The global spirulina market size reached US$ 524.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 927.7 Million by 2028, exhibiting a growth rate (CAGR) of 9.92% during 2023-2028.
Spirulina refers to a food product made up of naturally occurring blue-green microalgae that grow in alkaline water bodies. It comprises of a biomass of cyanobacteria, which is primarily consumed by humans and animals as dietary and feed supplements, respectively. Spirulina acts as a rich source of protein, minerals, vitamins, antioxidants, etc. It offers numerous health benefits, such as improving heart health, reducing cancer risk, maintaining blood pressure levels, enhancing hemoglobin production, etc. As a result, spirulina finds extensive applications across diverse sectors, such as nutraceuticals, food and beverages, cosmetics, animal feed, etc.
The growing consumer awareness towards numerous health benefits of spirulina in mitigating the risk of several chronic ailments, including cardiac arrest, allergic rhinitis, cancer, renal diseases, etc., is primarily driving the market growth. Furthermore, the expanding nutraceutical sector is augmenting the wide availability of spirulina in the form of powder, tablets and capsules, gels, liquid, etc. Additionally, the prevalent trend of veganism has led to the increasing shift from a meat-based protein diet towards vegan alternatives, including spirulina, with a high protein content. Apart from this, spirulina is extensively adopted in the pharmaceutical sector for producing numerous drugs for inhibiting viral replication. Additionally, the growing demand for spirulina-based products in alleviating extreme hunger during emergency humanitarian disaster relief and military combat situations is also bolstering the market growth. Besides this, the increasing utilization of spirulina as a feed additive for enhanced animal growth and improved productivity is further catalyzing the global market. The changing inclination from chemical-based feed additives towards organic alternatives across the animal husbandry and aquaculture sectors is also propelling the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global spirulina market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on species, form, distribution channel and application.
Breakup by Species:
- Arthrospira Platensis
- Arthrospira Maxima
Breakup by Form:
- Tablet and Capsule
- Granule and Gelling Agent
Breakup by Distribution Channel:
- Business to Business
- Business to Consumer
Breakup by Application:
Breakup by Region:
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- Saudi Arabia
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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Key Questions Answered in This Report:
- How has the global spirulina market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global spirulina market?
- What are the key regional markets?
- What is the breakup of the market based on the species?
- What is the breakup of the market based on the form?
- What is the breakup of the market based on the distribution channel?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global spirulina market and who are the key players?
- What is the degree of competition in the industry?