Spirulina Market Overview:
The global spirulina market size was valued at $393.6 million in 2019, and is projected to reach $897.61 million by 2027, registering a CAGR of 10.5% from 2020 to 2027.
The highly nutritional and ecofriendly Spirulina (Arthrospira platensis) has hypolipidemic, hypoglycemic, and antihypertensive properties. Spirulina contains functional compounds, such as phenolics, phycocyanins, and polysaccharides, with antioxidant, anti-inflammatory, and immunostimulating effects. In addition, Spirulina processing products are employed in agriculture, food industry, pharmaceutics, perfumery, and medicine. The use of spirulina in food can bring benefits to human health owing to its chemical composition, since it has high levels of vitamins, minerals, phenolics, essential fatty acids, amino acids, and pigments. Thus, spirulina plays an important role in this scenario.
Increase in demand for natural ingredient and R&D investments in commercial spirulina products are the major factors that drive the market growth. Further, promotion of the production of spirulina by government boosts the market growth. However, impact on spirulina production due to climate change hampers the growth of the market. Nevertheless, untapped markets in the developing countries and ease of spirulina cultivation due to technology development are the factors expected to foster the market growth during the forecast period.
The COVID-19 has fostered the growth of the spirulina market attributed to the need of nutritional attention and vitamins as a potential remedy against the COVID-19 virus. Thus, researchers have drawn attention toward possible role of algae in delaying the onset of COVID-19. In addition, seaweed’s potential to fight COVID-19 is recognized in many research studies carried out by the organizations such as the World Health Organization (WHO), thereby creating ample room to rebalance the seaweed industry.
Global Spirulina Market Segmentation
The spirulina market is segmented into type, application, formulation, and region. By type, the market is bifurcated into Arthrospira Platensis and Arthrospira Platensis. By application, it is categorized into nutraceuticals, cosmetics, food & beverages, agriculture, feed, and others. By drug formulation, it is categorized into powder, tablet & capsule, liquid, and granule & gelling agent. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Type Segment Review
By product type, the market is bifurcated into Arthrospira Platensis and Arthrospira Platensis. The Arthrospira Platensis segment held a dominant market share in 2019 and is anticipated to maintain its position during the forecast period. This is attributed to different factors such as surge in healthcare awareness and incorporation of spirulina in diets as super food globally.
By Type
Arthrospira Platensis segment held a dominant position in 2019 and would continue to maintain the lead over the forecast period.
Application Segment Review
By application, the nutraceuticals sector accounted for the substantial market share in 2019. This is attributable to the rise in concern regarding nutrition and health and increase in preference for natural alternatives to traditional pharmaceutical products. Spirulina is also largely used in the food & beverage sector as it has a high content of natural pigments that impart blue color and is combined with other colors to obtain new customized colors such as lavender, violet, and green. Spirulina also finds its major application in the cosmetic & personal care industry. It is mainly used in cosmetic & personal care products especially for the anti-aging products.
By Application
Nutraceuticals segment held a dominant position in 2019 and would continue to maintain the lead over the forecast period.
Competitive Analysis
Prominent players operating in the global spirulina market include Cyanotech Corporation DIC Corporation, Cabassi & Giuriati SpA, DDW, DÖHLER GmbH, Dongtai City Spirulina Bio-engineering Co., Ltd., Echlorial, E.I.D. Parry Limited, Givaudan international SA, Prolgae Spirulina Supplies Pvt. Ltd., Dongtai City Spirulina Bio-engineering Co., Ltd., Algenol Biofuels Inc., Pond Technologies Inc, and Sensient Technologies Corporation. These players are adopting growth strategies such as product launches, mergers & acquisitions, product developments, and partnerships & collaborations to gain competitive advantage in the market.
By Formulation
Powder segment held a dominant position in 2019 and would continue to maintain the lead over the forecast period.
Regional Segmentation
By region, North America is expected to remain dominant throughout the forecast period due to its well-developed healthcare industry, presence of leading manufacturers in the region, high adoption rate of spirulina, and increase in demand for naturally derived food coloring agents in the region. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, as it offers lucrative opportunities for the market players due to significant growth of the food processing industry in the region.
By Region
North America was holding a dominant position in 2019 and would continue to maintain the lead over the analysis period.
Key Benefits For Stakeholders
- This report entails a detailed quantitative analysis along with the current and future global spirulina market trends from 2019 to 2027 to identify the prevailing opportunities along with strategic assessment.
- The spirulina market forecast is studied from 2020 to 2027.
- The spirulina market size and estimations are based on a comprehensive analysis of key developments in the industry.
- Qualitative analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the spirulina market.
Spirulina Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Formulation |
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 By Region |
|
 Key Market Players | GIVAUDAN INTERNATIONAL SA, CABASSI & GIURIATI SPA, DDW INC., DÖHLER GmbH, SENSIENT TECHNOLOGIES CORPORATION, DIC CORPORATION, E.I.D. PARRY LIMITED, CYANOTECH CORPORATION, POND TECHNOLOGIES INC., PROLGAE SPIRULINA SUPPLIES PVT. LTD., ECHLORIAL, ALGENOL BIOFUELS INC., DONGTAI CITY SPIRULINA BIO-ENGINEERING CO, LTD. |
Analyst Review
The food & beverages industry has slowly started phasing out artificial colors due to rise in safety concerns and increase in demand for natural colors. Spirulina is considered to be one of the popular natural food colors among the food & beverage manufacturers. The primary pigment in spirulina is a protein called phycocyanin that imparts a vibrant blue color. In addition, it can be combined with other colors to make customized colors such as green and lavender or violet shades, which makes it ideal for usage in various food & beverages products.
Spirulina comprises high antioxidant, hypolipidemic, beta-carotene, and anti-inflammatory properties. It offers health benefits such as reduced cholesterol and blood pressure owing to exceptional properties. Growth in penetration of spirulina in the cosmetics and pharmaceutical industries is further expected to fuel the growth of the market during the forecast period.
North America was the leading revenue contributor to the global spirulina market in 2019 and is expected to remain dominant throughout the forecast period. This is attributed to its increase in demand for naturally derived food coloring agents in the region. However, Asia-Pacific is expected to grow at the highest CAGR during the study period, as it offers lucrative opportunities for the market players owing to favorable production environment for the spirulina processing industry in the region.
The total market value of Spirulina is $393.6 million in 2019
The forecast period in the report is from 2020 to 2027
The market value of Spirulina in 2020 was $446.74 Million
The base year for the report is 2019
Yes, the companies with Spirulina products are profiled in the report
The top companies that hold the market share in Spirulina are Cyanotech Corporation, DIC Corporation, Dongtai City Spirulina Bio-engineering Co., Ltd., Algenol Biofuels Inc., Prolgae, Sensient Technologies Corporation, Parry Nutraceuticals, DDW Inc., Naturex S.A., and Algatec.
Yes, value chain analysis is provided in the Spirulina report
The key trends in the Spirulina are increase in demand for natural ingredients, and R&D of spirulina commercial products.
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