Spirulina is a type of blue-green algae that is rich in proteins, minerals and vitamins. It finds wide application as a food supplement owing to its nutritious profile. As a natural superfood, spirulina promotes heart health, boosts immunity and aids digestion. Rising health consciousness among consumers has propelled the demand for plant-based dietary supplements and functional foods fortified with spirulina.
The global spirulina market size is estimated to be valued at US$ 484.7 million in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the spirulina market are Cyanotech Corporation, Sensient Technologies Corporation, NB Laboratories Pvt Ltd, DIC Corporation, Fuqing King Dnarmsa Spirulina Co. Ltd, Evergreen Agro Creations, Indian Agri Farm, Alpspure Lifesciences Pvt. Ltd., Ideal Natural Extract, Lifevision Healthcare, Grenera Nutrients Private Limited, and Far East Bio-Tec Co., Ltd.
Growing demand: The Spirulina Market Demand is rising due to increasing health consciousness, with spirulina gaining popularity as a nutritional supplement. It is widely used in nutraceuticals, cosmetic products, and animal and aqua feeds, thanks to its high protein content.
Technological advancement: Key players are investing in R&D to develop innovative cultivation and harvesting techniques to produce high-quality spirulina on a commercial scale. New technologies help improve spirulina yield and extract valuable compounds from it.
Market Trends
Increasing application in nutraceuticals - Owing to its high protein and nutritive profile, spirulina is being widely utilized as an ingredient in dietary supplements, tablets, capsules and plant-based foods. This is promoting growth in the nutraceuticals application segment.
Rising popularity of clean-label products - Clean-label and naturally sourced ingredients are in high demand among consumers. This provides an opportunity for spirulina producers to market their products as a ‘whole food’.
Market Opportunities
Growing demand for organic spirulina - With increasing health awareness, demand for organic spirulina produced without chemicals is on the rise. This opens an opportunity for cultivation of organic spirulina.
Potential incosmetics and personal care - Steady growth of the natural and herbal cosmetics industry provides scope for utilizing spirulina in various skincare and haircare products due to its antioxidant-rich profile.
Impact of COVID-19 on Spirulina Market Growth
The COVID-19 pandemic has significantly impacted the spirulina market. During the initial phases of the outbreak, lockdowns and supply chain disruptions negatively impacted production. Also, with gyms and stores being closed, demand from the food supplement and nutraceutical industries reduced significantly. However, as the pandemic spread awareness about health and immunity, demand for spirulina-based products picked up owing to its various health benefits.
The pre-COVID scenario saw steady growth in the market driven by rising awareness about nutritional supplements and vegan diet trends. However, the post-COVID scenario is expected to witness accelerated growth. With increased health consciousness and focus on preventive healthcare, demand for immunity-boosting products like spirulina is anticipated to rise substantially. Manufacturers are also focusing on innovative product formulations and marketing campaigns highlighting spirulina's benefits. The nutraceutical industry is investing in spirulina to cater to the surging demand for health-enhancing products. Governments are also supporting the spirulina cultivation sector recognizing its importance.
The future strategies for spirulina producers include ramping up production capacities, extensive R&D for new product lines, strategic partnerships with distributors and retailers, and innovative marketing initiatives. Ensuring adequate supply through contingency plans will be crucial. Technology adoption for automation and quality control can boost efficiencies. Overall, while facing short-term disruptions, COVID-19 has enhanced the growth opportunities for spirulina in the long run due to rising health-oriented consumer behavior.
Geographical Regions with High Spirulina Market Value
North America represents the most concentrated region for spirulina market value globally. The region accounts for over 40% of the global market valuation led by the United States. This is attributed to widespread awareness, extensive R&D, and a strong nutraceutical industry in the region. Similarly, Europe is another major market backed by growing health supplement consumption in countries like Germany, France, and the UK. Asia Pacific is rapidly emerging as a high value market led by China, which is the largest producer as well as consumer of spirulina. Increased cultivation, growing middle-class, and shifting dietary patterns are driving the APAC spirulina market.
Fastest Growing Regional Market for Spirulina
The Asia Pacific region is poised to witness the fastest market growth during the forecast period. This is because of various factors like increasing health consciousness, rapid urbanization, rising per capita incomes, and encouraging government policies supporting the spirulina industry particularly in emerging economies. China and India represent immense untapped growth potential with a huge consumer base and improving production capacities. The APAC spirulina market is expected to expand at a high CAGR owing to booming demand from dietary supplements, functional foods & beverages industries. Overall, the thriving nutraceutical sector in Asia will accelerate the regional market expansion.
Get More Insights – Spirulina Market
Get this Report in Japanese Language
スピルリナ市場
Get this Report in Korean Language
스피루리나 마켓
About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )