Spirulina Market Poised to Reach $1.1 Billion by 2030 Meticulous Research®

Author : rekha p | Published On : 11 Mar 2024

Meticulous Research®, a global leader in market research, unveils a comprehensive study under the title, 'Spirulina Market by Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin), Distribution Channel (Business Channel, Consumer Channel), Application (Nutraceuticals, Food & Beverage, Animal Feed, Cosmetics, Agriculture) - Global Forecast to 2030.'

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Projections indicate that the spirulina market is poised to achieve a noteworthy valuation of $1.1 billion by the year 2030, exhibiting a commendable Compound Annual Growth Rate (CAGR) of 9.4% from 2023 to 2030 in terms of value. In parallel, the market volume is anticipated to reach 102,381.3 tons by 2030, registering an 8% CAGR from 2023 to 2030. This remarkable growth trajectory is attributed to the surging health and wellness trends, expanding dietary supplements sector, escalating demand for natural food colors, increasing vegetarianism, and the positive environmental impact associated with spirulina cultivation. Other contributing factors include stringent regulations against synthetic colors and flavors, rising preference for spirulina-derived products, its growing application in aquaculture, and substantial investments from natural-color manufacturers.

Moreover, the spirulina market presents exciting opportunities for growth, driven by the emergence of novel application areas, heightened demand for phycocyanin, increasing utilization of spirulina in biorefineries, and a surge in demand for fresh/frozen spirulina. Despite these promising prospects, challenges such as low awareness of spirulina benefits, complex production processes for algae products, and the risk of contamination could impede market growth. Notably, the adoption of innovative production technologies, notably photobioreactors, stands out as a key trend in this dynamic market.

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The segmentation of the spirulina market encompasses product type, distribution channel, application, and geography.

Product Type Segmentation:

Powder
Tablets
Capsules
Flakes
Phycocyanin
Frozen Spirulina

In 2023, the powder segment is poised to dominate the spirulina market, driven by escalating demand from nutraceutical manufacturers due to growing health consciousness among consumers, increased usage of spirulina powder in various food & beverage products, rising popularity of veganism, and the adoption of herbal ingredients in cosmetics.

Concurrently, the phycocyanin segment is anticipated to experience substantial growth, fueled by its increased adoption in the manufacturing of therapeutic and nutritional products, a shift away from synthetic colors, rising demand for natural blue colorants, and notable investments from leading color houses in the phycocyanin space.

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Distribution Channel Segmentation:

Business Channel
Consumer Channel

In 2023, the business channel is projected to dominate the spirulina market, primarily due to direct bulk purchases by various manufacturers, such as nutraceuticals, food & beverages, and animal feed, for further product development. This segment is expected to witness significant growth throughout the forecast period.

Application Segmentation:

Nutraceuticals
Food & Beverage
Animal Feed
Cosmetics
Agriculture

The nutraceuticals segment is expected to command the largest market share in 2023, driven by the flourishing nutraceutical sector, heightened health concerns among aging populations globally, a growing preference for natural alternatives to traditional pharmaceutical products, and increased consumer awareness of the link between nutrition and health.

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Simultaneously, the food & beverage segment is anticipated to witness notable growth, with spirulina gaining widespread acceptance as a food ingredient. Factors such as its availability, sustainable production, high nutritional and bioactive properties, and suitable functional properties contribute to this segment's rapid growth. Approval from the Food and Drug Administration (FDA) for spirulina extract as a natural blue coloring ingredient further propels this trend.

Geographical Segmentation: In 2023, North America is forecasted to lead the spirulina market, attributed to the growing consumer awareness of natural food products, stringent regulations against synthetic colors, rising demand for nutraceuticals, subsidiary growth in industries such as cosmetics and biofertilizers, a preference for natural protein sources, and the presence of key spirulina manufacturers with significant production capacities, especially in the U.S.

Key Players: The spirulina market is vibrant and competitive, featuring key players such as Clos Sainte Aurore (France), Spirulina Viva (Mexico), SPIFORM (France), Spirulina La Capitelle (France), Aurospirul (India), Far East Microalgae Industries, Co., Ltd. (Taiwan), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), DIC Corporation (Japan), E.I.D. - Parry (India) Limited (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), and many others.

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Related Reports:

1.Europe Spirulina Market by Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin), Distribution Channel (Business Channel, Consumer Channel), Application (Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics, Agriculture) - Forecast to 2030 https://www.meticulousresearch.com/product/europe-spirulina-market-5499

2.Asia-Pacific Spirulina Market by Product Type (Powder, Tablets, Capsules, Phycocyanin), Distribution Channel (Business Channel, Consumer Channel), Application (Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics, Agriculture) - Forecast to 2030

https://www.meticulousresearch.com/product/asia-pacific-spirulina-market-5575

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