(Entertainment-NewsWire.com, August 04, 2022 ) Meticulous Research® in collaboration with the European Algae Biomass Association (EABA), published a new market research report titled, “Spirulina Market by Distribution Channel (Consumer Channel, Business Channel), Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin Extract), and Application (Nutraceuticals, Food & Beverages, Agriculture, Animal Feed)- Global Forecast to 2025”. Combining Meticulous Research®’s market intelligence services with EABA’s broad expertise in the development of research, technology, and industrial capacities in the field of spirulina, the two organizations have leveraged their research capabilities to come up with the most reliable and accurate market assessments in this field.
According to the report, the global spirulina market is expected to grow at a CAGR of 9.4% from 2019 to reach $629.6 million by 2025. In terms of volume, the spirulina market is expected to grow at a CAGR of 13.6% from 2019 to reach 68,025.2 tons by 2025.
Spirulina is being developed as the “food of the future” because of its remarkable ability to synthesize high-quality concentrated food more efficiently. It contains 65 to 71 percent 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. It is a high-value nutritional product whose market potential is growing in both developed and developing countries. Its high protein, vitamin, mineral, and micro-nutrient content makes it an ideal food supplement for malnourished as well as the health-conscious consumers who wish to boost their immune systems. It has been marketed and consumed as human food and has been approved as a food for human consumption by many governments, health agencies, and associations.
The growth of the spirulina market is mainly attributed to growing health & wellness trends and dietary supplements industry, growing demand for natural food colors, increasing vegetarianism, and growing malnutrition. Moreover, factors such as stringent regulations regarding the inclusion of synthetic colors and flavors; increasing preference for spirulina sourced products, especially pigments and omega-3 fatty acids; growing use of spirulina in aquaculture diets; and increase in number of products that include spirulina as ingredients across the globe further support the growth of the global spirulina market.
Spirulina is very sensitive to different frameworks and its price depends on the various factors such as quantity, drying process, form, packaging, certification, origin, quality/contamination, negotiation capacity, and specific spirulina (if enriched with selenium, it is more expensive). The prices have dropped in the last few years, as the production systems have become scalable; however, production costs are still high in developed countries as compared to emerging countries due to unfavorable climatic conditions and the use of expensive production technologies.
The global spirulina market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2025-by distribution channel (consumer channel, business channel), product type (powder, tablets, capsules, flakes, and phycocyanin extract), and application (nutraceuticals, food & beverages, agriculture, animal feed, and cosmetics). The study also evaluates industry competitors and analyzes the market at a regional and country level.
Based on the distribution channel, the business channel is estimated to command the largest share of the overall spirulina market in 2019. The largest share of this segment is mainly attributed to the direct purchase of bulk spirulina in large quantities by various manufacturers such as nutraceutical, food and beverages, and animal feed, among others for further product development.
Based on product type, the powder segment is expected to dominate the overall spirulina market in 2019, owing to its growing demand in the global market from nutraceuticals and food manufacturers where it is used as a dietary supplement and as whole food. Food and beverage manufacturers are effectively using spirulina powder for preparing healthy food products to attract health-conscious consumers. It is also gaining demand in the market due to the increasing number of health-conscious consumers as it provides higher nutritional value including protein. Moreover, owing to the free flow property of powder, it can blend easily with any products and dissolve uniformly, which makes it a most preferred form of spirulina for consumption. However, phycocyanin extract is expected to grow at the fastest CAGR during the forecast period, which is attributed to factors such as tremendous demand from the food and beverage industry, where it is used as a natural food colorant; growing investment from leading players; and expanding application areas of phycocyanin.
Based on application, spirulina is expected to witness a rapid growth in demand from food and beverage industry since it is gaining worldwide acceptance as a food ingredient due to its availability and sustainability of production; extraordinary nutritional and bioactive properties; suitable functional properties; and approval by the United States Food and Drug Administration (FDA) to use as a natural blue coloring ingredient in food and beverage applications.
Geographically, North America is estimated to command the largest share of the overall spirulina market in 2019, followed by the Asia Pacific and Europe. The large share of this region is mainly attributed to 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, Asia Pacific region is expected to grow with the fastest CAGR during the forecast period, majorly driven by China. The growth in this market is expected to be driven by the presence of many local and regional players in this region, growing dietary supplement industry, growing need to eradicate malnutrition, favorable climatic conditions, and low production cost. Moreover, various government initiatives to promote the use of spirulina and ongoing research on exploring the various application areas for spirulina further drive the growth of the spirulina market in the APAC region.
The key players operating in the global spirulina market 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), Pondicherry Spirulina Farms (India), 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.