Spirulina Market Size Worth $ 897 Million by 2027 at 10% CAGR - Report by Market Research Future (MRFR)

Spirulina Market Insights and Industry Analysis by Form (Powder, Capsule & Tablet, Liquid and Gelling Agent), Application (Nutraceuticals, Food & Beverages, Pharmaceuticals, Cosmetic & Personal Care and others) and Region (North America, Europe, Asia Pacific and Rest of the world), Competitive Market Size, Share, Trends, and Forecast to 2027

New York, US, July 01, 2021 (GLOBE NEWSWIRE) -- Spirulina Market Overview:

According to a comprehensive research report by Market Research Future (MRFR), “Spirulina Market Information by Form, Application, and Region - Forecast till 2027”, the market is estimated to reach USD 897 Million by 2027 at 10% CAGR.

Market Scope:

Spirulina is a multicellular alga that resembles blue-green filamentous microalgae. Spirulina can be found in a variety of alkaline waterways, including lakes, rivers, and ponds in warm climates. When it comes to harvesting and processing, this type of microalgae has a simple procedure. Furthermore, these microalgae are significant since they have high micro and macro content. Spirulina is also utilized as a human health food and a protein supplement. It has acquired a lot of traction as a result of all of these factors, particularly in the human health food market. Spirulina microalgae is being used as a supplemental nutritional item in the feed for poultry animals such as hens and chickens in several mushrooming economies. Spirulina is also being utilized more frequently as a source of protein and micronutrients for fish.

Market Drivers

Spirulina supplements are known to have a high nutrient density and to aid in the prevention of malnutrition among people in various nations. This is one of the key reasons why firms are demanding these supplements and starting to manufacture them in their own countries. In addition, as people's lifestyles change and the negative consequences of the emerging coronavirus epidemic become more apparent, potential customers are shifting and increasing their preference for natural food colors over artificial ones. This is pushing the market's expansion on a global scale even further.

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Competitive Landscape:

The Notable Players in Spirulina market are:

  • Cyanotech Corporation (Hawaii)
  • DIC Corporation (Japan)
  • I.D. Parry (India) Limited (India)
  • Tianjin Norland Biotech Co. Ltd (China)
  • Hydrolina Biotech Private Limited (India)
  • Jiangxi Alga Biotech (China)
  • Synergy Natural Products Pty Ltd. (Australia)

Various governments are investing in research and development projects in order to develop immunity boosters that are available to their citizens. In addition, widespread demand is forcing leading market participants to develop spirulina supplements in large quantities in order to match supply chain expectations. This is playing a critical role in assisting temporarily closed manufacturing enterprises in resuming production and supply. This demand is also assisting workers in returning to their production line employment and assisting the worldwide market in recovering from the pandemic losses. 

Market Restraints:

However, several obstacles stand in the way of the market's global expansion. Food contamination and adulteration are risks that the market faces, further eroding consumers' reliance and trust in the consumption of such supplements on a global scale.

COVID-19 Analysis

The pandemic onset has had an influence on the operations of different manufacturing and production facilities. The pandemic's spread, the degree of dissemination, the negative impacts, and the death rate have prompted substantial worries about healthcare systems in industrialised, emerging, and underdeveloped economies, as well as concerns about the human body's immunity system and disease-fighting ability. The need for immunity boosters for people to fight the pandemic, lessen the negative effects of the coronavirus, and build a stronger immune system in general has increased as a result. Immunity is crucial in the fight against disease, and as a result, the global market for protein and similar supplements is growing.

Browse In-depth Market Research Report (115 Pages) on Spirulina: https://www.marketresearchfuture.com/reports/spirulina-market-1321

Market Segmentation

The market was segmented into Arthrospira Platensis and Arthrospira Maxima based on the type of product offered. Due to growing demand as a result of increased healthcare awareness and the incorporation of spirulina into people's meals on a global level, the Arthrospira Platensis is predicted to hold a dominant position as the highest-earning category in the future period ending in 2023.

The market is divided into the food and beverage industry, farm sector, feed, cosmetic brands, and nutraceuticals, among others, based on the application market segment. The usage of natural pigments of various types, such as green, lavender, and violet, is in high demand on the market. The personal care and cosmetics business is gaining traction in terms of targeting specific customers with goods like anti-aging creams. By the end of the global forecast year in 2023, the nutraceuticals market segment is predicted to have established itself as a dominating market share holder and to be leading market growth.

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Regional Analysis:

The North American market is predicted to have the highest degree of spirulina market demand by the conclusion of the global forecast period in 2027. The increased demand for naturally derived agents or food coloring is the primary driver of this predicted growth.

Following the pattern, the APAC region is predicted to have the highest CAGR growth due to the substantial growth prospects it provides to key food processing industry market participants. Spirulina powder is in high demand among vegetarian consumers, which is another factor projected to aid market growth by the conclusion of the forecast period in 2027.

Over the review period, the Middle East and Africa area is predicted to grow significantly. Governments in this region, particularly in South Africa, are generally supporting programs to promote spirulina supplements on a broad scale. Governments are also implementing initiatives and programs to raise public knowledge about the health advantages of spirulina supplements. All of these reasons have combined to create a massive global demand for the industry. 

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