Spirulina Market is segmented by Distribution Channel (Consumer Channel, Business Channel), Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin Extract), Application (Nutraceuticals, Food and Beverages, Agriculture, Animal Feed) and Geography.
The Spirulina Market is predicted reaching a market size value of USD 968.6 million by 2028, at a 13.2% CAGR during the forecast period of 2021-2028. With respect to volume, the spirulina market is also predicted to reach 98,768.5 tons by 2028 at a CAGR of 18.1% from 2021 to 2028.
Spirulina is a micro algae that contains high nutritional value and considered as one of the most powerful plant-based proteins. It is high in antioxidants, pain relieving properties, anti-inflammatory and supplies potent nutrients for the brain. The growth of the spirulina market are mainly attributed to these factors, trends on health and wellness, improvement in the dietary supplements industry, high demand for natural food colors, shifts to vegetarianism, and increasing cases of malnutrition. More growth factors of this market are, the stricter regulations in using artificial colors and flavors, consumers now preferred spirulina sourced products containing omega-3 fatty acids, application of spirulina in aquaculture diets, and emergence of new products containing spirulina.
The Impact of COVID-19 on the Spirulina Market
Majority of the industries will have to adapt to the changes that will be imposed upon them by their governments and adopt strategic ways to elevate their game in the market. Containing the widespread of the virus is a difficult challenge to all of the countries because many sectors will have to compromise and deal with the effects in the most advantageous way possible. A solid pull back on the growth of the spirulina market is the disruption of supply chain since manufacturing and distribution of key players or companies are being limited, if not, controlled by governments through imposing lock downs and halting travels across borders.
The real challenge lies in the disruption in raw materials supply because it is negatively affecting manufacturers since travel, transport of raw materials, and non-essential trade has been put off in many countries. This in turn affected production, causing fewer volume of product sales. Spirulina suppliers have also experienced repercussion because imports and exports in almost all countries have been restricted. The lock downs have caused a delay in the operations and facility shutdowns became a real challenge that these key players needed to face. Some raw materials needed for the production can only actually be acquired through importing and suppliers in turn, were having a hard time exporting these supplies due to border restrictions and hold up. The algae industry has witnessed an enormous set back with respect to sales of spirulina in the first quarter of 2021 because logistics and transportation issues arise. The market also suffered interruptions in spirulina bio-mass production, packaging and distribution.
Key Findings in the Global Spirulina Market
In terms of product type, the spirulina powder segment is projected to still dominate as the largest product type during the forecast period. This segment is also anticipated to experience a rapid growth in 2021-2028. The increase in the demand of spirulina powder is mainly attributed to nutraceutcal and food manufacturers, and consumption of spirulina is for dietary supplement.
In terms of application, during the forecast period, the food & beverage segment is anticipated to grow at the highest CAGR. Spirulina is slowly making its name in different emerging markets and has gained acceptance by majority of the consumers because of its sustainable production and easily available as well as potent nutritional and bio-active properties, and functional properties.
Regional Market Analysis
North America is projected to have the largest overall share in the market in 2021, but during the forecast period, the market growths in regions such as China, India, and Japan in the Asia Pacific is also projected to achieve high growth. The growth in this market is mainly attributed to factors such as, the increasing attendance of local and regional players, dietary supplement industry expansion, strive towards wiping out malnutrition, climatic conditions most favorable to key players, inexpensive production cost, government support and initiatives to explore further health benefits of spirulina and funding of researches regarding innovative applications of spirulina.
Based on an extensive assessment, these major key players on the spirulina market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies 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 Biotech Co. Ltd., (China), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Dongtai City Spirulina Bio-engineering Co., Ltd. (China), and Australian Spirulina (Australia).
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Distribution Channel Analysis (Revenue, USD Million, 2021 - 2028)
• Business Channel
• Consumer Channel
Product Type Analysis (Revenue, USD Million, 2021 - 2028)
• Phycocyanin Extract
• Frozen Spirulina
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Food & Beverages
• Animal Feed
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Spirulina Industry Research Report
• Europe Spirulina Industry Research Report
• Asia Pacific Spirulina Industry Research Report
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