Search Market Research Report
Spirulina Market Size, Share Global Analysis Report, 2022 – 2028
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
Industry Insights
[217+ Pages Report] According to the report published by Facts 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. The report analyzes the global spirulina market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the spirulina market.
Market Overview
Spirulina is a type of cyanobacterial biomass that can be consumed by animals and humans. It naturally grows in the alkaline lakes of warmer regions. This eco-friendly spirulina is highly nutritional in nature and possesses some superior properties including hypoglycemic, hypolipidemic, and antihypertensive. Spirulina offers various immuno-stimulating, anti-inflammatory, and antioxidant effects due to the presence of polysaccharides, phenolic compounds into it. Additionally, spirulina is extremely high in numerous nutrients such as protein, vitamin B1 (thiamine), vitamin B2 (riboflavin), vitamin B3 (niacin), copper, iron, and decent amounts of magnesium, potassium, & manganese and small amounts of almost every other nutrient. Further, it controls blood sugar level and also reduces blood pressure in individuals with normal levels. It is also effective against anemia and helps to improve muscle strength and endurance.
According to some data, spirulina has anti-cancer capabilities. Owing to its crucial functional contents, it is widely used in various end-user industries such as the pharmaceutical industry, food industry, and agriculture sector, among others. Growing dietary supplements industry, along with the rising health and wellness trends among individuals across developed as well as emerging countries around the globe are major factors driving the growth of the global spirulina market. In addition to this, its range of applications in the food and beverage industry is another factor to augment the growth of the target industry in the near future. Growing food processing industry is likely to offer lucrative opportunities in the global market over the next few years.
Key Insights
- As per the analysis shared by our research analyst, the global spirulina market is estimated to grow annually at a CAGR of around 11.1% over the forecast period (2022-2028).
- In terms of revenue, the global spirulina market size was valued at around USD 410.2 million in 2021 and is projected to reach USD 989.6 million, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on form segmentation, powder form spirulina was predicted to show maximum market share in the year 2021.
- Based on application segmentation, food, and beverage was the leading revenue-generating industrial vertical in 2021.
- On the basis of region, North America was the leading revenue generator in 2021.
Covid-19 Impact
The global market has benefited significantly due to the onset of COVID-19 since the demand for spirulina augmented, owing to the increased need for vitamins and nutritional supplements in order to treat the COVID-19 virus. The World Health Organization (WHO) has identified the potential usage of seaweeds which has created numerous growth prospects in the global spirulina market. Also, tremendous growth in the adoption of the spirulina-based beverages and immunity-boosting food products based on spirulina worldwide has positively impacted the growth of the global industry.
Growth Drivers
- Rising health and wellness trends to drive market growth during the forecast period.
The global spirulina market is driving owing to the rising trend of health and wellness across emerging and developed countries worldwide. The wellness industry is experiencing noteworthy growth on the back of increasing awareness among individuals across emerging economies regarding the importance of consuming healthy food products. Hence, consumers worldwide are increasing their spending on immunity-boosting products, dietary supplements, & nutrition, and focusing on improving their health. Increasing demand for the plant-based food colorant in various healthy food products has raised the demand for spirulina. Further, increasing usage of cyanobacteria in weight reduction food products thereby growth in the adoption of spirulina in such products among health clubs and fitness centers is fueling the growth of the market. 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. Also, the size of the wellness market worldwide is forecasted to be USD 6.99 trillion in 2025, which is likely to enhance the growth of immunity-boosting food products and in turn growth of the global market over the forecast period of time.
Restraints
- Presence of other synthetic colorants, along with low awareness regarding benefits of spirulina
Availability of other synthetic colorants, coupled with low awareness regarding the benefits of spirulina are among the major factors expected to hamper the growth of the global spirulina market over the forecast time frame. When compared with natural colorant like spirulina, the efficiency of extraction for synthetic colorants such as brilliant blue, indigo carmine is higher. Further, the production process of spirulina is costly and time-consuming over synthetic colorants, which is negatively impacting the growth of the industry. Additionally, less awareness regarding the advantages of using spirulina-based food products is low among developing economies across the world, which is likely to significantly impact the growth of the studied market in the near future.
Opportunities
- Increasing government initiatives to provide growth opportunities
Increasing government initiatives in order to generate decent income sources for the rural population and to increase spirulina production to use as natural food colors is a major factor likely to provide growth opportunities in the target industry. The government of various countries including Ghana and India are supporting spirulina as a superfood. Moreover, the banned usage of synthetic colors in food products consumed in EU countries by the European Food Safety Authority is thereby propelling the growth of the natural color market and in turn expected to boost the demand for spirulina in respective applications.
Challenges
- The risk of contamination to pose a challenge for market expansion
The challenging factor associated with the growth of the spirulina market is the risk of contamination. As spirulina is extracted from freshwater, its sources are scarce and availability is in very few areas. Spirulina is a photosynthetic cyanobacterium and filamentous that grows in culture solutions. It has been manufactured commercially in open raceway ponds on a large scale. Hence, the risk of contamination is higher, and when cyanobacteria are contaminated, they can release toxins such microcystins, which can harm the liver and cause digestive problems.
Segmentation Analysis
- The global spirulina market is segmented based on type, form, application, and region.
Based on type, the global market segments are Arthrospira platensis and Arthrospira maxima. Currently, the Arthrospira platensis type of spirulina is extensively used in various end-use applications owing to its higher biomass production capability and cost-effectiveness. Also, the usage of Arthrospira maxima is expected to enhance over the forecast period at a moderate growth rate due to its emerging applications in the food industry.
Based on form, the global market is segmented into powder, tablet & capsule, liquid, and gelling agent and granules. The powder form segment is expected to dominate the global market over the forecast period of time. Increasing adoption of powder form spirulina in the food industry is a major factor boosting the growth of this segment. However, tablet & capsule segment is expected to grow at a significant growth rate in the near future.
Based on application, the global market segments are nutraceutical, food & beverage, animal feed, cosmetics & spa treatment, and bio-fuel. Currently, in the global market food and beverage segment is projected to hold significant revenue share owing to worldwide acceptance of spirulina as a superfood and thereby its increased applications in food production across the globe. Further, the growth in the adoption of spirulina as natural color is likely to significantly boost its demand in food and beverage applications.
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.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 410.2 Million |
Projected Market Size in 2028 |
USD 989.6 Million |
CAGR Growth Rate |
11.1% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
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, GNC Holdings Inc., and others. |
Key Segment |
By Type, Form, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
Request customized purchase options to meet your research needs. Explore purchase options |
Regional Analysis
- North America to lead owing to shifting trends towards consumption of spirulina-based food supplements as substitute for diet
The global spirulina market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market owing to shifting trends towards the consumption of spirulina-based food supplements as a substitute to diet, coupled with the presence of main market players in the region. Ongoing obesity problems and a rise in the geriatric population in the countries of North America especially in the United States and Canada are supporting the usage of healthy food products. For instance, as per the stats released by the United States Department of Health and Human Services, more than 70% of adults aged more than 20 are suffering from obesity issues, which is anticipated to increase the adoption of spirulina thereby resulting in the growth of the studied market in the region.
Further, the increasing focus of the National Aeronautics and Space Administration (NASA) on the development of space mission primary food is also augmenting its consumption in the region.
Asia Pacific is expected to generate significant revenues owing to changing trends toward a healthy lifestyle, availability, and increased awareness regarding spirulina-based dietary supplements in the countries of the region. Further, increasing disposable income along with growth in the use of vegan products is likely to positively enhance the growth of the studied market in the region. The growth is projected to be highest in China since there is an increase in investments toward spirulina-based food processing industries.
Competitive Analysis
- 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
- GNC Holdings Inc.
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 Regional Segment Analysis
- 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
Table of Content
Industry Major Market Players
- 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
- GNC Holdings Inc.
Copyright © 2023 - 2024, All Rights Reserved, Facts and Factors