As per the latest report by IMARC Group, titled "Spirulina Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global spirulina market size reached US$ 524.9 Million in 2022. Spirulina is a food product made of microscopic blue-green algae. It is primarily cultivated in freshwater ponds and lakes. The production process involves growing spirulina in controlled environments under optimal conditions. As the algae grow, it forms dense colonies, which are harvested, filtered, and dried to create the final product. Spirulina is packed with essential nutrients, including protein, vitamins, minerals, and antioxidants, and is known for its antioxidant properties. These elements help promote overall well-being, support various bodily functions, reduce inflammation, and combat oxidative stress in the body. As a result, it serves as an excellent dietary supplement, especially for vegetarians and vegans. It also contains essential minerals and vitamins such as iron, vitamin B12, and beta-carotene, which contribute to healthy bodily functions and support the immune system. Moreover, it is easily digestible and assimilated by the body, making it an ideal choice for those seeking a quick and efficient nutrient boost.
Global Spirulina Market Trends:
The global spirulina market is being accelerated by the escalating consumer awareness about the health benefits associated with its consumption and the rising demand for natural food colorants and additives in various industries, including food and beverages (F&B), cosmetics, and pharmaceuticals. Spirulina's vibrant blue-green color and antioxidant properties make it a preferred choice for manufacturers looking to enhance the visual appeal and nutritional value of their products. Moreover, the growing vegan and vegetarian population, along with the escalating trend of plant-based diets, is bolstering the market growth. Furthermore, the increasing prevalence of chronic diseases, such as obesity and diabetes, has led to a surge in demand for functional foods and supplements, which is providing an impetus to the market growth. In line with this, advancements in cultivation techniques, such as closed system photobioreactors and sustainable production methods, and the rising popularity of natural and organic products are strengthening the market growth. Besides this, the easy availability of spirulina-based snacks, beverages, and supplements in retail channels and government initiatives and policies promoting the production and consumption of the product are creating a positive outlook for the market. Looking forward, the market value is projected to reach US$ 927.7 Million by 2028, expanding at a CAGR of 9.92% during 2023-2028.
- By the species, the market is bifurcated into arthrospira platensis and arthrospira maxima.
- Based on the form, the market is segmented into powder, tablet and capsule, liquid, and granule and gelling agent.
- By the distribution channel, the market is divided into business to business and business to consumer.
- Based on the application, the market is segregated into nutraceuticals, food and beverages, cosmetics, animal feed, and others.
- On the basis of the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa (Turkey, Saudi Arabia, others).
- The competitive landscape of the industry has also been examined with some of the key players being ALGATEC.EU, Algenol, Chr. Hansen Holdings A/S, DDW The Colour House, DIC Corporation, E.I.D Parry (India) LIMITED, Fuqing King Dnarmsa Spirulina Co. Ltd., GNC Holdings Inc., Naturex, Now Foods and Prolgae Spirulina Supplies Pvt. Ltd.
|Base Year of the Analysis
||Species, Form, Distribution Channel, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Turkey, Saudi Arabia
||ALGATEC.EU, Algenol, Chr. Hansen Holdings A/S, DDW The Colour House, DIC Corporation, E.I.D Parry (India) LIMITED, Fuqing King Dnarmsa Spirulina Co. Ltd., GNC Holdings Inc., Naturex, Now Foods and Prolgae Spirulina Supplies Pvt. Ltd.
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