Rapidly increasing awareness regarding health benefits of spirulina and other types of algae is projected to primarily boost the demand for spirulina going forward.
Westford, USA, Dec. 10, 2024 (GLOBE NEWSWIRE) — Spirulina Market size was valued at USD 588.9 Million in 2023 to USD 1318.6 Million by 2031, growing at a CAGR of 10.6% in the forecast period (2024-2031). Spirulina is a nutritious blue-green algae commonly used in various dietary supplements and food and beverage products. Over the years, the rising consumer awareness of spirulina health benefits and increase in demand for plant-based proteins is likely to drive the market growth for the forecast period. Overall, the spirulina market is expected to witness substantial expansion across the regions due to the growing consumers inclination towards naturally sourced colour solutions and additives. One of the main reasons contributing to the rising demand for Spirulina is its outstanding nutritional qualities. It is rich in vitamins, proteins, and essential minerals. It is not only consumed in its raw form but is also often processed into various kinds of food. Moreover, many people prefer taking it in capsules.
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Browse in-depth TOC on the “Spirulina Software Market”
- Pages – 157
- Tables – 92
- Figures – 70
Spirulina Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 588.9 Billion |
| Estimated Value by 2031 | $ 1318.6 Billion |
| Growth Rate | Poised to grow at a CAGR of 10.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Increasing demand of spirulina in nutraceutical and functional food sector |
| Key Market Opportunities | Increasing acceptance of dietary supplements |
| Key Market Drivers | Increasing health awareness among consumers |
Spirulina Market Segmental Analysis
Global Spirulina Market is segmented by Product Type, Application, Distribution Channel, and region.
Based on Product type, the market is segmented into Powder, Tablets, Capsules, Flakes, Phycocyanin, and Frozen Spirulina.
Based on Application, the market is segmented into Nutraceuticals, Food & Beverage, Animal Feed, Cosmetics, and Agriculture.
Based on End User, the market is segmented into Business Channel, Consumer Channel.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Growing Health Consciousness among People to Increase Demand for Spirulina
One of the significant reasons for a growing market is a rise in customer awareness about health issues. The demand for Spirulina is increasing since this product helps in the prevention of several diseases. Explained as a cyanobacteria biomass, Spirulina has high contents of fats, proteins, carbohydrates, and other useful substances such as vitamins and antioxidants. The focus on preventative medicine and better health is increasing, leading to an increasing demand for Spirulina in the health and wellness industry. Moreover, the market value for this type of microalgae is growing since vegetarians and vegans tend to consume it to get the right kind of plant proteins and vegetal fats. Finally, it plays the role of functional food, providing nutrition and promoting health.
Rising Government Initiatives and Investments to Increase Production of Spirulina Leading to Market Growth
Government intervention in offering incentives to spirulina cultivation is another significant driving factor. Governments of developed as well as developing countries are backing spirulina to an extent because it offers a solution to malnutrition, and on other hand is good for the environment. Some of the aids offered by these countries include subsidies, grants, and public awareness campaigns. This makes the spirulina sector lucrative from the financial point of view, attracting entrepreneurs and investors. In addition, due to these developments. As a result, the industry is investing in organic as well as advanced farming technologies. This is leading enabling the industry to invest in cost-effective and environmentally friendly production methods. These developments also because aligning interests of government and private players.
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Well-Established Healthcare Sector to Boost Spirulina Market Growth in North America
In the spirulina market, North America is the largest region and is expected to maintain a significant share. A couple of the most important reasons for this are the growing awareness about health, well-being, and establishment of health industries. Moreover, the dramatically increasing demand for naturally derived dietary supplements and organic food products in North American countries also contributes substantially to the uptake of spirulina. It is important to note that since there are not many regulations, people often find it convenient to include the product in their different types of foods and food products. Moreover, countries such as the United States and Canada have advanced cultivation technologies and R&D activities, which has significantly contributed to the thriving market in the region. It is also worth mentioning that spirulina remains rife in the market due to the presence of very efficient and effective distribution systems and marketing channels in North America.
Spirulina Market Insights
Drivers
- Growing advancements in food formulation technology
- Increasing health awareness among consumers
- Increasing applications of spirulina in various sectors
Restraints
- Limitations in stability and sustainability of spirulina-derived natural colors
- Less awareness about the advantages of spirulina
- Increasing contamination concerns
Key Players Operating in the Spirulina Market
- Cyanotech Corporation
- E.I.D. – Parry (India) Limited
- BlueBioTech Group
- Aliga Microalgae (Denmark)
- Roquette Klötze GmbH & Co. KG
- ALGALIMENTO SL (Spain)
- Sea & Sun Organic GmbH
- Algenol Biofuels Inc.
- Prolgae Spirulina Supplies Pvt. Ltd.
- Dongtai City Spirulina Bio-engineering Co.
- Fuqing King Dnarmsa Spirulina Co., Ltd.
- Fraken Biochem Co., Ltd
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Key Questions Answered in the Spirulina Market Report
- What are the key drivers of the spirulina market?
- Which region has the largest share in the spirulina market?
- Who are the key players in the spirulina market?
This report provides the following insights:
Analysis of key drivers (Increasing development in food formulation process), restraints (Limitations in stability and sustainability of Spirulina-Derived Natural Colors, increasing contamination concerns), opportunities (Increasing applications of spirulina in various sectors), and challenges (Less awareness about the benefits of spirulina) influencing the growth of spirulina market
- Market Penetration: Comprehensive information on the product offered by the top players in the spirulina market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the spirulina market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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