Spirulina Market Overview:
Spirulina comprises active components like phycocyanin, phenolics, and polysaccharides, which have anti-inflammatory, antioxidant, and immunostimulant effects. It is utilized as a nutritional supplement to feed the animals such as chickens and hens in several mushrooming economies. The utilization of Spirulina Market in food has brought advantages to humans’ health due to its chemical composition since it has a very high level of vitamins, phenolics, minerals, essential amino acids, fatty acids, and pigments. Therefore, spirulina plays a very vital role in this scenario.
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).Spirulina is a multicellular alga that is similar to blue-green filamentous microalgae. Spirulina is also used more often as a source of micronutrients and protein for fish. The spirulina is extremely nutritional and eco-friendly and has hypoglycaemic, hypolipidemic, and antihypertensive properties.
The rise in demand for organic compounds and investment in research and development of commercial spirulina goods are the main factors that operate the Spirulina Market development. In addition, the promotion of spirulina production by the government increases the market growth. However, the effect on spirulina creation owing to climatic change hinders the market growth. But, untouched markets in emerging countries and effortlessness in spirulina farming due to technological development are some of the main factors anticipated to promote market growth during the prediction period.
The pandemic COVID-19 has elevated the growth of the spirulina market. This market increased because it was used as the requirement of nutritional attention and vitamins as a possible medicine against the COVID-19 virus. Therefore, researchers have drawn attention to the possible role of algae in postponing the commencement of COVID-19.
Regional analysis:
Until the end of the estimated period in 2027 globally, the spirulina market demand is anticipated to have the maximum ranking in the North American market. The foremost reason behind this estimated growth is the high demand for naturally resulting agents or food coloring. The trend is that the APAC region is anticipated to have the maximum CAGR progress due to the profitable development opportunities it has to provide to the important market players fitting to the food processing industry. Spirulina powder has a great demand among vegetarian customers, which is one more feature predicted to aid the market to grow by the end of the estimation period.
Market segmentation: The Spirulina Market Overview depends on the market bifurcation that is done based on the following:
By Type
- Arthrosporic Platensis
- Arthrosporic Maxima
By Application
- Nutraceuticals
- Food & Beverages
- Cosmetics
- Animal Feed
- Others
By Formulation
- Powder
- Tablet & Capsule
- Liquid
- Granule & Gelling Agent
By Region
- North America U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- Rest of Asia-Pacific
- LAMA
- Brazil
- South Africa
- Rest of LAMEA
Competitive Landscape:
The performance of the key market players is attributing to the global demand of the spirulina market trends. The growth of the market is dependent on the performance of the key market players and also to draw a competitive global landscape amongst them. The prominent players of the market are:
I.D. Parry Limited (India)
Jiangxi Alga Biotech
DIC Corporation
Tianjin Norland Biotech Co. Ltd.
Cyanotech Corporation
Hydrolina Biotech Private Limited
DIC Corporation
Industrial news:
In 2022, SimpliiGood, an Israeli company, broadcasted the effective prototype of a burnt salmon mimic formed completely of spirulina algae. According to this, it says that this is the first of its kind. Beverages, meat substitutes, and ice cream are amongst the company’s current offerings.
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