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Spirulina Market Size to Surpass USD 989.6 Million by 2028 | Spirulina Industry Registering CAGR of 11.1% (2022-2028)

Facts & Factors
Facts & Factors

[217+ Pages Report] According to Facts and Factors, the Global Spirulina Market size is estimated to grow USD 989.6 Million during 2022-2028. The global spirulina market is dominated by players with their sales, revenues and strategies like DDW Inc., Cyanotech Corp, Parry Nutraceuticals Limited, DIC Corporation, Dongtai City Spirulina Bio-Engineering Co., Ltd., Now Health Group Inc., GNT Holding B.V., Chr. Hansen Holding A/S, Sensient Technologies Corp., Fuqing King Dnarmsa Spirulina Co., Ltd., Naturalin Bio-Resources Co., Ltd, GNC Holdings, Inc., and others.

DUBLIN, Ireland, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Spirulina Market Size, Share, Growth Analysis Report By Type (Arthrospira platensis, and Arthrospira maxima), By Form (Powder, Tablet & Capsule, Liquid, and Gelling Agent & Granules), By Application (Nutraceutical, Food & Beverage, Animal Feed, Cosmetics & Spa Treatment, and Bio-fuel), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Spirulina Market size & share was valued at approximately USD 410.2 Million in 2021. The market is expected to grow above a CAGR of 11.1% and is anticipated to reach over USD 989.6 Million by 2028.”

The report analyses the Spirulina market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Spirulina market.

Spirulina Market Synopsis:

Spirulina is a type of blue-green algae, which is also considered as a superfood due to its nutritional content and potential health benefits. It is highly nutritional in nature and offers some superior characteristics properties including antihypertensive, hypoglycemic, and hypolipidemic. As per the United States Department of Agriculture (USDA), dried spirulina contains calories, protein, carbohydrates, calcium, iron, magnesium, phosphorous, potassium, sodium, and vitamin C. Further, ingredients in spirulina prevent the small intestine from absorbing as much fat thereby helping in reducing weight. Animal studies indicate that spirulina may support gut health as it preserves healthy gut bacteria during the aging process.

Additionally, spirulina helps in reducing blood pressure as well as reduces blood sugar levels. Most of the toxicological researches have proven the safety of using Spirulina. Spirulina substance is also listed by the US Food and Drug Administration under the category generally recognized as Safe (GRAS). Spirulina is comparatively easy to nurture under controlled conditions. Some of the countries across the globe with an ideal sunny climate suitable for the production of spirulina are India, the United States, Spain, Japan, and Greece among others. Increasing usage of this superfood in various food & beverages products and dietary supplements is driving the growth of the global spirulina industry.

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Our Free Sample Report Consists of the Following:

  • Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.

  • The COVID-19 Pandemic Outbreak Impact Analysis is included in the package

  • About 217+ Pages Research Report (Including Recent Research)

  • Provide detailed chapter-by-chapter guidance on Request

  • Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022

  • Includes Tables and figures have been updated

  • The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and Forecast Growth, Porter's 5 Forces Analysis

  • Facts and Factors research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Market Growth Drivers

  • Rising health and wellness trends to drive market growth during the forecast period

The global spirulina market growth is expected to be driven by the rising health and wellness trends to drive market growth during the forecast period. With technological advancements and increased research & development activities to use spirulina as an important nutritious element in various health-based food products, there is a vast amount of growth prospects for the studied market.

Consumers all over the world are spending more money on products that enhance their immune systems, dietary supplements, and nutrition, as well as concentrating on improving their health. The market for spirulina has increased as a result of the rising demand for the plant-based food colorant used in numerous healthy food products. The market is also expanding due to the rising use of cyanobacteria in foods that promote weight loss and the consequent rise in the use of spirulina in these foods among health clubs and fitness facilities.

Restraints

  • Presence of other synthetic colorants, along with low awareness regarding benefits of spirulina

The presence of other synthetic colorants along with low awareness regarding the benefits of spirulina may restrict global market expansion. Further, the challenging factor associated with the growth of the spirulina market is the risk of contamination.

Key questions answered in this report:

  • What is the market size and growth rate forecast for Spirulina industry?

  • What is the main driving factors propelling the Spirulina Market forward?

  • What are the leading companies in the Spirulina Industry?

  • What segments does the Spirulina Market cover?

  • How can I receive a free copy of the Spirulina Market sample report and company profiles?

Browse the full “Spirulina Market Size, Share, Growth Analysis Report By Type (Arthrospira platensis, and Arthrospira maxima), By Form (Powder, Tablet & Capsule, Liquid, and Gelling Agent & Granules), By Application (Nutraceutical, Food & Beverage, Animal Feed, Cosmetics & Spa Treatment, and Bio-fuel), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/spirulina-market

Spirulina Market: COVID-19 Impact Analysis

Covid-19 had a positive impact on global market size since the majority of the organizations were focused on the development of spirulina-based nutritional food products and dietary supplements during the initial lockdown phase. The use of spirulina increased considerably in the healthcare sector in order to increase the immunity against coronavirus. The World Health Organization (WHO) has recognized the potential applications for seaweeds, opening up a wide range of growth opportunities for the worldwide spirulina industry. Additionally, the enormous expansion in the use of spirulina-based beverages and food products that improve immunity has had a favorable effect on the expansion of the global sector.

Key Insights from Primary Research

  • As per the analysis, the Spirulina market is likely to grow above a CAGR of around 11.1% between 2022 and 2028.

  • The Spirulina market size was worth around US$ 410.2 Million in 2021 and is estimated to hit approximately US$ 989.6 Million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.

  • Based on form segmentation, powder form spirulina was predicted to show maximum market share in the year 2021.

  • Based on application segmentation, food and beverage was the leading revenue-generating industrial vertical in 2021.

  • On the basis of region, North America was the leading revenue generator in 2021.

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Spirulina Market: Segmentation Analysis

The global spirulina market is segmented based on type, form, application, and region.

Based on type, the global market is segmented into Arthrospira platensis and Arthrospira maxima. The Arthrospira platensis variety of spirulina is currently widely used in a variety of end-use applications due to its enhanced capacity for biomass production and affordability. Additionally, because of its expanding uses in the food business, Arthrospira maxima use is anticipated to develop over the course of the projected period at a moderate rate.

Based on form, the global market segments are powder, tablet & capsule, liquid, and gelling agent & granules. Currently, the global market is dominated by powder form spirulina however there is a significant increase in the adoption rate amongst, tablet & capsule as well. The food industry's growing use of spirulina in powder form is a key driver driving this market's expansion.

Based on application, the global market segments are nutraceutical, food & beverage, animal feed, cosmetics & spa treatment, and bio-fuel. Currently, the global market is dominated by the food and beverage segment. This growth is attributed to worldwide acceptance of spirulina as a superfood and thereby it’s increased applications in food production across the globe.

Regional Analysis:

The global spirulina market is anticipated to be dominated by North America led by the USA, as it has been in the previous years. One of the major reasons for regional growth is the shifting trends toward the consumption of spirulina-based food supplements as a substitute to diet, coupled with the presence of main market players. The USA is a highly competitive market and the government along with private institutes is focused on supporting spirulina as a superfood.

Asia-Pacific and Europe may also register high CAGR during the forecast period. Asia-Pacific may be driven by China which accounted for a significant market share in 2021. The regional growth may be attributed to the growing awareness regarding healthy food consumption in the countries of the region.

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Report Scope:

Report Attribute

Details

Market Size in 2021

USD 410.2 Million

Projected Market Size in 2028

USD 989.6 Million

CAGR Growth Rate

11.1% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

DDW Inc., Cyanotech Corp, Parry Nutraceuticals Limited, DIC Corporation, Dongtai City Spirulina Bio-Engineering Co. Ltd., Now Health Group Inc., GNT Holding B.V., Chr. Hansen Holding A/S, Sensient Technologies Corp., Fuqing King Dnarmsa Spirulina Co. Ltd., Naturalin Bio-Resources Co. Ltd, GNC Holdings Inc., and others.

Key Segment

By Type, Form, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Purchase Options

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Competitive Players

The report contains qualitative and quantitative research on the global Spirulina Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the main players in the global Spirulina market include:

  • DDW Inc.

  • Cyanotech Corp

  • Parry Nutraceuticals Limited

  • DIC Corporation

  • Dongtai City Spirulina Bio-Engineering Co. Ltd.

  • Now Health Group Inc.

  • GNT Holding B.V.

  • Chr. Hansen Holding A/S

  • Sensient Technologies Corp.

  • Fuqing King Dnarmsa Spirulina Co. Ltd.

  • Naturalin Bio-Resources Co. Ltd

  • GNC Holdings Inc.

Recent Industry Developments:

  • In September 2022, DIC Corporation invested approximately USD 9 Million at Earthrise and Hainan DIC in order to produce an edible blue-green algae, Spirulina, as well as the natural blue food colorant, LINABLUE. By January 2023, both plants' water emissions will be zero owing to this investment.

  • In June 2020, Fermentalg signed a multi-year technological, industrial, and commercial development agreement with the DDW to bring Blue Origins a natural colorant that outperforms spirulina, developed by Fermentalg, to market.

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The global Spirulina market is segmented as follows:

By Type

  • Arthrospira platensis

  • Arthrospira maxima

By Form

  • Powder

  • Tablet and Capsule

  • Liquid

  • Gelling agent and granules

By Application

  • Nutraceutical

  • Food and beverage

  • Animal feed

  • Cosmetics and Spa treatment

  • Bio-fuel

By Region

  • North America

  • Europe

  • Asia Pacific

  • The Middle East & Africa

  • Latin America

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Key Offerings:

  • Market Size, Trends, & Forecast by Revenue | 2022−2028

  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

  • Market Segmentation – A detailed analysis by Type, Form, Application, and Region

  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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About Facts & Factors:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds.

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