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
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
Spirulina Market Report Coverage
|Spirulina Market Size 2021||USD 480 Million|
|Spirulina Market Forecast 2030||USD 1,166 Million|
|Spirulina Market CAGR During 2022 - 2030||10.4%|
|Spirulina Market Analysis Period||2018 - 2030|
|Spirulina Market Base Year||2021|
|Spirulina Market Forecast Data||2022 - 2030|
|Segments Covered||By Type, By Application, By Formulation, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||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.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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
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
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
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
The Middle East & Africa (MEA)
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.
The market size of spirulina market in 2021 was accounted to be USD 480 Million.
The projected CAGR of spirulina market during the analysis period of 2022 to 2030 is 10.4%.
The prominent players of the global spirulina 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.
North America held the dominating spirulina during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for spirulina during the analysis period of 2022 to 2030.
Growing demand for natural ingredients, strict guidelines for the usage of synthetic colors and flavors, and increasing preference for spirulina-sourced products drives the growth of global spirulina market.
Based on type, arthrospira platensis segment is expected to hold the maximum share spirulina market.