Spirulina is a type of blue-green algae that contains several nutrients, including B vitamins, beta-carotene, and vitamin E. It also contains antioxidants, minerals, chlorophyll, and phycocyanobilin and is commonly used as a source of vegan protein. Spirulina is being developed as the future food because of its notable ability to synthesize high-quality concentrated food more efficiently. Spirulina contains 65 to 71% complete protein, with all essential amino acids in perfect balance. It appears to have considerable potential for development, especially as a small-scale crop for nutritional enhancement, livelihood development, and environmental qualification.
Nowadays, the emergence of new application areas is generating lucrative opportunities for the spirulina industry globally. Spirulina provides a “Natural true blue” color option for food and beverages without green or purple undertones. Blue is a tough color to find in the natural food colors market.
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The USFDA approved spirulina as a natural blue colorant for chewing gums and candies. The FDA permitted spirulina as a colorant of food products, thereby not restricting it as a colorant to gums and candies only. The natural blue colorant is widely used in dessert coatings and toppings, frostings, yogurts, puddings, custards, gelatin, breadcrumbs, ice cream, and frozen desserts. Thus, the demand for spirulina in these food products is expected to increase significantly in the near future.
According to the latest publication on the Spirulina Market by Meticulous Research®, the spirulina market is expected to record a CAGR of 13.2% from 2021 to 2028 to reach $968.6 million by 2028.
The growth of this market is mainly attributed to key factors such as growing health & wellness trends and dietary supplements industry; growing demand for natural food colors; increasing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; growing malnutrition; increasing preference for spirulina sourced products, especially omega-3 fatty acids; growing use of spirulina in aquaculture; growing investments from leading color houses, and increase in number of products that include spirulina as ingredients across the globe. However, low awareness about the benefits of spirulina and challenges associated with spirulina production is expected to hinder the growth of the global spirulina market to some extent.
To provide efficient analysis, Meticulous Research® has segmented this market based on distribution channel (business channel and consumer channel), product type (powder, tablets, capsules, flakes, phycocyanin extract, and frozen spirulina), and application (nutraceuticals, food & beverages, animal feed, cosmetics, and agriculture), and by geography ((Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at a regional and country level.
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Geographically, North America is estimated to account for the largest share of the overall spirulina market in 2021, followed by Asia-Pacific and Europe, owing to the huge consumption of health supplements; strict regulations against the use of synthetic colors; growth of subsidiary industries like cosmetics and biofertilizers; increasing preference for natural protein sources; and presence of key spirulina manufacturers with huge production capacities, especially in the U.S. However, the Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period, majorly driven by China.
Based on the distribution channel, in 2021, the business channel segment is estimated to command the largest share of the global spirulina market. The largest share of this segment is mainly attributed to the direct purchase of bulk spirulina in large quantities by various manufacturers such as nutraceuticals, food and beverages, and animal feed, among others, for further product development.
Based on product type, the spirulina powder segment is estimated to account for the largest share of the overall spirulina market in 2021, which is mainly due to its huge demand by the nutraceutical manufacturers owing to growing health consciousness among consumers as well as growing use as an ingredient in a variety of food and beverages products. However, phycocyanin extract is expected to grow at the highest CAGR during the forecast period.
Based on application, the nutraceuticals application segment is estimated to account for the largest share of the overall spirulina market in 2021. The largest share of this segment is mainly attributed to the booming nutraceuticals sector, growing health concerns of the aging population in various countries, growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health.
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The key players profiled in the spirulina market research report are Earthrise Nutritional, LLC (U.S.), DIC Corporation (Japan), Yunnan Green A Bio-engineering Co., Ltd (China), Algene Biotech (India), Tianjin Norland Biotech Co., Ltd. (China), Cyanotech Corporation (U.S.), E.I.D. Parry (I) Ltd. (India), Far East Bio-Tec. Co. Ltd. (China), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Dongtai City Spirulina Bio-engineering Co., Ltd. (China), and Australian Spirulina (Australia), among others.
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