Spirulina Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 – 2030

The Global Spirulina Market Size accounted for USD 480 Million in 2021 and is projected to achieve a market size of USD 1,166 Million by 2030 rising at a CAGR of 10.4% from 2022 to 2030. Increasing health & wellness awareness among consumers is the primary factor that is driving the spirulina market share. The growing number of vegan population is a popular spirulina market trend that is strengthening the industry growth.

Spirulina Market Report Statistics

• Global spirulina market revenue is estimated to reach USD 1,166 Million by 2030 with a CAGR of 10.4% from 2022 to 2030
• North America spirulina market share accounted for over 35% shares in 2021
• According to the recent statistics, there are over 79 million vegan in the world and growing
• Asia-Pacific spirulina market growth will register fastest CAGR from 2022 to 2030
• Based on type, arthrospira platensis covered for over 60% of the overall market share in 2021
• Increasing number of vegans and rising health concerns fuels the global spirulina market value

Increasing demand for food supplements with natural ingredients and wide applicability of spirulina in food & beverage, biotechnology industry are major factors expedited to drive the growth of global spirulina market. In addition, increasing R&D activities by major players for product development and introduction of innovative solutions are factors expected to segment the growth of target market.

Global Spirulina Market Dynamics

Market Drivers

• Growing demand for natural ingredients
• Strict guidelines for the usage of synthetic colors and flavors
• Increasing preference for spirulina-sourced products
• Rising veganism

Market Restraints

• Lack of awareness regarding the benefits of spirulina
• Risk of contamination

Market Opportunities

• Growing use of spirulina in aquaculture
• Increasing demand for fresh/frozen spirulina

Spirulina Market Report Coverage

Spirulina Market Dynamics

Increasing demand for food supplements with natural ingredients and wide applicability of spirulina in food & beverage, biotechnology industry are major factors expedited to drive the growth of the global spirulina market. In addition, increasing R&D activities by major players for product development and the introduction of innovative solutions are factors expected to segment the growth of the target market.

Consumer spending on the consumption of healthy food is increasing. In 2019, U.S. consumers, businesses, and government entities spent US$1.77 trillion on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks. Consumer inclination toward dietary solutions that help them in providing more unique nutrition and achieve personal health goals is gaining traction. The high spending capacity and changing lifestyle pattern is expected to impact the growth of the target market. Functional food consumption is gaining importance in the food service sector. Globally, fortified/functional food sales topped US$267 billion, and naturally healthy food sales were US$259 billion in February 2020; U.S. sales reached US$63 billion and US$42 billion, respectively. In 2019, 77% of U.S. adults used dietary supplements, an all-time high. U.S. supplement sales are estimated to have reached US$49.3 Bn in 2019, up 6.2%.

The flourishing cosmetic industry and wide applicability of spirulina in the manufacturing of products are expected to support the target market growth. In 2018, the U.S. was considered the most valuable beauty and personal care market in the world, generating approximately 89.5 billion U.S. dollars in revenue that year. Factors such as high costs associated with production and fluctuating prices and availability of raw materials are expected to hamper the growth of the global spirulina market. In addition, stringent government regulations related to product approval are expected to challenge the growth of the target market. However, increasing investment by major players for product development and players' focus on tracking the untapped market are factors expected to create new opportunities for players operating in the spirulina market. In addition, increasing partnerships and agreements in order to strengthen the distribution channel is expected to support the revenue transaction of the target market.

Spirulina Market Segmentation

The worldwide spirulina market is split based on type, application, formulation, and geography.

Spirulina Market By Type

• Arthrospira Platensis
• Arthrospira Maxima

According to our spirulina industry analysis, the arthrospira platensis accounted for a majority of the share in 2021 and is expected to continue its trend during the projected timeframe from 2022 to 2030. The high market share in this segment can be credited to the growth in healthcare awareness and incorporation of spirulina in diets as super food worldwide.

Spirulina Market By Application

• Nutraceuticals
• Food & Beverages
• Cosmetics
• Animal Feed
• Others

According to spirulina market forecast, the food & beverages segment will have the highest share from 2022 to 2030. Because of its exceptional nutritional and bioactive properties, availability and sustainability of production, and appropriate functional properties, spirulina is gaining worldwide acceptance as a food ingredient. Furthermore, the US Food and Drug Administration approved spirulina extract as a natural blue coloring ingredient in food and beverage applications.

Spirulina Market By formulation

• Powder
• Tablet & Capsule
• Liquid
• Granule & Gelling Agent

The spirulina powder segment is estimated to remain the largest product type through 2030 in the spirulina market. Moreover, this segment is also expected to witness rapid growth during the forecast period. The spirulina powder market is expected to pick up steam as a result of government incentives to increase production. Many governments, for example, in India, Angola, and Ghana, have lent their support to the native spirulina powder industry. This will also provide opportunities for the market to grow in the near future.

Spirulina Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

The Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa

Spirulina Market Regional Analysis

The market in Asia Pacific is expected to witness faster growth in the target market due to rising demand for dietary supplements. Flourishing food & beverage industry and rising demand for products that have high source of protein and antioxidants this is expected to augment the growth of spirulina market. Presence of large number of players operating in the country and introduction of innovative solutions in order to attract new customers is expected to boost the regional market growth.

Increasing merger and acquisition activities in order to increase the business presence and strengthen the distribution channel is expected to support the growth of spirulina market.

Spirulina Market Players

Some of the key spirulina companies in the market are Cyanotech Corporation DIC Corporation, Cabassi & Giuriati SpA, DDW, DÖHLER GmbH, Echlorial, E.I.D. Parry Limited, Givaudan international SA, Prolgae Spirulina Supplies Pvt. Ltd., and Dongtai City Spirulina Bio-engineering Co., Ltd.