globe with an ideal sunny climate suitable for the production of spirulina are India, the United States, Spain, Japan, and Greece among others. Increasing usage of this superfood in various food & beverages products and dietary supplements is driving the growth of the global spirulina industry.

Covid-19 had a positive impact on global market size since the majority of the organizations were focused on the development of spirulina-based nutritional food products and dietary supplements during the initial lockdown phase. The use of spirulina increased considerably in the healthcare sector in order to increase the immunity against coronavirus. The World Health Organization (WHO) has recognized the potential applications for seaweeds, opening up a wide range of growth opportunities for the worldwide spirulina industry. Additionally, the enormous expansion in the use of spirulina-based beverages and food products that improve immunity has had a favorable effect on the expansion of the global sector.

The global spirulina market growth is expected to be driven by the rising health and wellness trends to drive market growth during the forecast period. With technological advancements and increased research & development activities to use spirulina as an important nutritious element in various health-based food products, there is a vast amount of growth prospects for the studied market. Consumers all over the world are spending more money on products that enhance their immune systems, dietary supplements, and nutrition, as well as concentrating on improving their health. The market for spirulina has increased as a result of the rising demand for the plant-based food colorant used in numerous healthy food products. The market is also expanding due to the rising use of cyanobacteria in foods that promote weight loss and the consequent rise in the use of spirulina in these foods among health clubs and fitness facilities. According to the stats released by Global Wellness Institute, the size of the wellness market worldwide accounted for USD 5.04 trillion in 2021, registering a growth of 15.3%, compared to USD 4.37 trillion in 2021.

The presence of other synthetic colorants along with low awareness regarding the benefits of spirulina may restrict global market expansion. Further, the challenging factor associated with the growth of the spirulina market is the risk of contamination.

The global spirulina market is segmented based on type, form, application, and region.

Based on type, the global market is segmented into Arthrospira platensis and Arthrospira maxima. The Arthrospira platensis variety of spirulina is currently widely used in a variety of end-use applications due to its enhanced capacity for biomass production and affordability. Additionally, because of its expanding uses in the food business, Arthrospira maxima use is anticipated to develop over the course of the projected period at a moderate rate.

Based on form, the global market segments are powder, tablet & capsule, liquid, and gelling agent & granules. Currently, the global market is dominated by powder form spirulina however there is a significant increase in the adoption rate amongst, tablet & capsule as well. The food industry's growing use of spirulina in powder form is a key driver driving this market's expansion.

Based on application, the global market segments are nutraceutical, food & beverage, animal feed, cosmetics & spa treatment, and bio-fuel. Currently, the global market is dominated by the food and beverage segment. This growth is attributed to worldwide acceptance of spirulina as a superfood and thereby its increased applications in food production across the globe.

The global spirulina market is anticipated to be dominated by North America led by the USA, as it has been in the previous years. One of the major reasons for regional growth is the shifting trends toward the consumption of spirulina-based food supplements as a substitute to diet, coupled with the presence of main market players. The USA is a highly competitive market and the government along with private institutes are focused on supporting spirulina as a superfood.

Asia-Pacific and Europe may also register high CAGR during the forecast period. Asia-Pacific may be driven by China which accounted for a significant market share in 2021. The regional growth may be attributed to the growing awareness regarding healthy food consumption in the countries of the region.

Report Scope

The global spirulina market is dominated by players like DDW Inc., Cyanotech Corp, Parry Nutraceuticals Limited, DIC Corporation, Dongtai City Spirulina Bio-Engineering Co., Ltd., Now Health Group Inc., GNT Holding B.V., Chr. Hansen Holding A/S, Sensient Technologies Corp., Fuqing King Dnarmsa Spirulina Co., Ltd., Naturalin Bio-Resources Co., Ltd, and GNC Holdings, Inc.

Recent Developments:

• In September 2022, DIC Corporation invested approximately USD 9 Million at Earthrise and Hainan DIC in order to produce an edible blue-green algae, Spirulina, as well as the natural blue food colorant, LINABLUE. By January 2023, both plants' water emissions will be zero owing to this investment.
• In June 2020, Fermentalg signed a multi-year technological, industrial, and commercial development agreement with the DDW to bring Blue Origins a natural colorant that outperforms spirulina, developed by Fermentalg, to market.

The global spirulina market is segmented as follows:

By Type

• Arthrospira platensis
• Arthrospira maxima

By Form

• Powder
• Tablet and Capsule
• Liquid
• Gelling agent and granules

By Application

• Nutraceutical
• Food and beverage
• Animal feed
• Cosmetics and Spa treatment
• Bio-fuel

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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