Spirulina Market Future Challenges and Industry Growth Outlook by 2027
The global spirulina market was valued at $393.6 million in 2019, and is projected to reach $897.61 million by 2027, registering a CAGR of 10.5% from 2020 to 2027.
Increase in demand for natural ingredients and R&D investment in commercial spirulina products are the major factors driving the market growth. Further, government promotion of spirulina production boosts market growth. Impact of climate change on spirulina production hampers market growth. However, the untapped market in developing countries and the ease of spirulina cultivation due to technological development are likely to drive the market growth during the forecast period.
Highly nutritious and eco-friendly Spirulina (Arthrospira platensis) has hypolipidemic, hypoglycemic and antihypertensive properties. Spirulina contains functional compounds such as phenolics, phycocyanins and polysaccharides with antioxidant, anti-inflammatory and immunostimulating effects. Spirulina processing products are employed in agriculture, food industry, pharmaceuticals, perfumery and medicine. The use of spirulina in food can be beneficial for human health because in its chemical composition, it contains a large amount of vitamins, minerals, phenolics, essential fatty acids, amino acids and pigments. Thus, spirulina plays an important role in this situation.
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COVID-19 Impact Analysis:
Covid-19 has fueled the growth of the spirulina market, as has the need for nutritional focus and vitamins as a potential remedy against the Covid-19 virus. Thus, researchers have pointed to the potential role of algae in delaying the onset of Covid-19. Several research studies conducted by organizations such as the World Health Organization (WHO) have identified seaweed's ability to fight against Covid-19, leaving ample room for the seaweed industry to balance.
The Spirulina market is segmented by type, application, formulation, and region. By type, the market is segmented into Arthrospira platensis and Arthrospira platensis. By application, it is categorized into nutraceuticals, cosmetics, food & beverages, agriculture, feed, and others. By drug formulation, it is categorized into powder, tablet & capsule, liquid, and granule & gelling agent. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America is expected to dominate the forecast period owing to its well-developed healthcare industry, presence of leading manufacturers in the region, high adoption rate of spirulina, and growing demand for naturally derived food coloring agents in the region.
Key Benefits:
· A detailed quantitative analysis along with the current and future global spirulina market trends from 2019 to 2027 to identify the prevailing opportunities along with strategic assessment.
· The spirulina market forecast is studied from 2020 to 2027.
· The spirulina market size and estimations are based on a comprehensive analysis of key developments in the industry.
· Qualitative analysis based on innovative products facilitates strategic business planning.
· The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the spirulina market.
Key Market Players
- Algenol Biofuels Inc.
- Cabassi & Giuriati Spa
- Cyanotech Corporation
- Ddw Inc.
- Dic Corporation
- Döhler Gmbh
- Dongtai City Spirulina Bio-Engineering Co, Ltd.
- Echlorial
- E.I.D. Parry Limited
- Givaudan International Sa
- Prolgae Spirulina Supplies Pvt. Ltd.
- Pond Technologies Inc.
- Sensient Technologies Corporation
