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The global spirulina market grew at a CAGR of around 6% during 2015-2020. 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. Looking forward, IMARC Group expects the global spirulina market to continue its moderate growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global spirulina market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, species, form, distribution channel and application.
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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.
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